Agenda Information Sheet
DEPARTMENT: Economic Development
CM/ ACM: Howard Martin
Date: October 11, 2016
SUBJECT
Title
Receive a report, hold a discussion, and give staff direction regarding the Downtown Reinvestment Grant Fund.
Body
BACKGROUND
Created in 2007, the Downtown Reinvestment Grant Program provides cash reimbursement grants between $5,000 and $25,000 for capital improvements made to buildings in the downtown area.
The program has three primary purposes:
* to preserve the history of Denton by restoring downtown buildings
* to give the Downtown Task Force, Economic Development Partnership Board, and City Council control over the design of rehabilitations and new construction in the absence of design standards in the downtown area
* to enhance the taxable value of the buildings, adding to the tax base
Currently, the Downtown Reinvestment Grant Program is Denton's only financial incentive tool 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 electrical service, including interior upgrades as well as exterior service upgrades.
In FY 2013-14, the grant f...
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