The Albemarle’s City Council has approved a new grant program designed to assist businesses in downtown Albemarle.
Donor Name: City of Albemarle
State: North Carolina
City: Albemarle
Type of Grant: Grant
Deadline (mm/dd/yyyy): 05/16/2022
Size of the Grant: $50,000
Details:
The new Downtown Albemarle Catalyst Grant Program provides up to $50,000 in grant funds for businesses in the downtown Municipal Service District (MSD). The City of Albemarle and the Albemarle Downtown Development Corporation (ADDC) will oversee the program.
Criteria
Businesses will be eligible for facade and/or building stabilization improvements as well as internal improvements including furniture, fixtures, and equipment used in the business.
Applications for Grants shall meet the criteria outlined below
- The amount of the grant award may not exceed 50% of the approved project cost
- Buildings must be located within the City of Albemarle Municipal Service District (MSD).
- Funding shall only be for properties that contribute through the payment of ad valorem taxes. The CGPC at its discretion may agree to approve funding for not-for-profit businesses provided the business located in the building does collect and pay sales taxes under North Carolina business laws and guidelines.
- Grant funds are for Internal or external building improvements that may also include repair or purchase of furniture, fixtures and equipment (FF&E).
- Businesses are allowed only one (1) Grant per property owner or tenant per fiscal year, and only one Grant per property per three-year program term.
- When an entity or individual owns multiple properties that are adjacent, the Grant funding may be shared between these properties for a unified improvement plan. When an entity owns multiple properties that are not adjacent, only one (1) property may receive funding in that grant period.
- All proposed improvements must meet the requirements of all applicable building codes. And ordinances as well as any requirements of the Historic Resource Committee (HRC). Approvals or certificates issued by the state, county or City entities do not guarantee approval of a Catalyst Grant Program award.
For more information, visit Downtown Catalyst Grant.
