Commercial, industrial buildings must be at least 20 years old and 40% or more vacant for at least 2 years.
- Projects less than $2M: loan size up to up to 25% of total project costs. Must create 1 permanent full time job for every $10,000 of City funds.
- Projects greater than $2M: loan size up to $720,000. Must create at least 25 new permanent full time jobs.
Use of Proceeds
- Property Acquisition
- Environmental site assessments and remediation costs
- Site clearance and demolition
- “As is” and “As Completed” property appraisals
- New construction
Applicant must provide a minimum of 10% equity
City to have a subordinate lien position on the Project Site and/or UCC lien on business assets. Other collateral may be deemed necessary.
Up to 5 years
Maximum $180,000 forgivable