The CRA currently has a Commercial Real Estate Redevelopment Grant Program that serves to support private development projects with a $500,000 minimum in capital investment.  This program was designed for the City’s existing larger, older commercial buildings and to improve building infrastructure.  It is also designed to provide support in obtaining the highest and best use for vacant and semi-occupied properties. 

The proposed grant program will create a tool for the CRA to provide support for important projects that fall below the $500,000 threshold of the existing grant program.  It also targets infill opportunities in the downtown.  While infill opportunities are few, they are very important to increasing the available commercial space in the downtown and creating a contiguous streetwall.  This program will also provide assistance to existing or potential businesses that wish to expand into unused or underutilized space of an existing structure.  This could include alleys, patios/outdoor seating areas, rooftops, backrooms, etc.

The Commercial Redevelopment, Infill and Business Expansion Grant is structured like the Commercial Real Estate Development Grant with a cap of 20% of the overall cost of the project, not to exceed $100,000.  Funding is limited by the amount budgeted in the CRA each year.  Each grant award is subject to approval by the CRA Board.