Portsmouth Economic Development is seeking applications for its Real Property Investment Grant.
Donor Name: Portsmouth Economic Development
State: Virginia
City: Portsmouth
Type of Grant: Grant
Deadline (mm/dd/yyyy): 06/30/2022
Size of the Grant: $25,000
Grant Duration: 5 years
Details:
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. 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 award 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 up to the $25,000 maximum total reimbursement.
- In multi-tenant properties, no more than two (2) address locations may receive funding within a five-year period.
Eligibility Criteria
- Eligible properties must be within Portsmouth City limits and can be commercial, industrial, office, or mixed-use property.
- Applicants who are new leaseholders and applying for grant funds for tenant improvements prior to occupying the space must document in the lease that the tenant is responsible for improvements.
- Applicant and/or property may not have outstanding City taxes, fees, or code violations (unless the grant is to be utilized to rectify code violations).
- Property is an improvement or expansion into an existing space. (New construction is ineligible.)
- Maintenance-related work is not eligible.
- 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.
- Existing business owners expanding more than 30% of their current square footage are eligible to apply.
- Written approval is required prior to any work commencing.
For more information, visit Real Property Investment Grant.