Agenda Information Sheet
DEPARTMENT: Economic Development
CM/ ACM: Jon Fortune
Date: September 21, 2016
SUBJECT
Title
Receive a report, hold a discussion, and give staff direction regarding the status of the Downtown Reinvestment Grant program.
Body
BACKGROUND
Downtown Reinvestment Grant Program - Created in 2007
Purpose: To provide small ($5,000-$25,000) cash reimbursement grants for capital improvements to buildings in the downtown area.
The grant program is designed to assist downtown building and business owners with projects, and it is tied to preserving the history of Denton by restoring the buildings. It also gives the Downtown Task Force, Economic Development Partnership Board, and City Council control over the design of rehabilitations and new construction, as there are no design standards in place for downtown. Further, the improvements can enhance the taxable value of the buildings, adding to the tax base. Finally, the Downtown Reinvestment Grant Program is the only incentive tool Denton has that is available for small businesses.
The program is strictly for capital improvements, not operating costs. It is set up as a single-payment reimbursement to property owners per building/business, and in some situations, tenants. Reimbursement grants are available for the following types of projects:
* Facade Rehabilitation is defined as the removal of slipcovers or non-historic/added facades, repointing brick or replacing mortar joints, replacing or restoring cornices, removing paint from brick, replacing windows, restoring transom windows, roof and foundation work.
* New Awnings & Signs is defined as replacing, adding or repairing awnings & signs. Signs may include signboards, projecting signs and pedestrian signage (includes window sign, hanging sign and awning/canopy sign).
* Impact Fee Reimbursement is the reimbursement for City of Denton water, wastewater, and roadway impact fees
* Utility Upgrades includes upgrades to water, wastewater and ele...
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