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Upper Floor Commercial Space Rent Relief
The purpose of this new grant program is to attract businesses to the PEP zone that will have a positive economic impact on the downtown. Examples of such impact are job creation in the downtown, creation of economic traffic in the downtown (e.g., customers, visitors, etc.), having the potential to attract additional businesses to the downtown, and/or contributing to the improvement of the vitality of existing businesses downtown.
This grant program is proposed to provide 50% matching grants to reduce annual rent payments on upper floors office space downtown for new or existing professional service and technology businesses moving into the PEP zone that are not currently located in the zone. Existing businesses within the PEP zone looking for larger space within the zone may qualify for the program depending upon the economic impact of their expansion. The initial budget for this program is $125,000 for FY 2010.
This program will provide a maximum grant of $12,000 per year for the first two years of a business’ operation, with a commitment to occupy the space for a minimum of four years. If the initial tenant vacates before the two year benefit period ends, the next tenant may qualify for the balance of the benefit period if they occupy the space within 12 months of the start of the prior vacancy. Grant payment shall be made to the landlord. Should the business be unable to occupy the space for the full four years, the applicant will be required to repay a pro-rated share of the grant.
Applications must include a business plan, a copy of the lease, and an explanation of the economic impact of the business on the downtown.
Tenant space must be fully renovated and upgraded as part of a building improvement project complying with the PEP eligibility criteria. Projects which have already been renovated are only eligible for this incentive if the renovation activities were completed since January 1, 2007 and if the tenant spaces for which PEP incentives are sought have been upgraded but not yet issued final Use and Occupancy permits.
For the purposes of the PEP program, eligible business types shall include:
- Corporate and regional managing offices
- Data processing and other computer services
- Educational services
- Finance and insurance and monetary authorities
- Internet publishing and broadcasting, Internet service providers, and Web search portals
- Medical and diagnostic laboratories
- Motion picture and sound recording industries
- Photo finishing
- Professional scientific and technical services, as defined in Sector 54 of the North American Industry Classification System, U.S., 2002
- Radio and television broadcasting
- Telecommunications
- Visual and performing arts studios
Governmental agencies shall not be eligible tenants for this program.
Click here to download PEP Application Form
CONTACT
Deborah Everhart
301-739-8577, ext. 141
