GRANT PROGRAM FOR LARGE PROJECTS
SUMMARY & REQUIREMENTS
PROGRAM OVERVIEW
This incentive program offered by the DDA is targeted for property owners / landlords to make significant, permanent modifications to existing Downtown buildings thus raising the overall property value and in some cases, bringing the property up to proper building codes. Through this program, the DDA encourages major tenant improvements necessary for subdividing ground floor spaces and attracting the right mix of retailers to the streets, as well as for the significant improvements to life safety systems, and improvements that enable upper floors of existing commercial buildings can be used by theaters, nightclubs, cabarets, and other places of assembly.
The program is targeted within the area bounded by Flagler Drive, Banyan Boulevard, Rosemary Avenue, and Datura Street (including properties adjacent to both sides of the listed streets) in order to encourage adaptive re-use of buildings.
Grant amounts may be available up to $150,000 with the maximum set at 30% of the total project cost. If a grant is awarded, 50% of the grant funds are paid upon completion of the project (as determined by City officials) and the remaining 50% is paid when a bona-fide lease is signed (business is subject to DDA approval and lease must be signed within 6 months of project completion). Annual funding for this program is limited, therefore, it is administered on a first come, first serve basis until program funds are exhausted.
PROGRAM SUMMARY
- The Grant Program for Large Projects shall provide up to $150,000 to property owners who plan to make significant improvements to buildings within the Target Area.
- The grant shall not exceed and may be less than ninety (30%) of the total project costs.
- 50% paid upon completion of project as determined by City officials
- 50% paid when a bona-fide lease is signed. Lease must be signed within 6 months of completion and is subject to DDA approval.
- All applications must include appropriate documentation outlined on page 3. Inadequately documented applications may be rejected.
- Applications shall be reviewed by the DDA Loan and Grant Review Committee in the order they are received. The Committee Review Committee must find that:
- The project significantly improves the property and improvements are permanent (ie – can not be removed from the building)
- The project encourages uses as defined by the Merchandise Mix Plan.
- Grants will no longer be approved once all allocated funds are exhausted.
Once the Loan and Grant Review Committee approves a grant, it is submitted to the DDA Board of Directors for review and approval. The applicant will receive notification detailing all of the terms and conditions of the grant, including, but not limited to the amount of the grant; the approved uses for the proceeds; any reporting requirements to be met by the applicant; and any conditions required to be met prior to closing.
ELIGIBILITY AND APPLICATION REQUIREMENTS
- Eligible properties must be located within the area bounded by Flagler Drive, Banyan Boulevard, Rosemary Avenue, and Datura Street, including properties adjacent to both sides of the listed streets.
- There must be no liens or taxes due on the property.
- A copy of proof of ownership interest in the property must be submitted with application.
- A cover letter with a scope of the project, benefits of the property improvements for the community, and statement of amount requested grant.
- Application must include:
- Resume for each property owner
- List of credit and banking references
- Detailed statement relative to needs to be met by the grant
- Drawings, Plans and Specifications
- Specific list/breakdown for use of funds
- Photograph of current building conditions
- Potential lessee(s) for space if applicable
Additional information may be requested by the DDA or the Review Committee.
Inadequately documented applications will not be reviewed.
Be sure to include all necessary documentation.
For additional information contact:
Downtown Development Authority
301 Clematis Street Suite 200
West Palm Beach, Florida 33401
(561) 833-8873 Fax: (561) 833-5870
Debbie@westpalmbeachdda.com
LARGE PROJECT GRANT APPLICATION Important Instructions:
- Before filling out this Application Form, thoroughly read the PROGRAM SUMMARY & APPLICATION REQUIREMENTS document for this program.
- Only one application can be utilized for one project.
- Do not leave spaces blank. Put N/A if inappropriate.
- In the event that the DDA Loan and Grant Review Committee requests additional information, it must be submitted in a timely manner.
- The processing and approval of projects may take up to 12 weeks.
For an application or more information regarding these programs, please contact Debbie Miller, Community Coordinator via email at Debbie@westpalmbeachdda.com or call 561-833-8873.
“Shaping a Dynamic Downtown”
