Tier One Grant Program
SUMMARY & REQUIREMENTS
PROGRAM OVERVIEW
This incentive program offered by the DDA is intended to attract new uses for the Target Area, including new retail; for profit and not for profit Arts and Cultural facilities; unique restaurants; and other unique boutiques. To be eligible for a loan or grant, the DDA and Review Committee must find that the enterprise is considered a “Tier One Business” as defined by the DDA and that the business has at least one successful location or that this is the relocation of a successful business.
The program is targeted within the area bounded by Flagler Drive, Banyan Boulevard, Rosemary Avenue, and Gardenia Street (including properties adjacent to both sides of the listed streets) in order to encourage new business development within the Downtown core.
Grant amounts may be available for up to 6 months rent with a maximum set at $75,000. Funding is approved by the DDA and reimbursed upon receipt of an occupational license.
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 Tier One Grant Program shall not exceed $75,000 or the equivalent of the first 6 months rent. The total grant amount may be less based on DDA and DDA Review Committee recommendations.
- Incentive for “Tier One” businesses only (see guidelines attached)
- Criteria: minimum of 1 successful location or relocation of successful business
- If approved, payment is issued upon receipt of occupational license
- All applications must include appropriate documentation outlined on page 3. Inadequately documented applications may be rejected.
- Applications shall be reviewed by the DDA Retail Loan and Grant Review Committee in the order they are received. The Committee shall consider if the enterprise is appropriate for the location and furthers the desired mix of uses within the area.
- Grants will no longer be approved once all allocated funds are exhausted.
Once the Retail Loan and Grant Review Committee approves a grant or loan, 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 Gardenia 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 the leasehold or ownership interest in the business, or a commitment for lease must be submitted with application. This information must reflect lease rate and term information.
- A cover letter with a brief history of your company and statement of amount requested.
- Business statement which includes:
- Business overview
- Current number of business locations and addresses
- Statement of success / growth of current business(es)
- Any collateral material for existing business including brochures, storefront photographs, menus, etc.
- Business operation plan for Downtown West Palm Beach
- Eligible businesses must obtain a valid occupational license with the City of West Palm Beach prior to closing.
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.
TIER ONE GRANT APPLICATION Important Instructions:
- Before filling out the Application Form, thoroughly read the PROGRAM SUMMARY & APPLICATION REQUIREMENTS document for this program.
- Only one application can be utilized for one business.
- Do not leave spaces blank. Put N/A if inappropriate.
- In the event that the DDA 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”
