- Historic District Building Improvement Grant
Historic District Building Improvement Grant
- The Historic District Building Improvement Grant (HDBIG) will be given out to eligible applicants who are selected through the application process. The physical HDBIG application will consist of:
- A Well-Developed Business Plan to include:
- Estimated Annual Operational Costs
- Estimated Annual Revenue
- Break-Even Amount
- Long-Term Outlook
- If no current business is located in the building, the owner will be required to provide a detailed plan of how they intend to market the building and how this project would aid in that marketing effort
- Credit Score Check
- Background Check
- Letters of Recommendation
- 10% Match
- Applicants are required to provide evidence of the ability to obtain a 10% Match in order to apply for and received the HDBIG
- Applicants providing a larger private match, up to 100%, will receive a higher level of consideration
- Verification of the expenditure of matching funds will be required upon project completion
- Project Details
- If possible, projects will utilize local labor, contractors, etc. ensuring these funds remain in the local economy
- Applicants need to submit cost estimates from a certified contractor to justify request
After receipt of the written applications, three finalists will be chosen by March 1st of each year who will then have the opportunity to present their plan to the selection committee. The selection committee would notify the three finalist of the award recipient by April 15th with the winner announced at the Spring Festival (On or about May 5th). Submission of an application is NOT a guarantee of Funding.
Projects eligible for funding under this grant are restricted to building improvement projects in the Historic District.
Fees, Terms, and Limits
There will be a $50 application fee with the HDBIG.
The City’s maximum grant amount given through the HDBIG will be $12,000.
Detailed grant terms will be tied to performance standards and developed by the City Attorney, City Manager, and laid out in the grant agreement.
Performance Measurement Checklist:
- Maintain Normal Operating Hours within the City
- If the business leaves the City the grant must be repaid
- Meet with City Administration Bi-Annually
- At which City Officials will be provided with sales figures on the financial state of the business or marketing efforts for the building
- Retain all current jobs throughout the lifetime of the grant
- Special consideration will be given to those projects which can reasonably expect to see job creation
- Remain up to date on City Business License as well as Hospitality Tax Reporting
- Businesses are encouraged to join the Chamber of Commerce and be active participants in the Business Community.
- If no business Is currently located in the building, the owner will be required to adhere to their marketing plan outlined in the application and provide reasonable justification for each year that the building remains empty
- If at the end of 5 years the building remains empty the grant must be repaid in full