CBID Approves $50,000+ in Development Grants

Date: 05/24/2010

The Central Business Improvement District Board of Directors unanimously approved $56,511 in Development Incentive grants today.  Designed to continue the momentum of redevelopment, the CBID administers grants for renovation and restoration projects that involve façade improvements. Funding for grants is made payable after all improvements are made. Grants were awarded to three projects:

112 S. Central—The former Magpies location in the Old City is now home to Aisle Nine grocery store. Work on the interior first floor has been completed and the exterior facade work is near completion. The second and third floors will not be renovated immediately. The project was granted $11,511 by the CBID.

111 E. Jackson Ave.—This building in the Old City is being completely renovated inside and out, and construction is scheduled to begin in June with completion of shell space in October 2010. Owners have a retail tenant ready to occupy one of the bays in the first floor in October. This project was granted $40,000 by the CBID.

23 Market Square—Tenants of this building plan to open a men’s and women’s clothing store in a few months. Grant funding will be used to light the front of the building with solar powered lighting and to perform minor facade work. This project was granted $5,000 by the CBID. 

Specific funding amounts for development incentive projects are based on a formula which factors square footage of the facade and gives preference and additional funding to those projects which include retail space and completes interior and exterior renovation work.  The maximum funding amount allowable is $40,000. 

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