The Real Property Investment Program is designed to assist new or relocating businesses, expanding businesses, and commercial property owners with the rehabilitation and redevelopment of interior and exterior spaces to visually enhance the local streetscape, and increase interest in the City of Portsmouth.
Donor Name: Portsmouth Economic Development Authority
State: Virginia
City: Portsmouth
Type of Grant: Grant | Matching Grants | Reimbursement
Deadline: 07/31/2024
Size of the Grant: $10,000 to $100,000
Grant Duration: Grant Duration Not Mentioned
Details:
Eligible improvements must be permanent and can include any combination of eligible interior, exterior, signage, and security modifications or enhancements.
Funding Information
The maximum grant amount available for any approved application is $25,000 per property address, for eligible improvements, for the life of the program. If the maximum grant amount is not exceeded, applicants may re-apply for the same property for the remainder of the $25,000 maximum total reimbursements. In multi-tenant properties, no more than three address locations may receive funding within a five-year period.
Eligible Improvement
- Interior Improvements
- ADA accessibility modifications
- Fire suppression and protection Improvements
- Flooring
- HVAC systems
- Interior electrical/lighting
- Interior plumbing
- Interior walls
- Permanent fixtures and equipment (i.e. exhaust hoods, ductwork, built-in freezer, etc)
- Repair or restoration of architectural detailing
- Security improvements including entry hardware, access control, cameras, etc (max$2,500)
- Structural improvements
- Exterior Improvement
- ADA accessibility modifications
- Decorative fencing
- Exterior lighting
- Exterior painting
- Improvements correcting code violations
- Landscaping and plants (max $2,500 )
- Masonry repairs
- Permanent hardscape improvements
- Railings or juliet balconies
- Removal/replacement of incomplete exterior finishes and materials
- Restoration of architectural details or removal of materials that cover architectural details
- Roofing
- Screening of service and maintenance areas when visible from adjacent public areas
- Security improvements to include entry hardware, access control, cameras, etc. (max $2,500)
- Signage (max $2,500)
- Utility improvements
- Window and cornice flashing and repair
Eligibility Criteria
- Properties within City of Portsmouth limits that are commercial, industrial, office, or mixed-usage.
- Property owners, who are not the subject business owner, must improve vacant space to:
- Create a vanilla shell in order to market the property, or
- Complete tenant improvements for an under-contract new tenant entering into a lease.
- New or existing business owners who are leaseholders and applying for grant funding for tenant improvements must have documentation in the lease that the tenant is responsible for improvements and must provide a signed Property Owner Consent Form.
- Entities of local, state, or federal government, religious organizations, and/or properties used strictly for residential use are prohibited from applying.
- Matching requirement: All applications require a 1:1 financial match
- Additional guidelines:
- The Real Property Investment Program is a matching, reimbursement program that requires the applicant to make the initial investment for the full project costs; half of the eligible costs will be paid as a reimbursement, up to the maximum grant award amount.
- Improvements made and/or paid for prior to an issued Grant Agreement will not be reimbursed.
- Applicant and/or property may not have outstanding City of Portsmouth taxes, fees, or code violations (unless the grant funding is to be used to rectify code violations).
- Applicants are required to submit proof of funds to complete project, documentation of required City of Portsmouth Approvals and Permits, and an outline of project costs with a timeline for completion and/or two quotes from contractors for project costs.
- In multi-tenant properties, no more than two address locations may receive funding within a five-year period.
- Business owners making improvements to a leased space must provide a signed Property Owner Consent Form from the property owner consenting to the improvements.
For more information, visit EDA.
