Business Assistance Fund Introduction: Grant Overview The funds in - - PowerPoint PPT Presentation
Downtown Revitalization Initiative Business Assistance Fund Introduction: Grant Overview The funds in the Business Assistance Fund (BAF) originated from the Downtown Revitalization Initiative (DRI) on behalf of Homes and Community Renewal
The funds in the Business Assistance
Fund (BAF) originated from the Downtown Revitalization Initiative (DRI) on behalf of Homes and Community Renewal (HCR) and the Housing Trust Fund Corporation (HTFC) of New York State.
The Business Assistance Fund (BAF) has the main goal of assisting businesses in Downtown Rome strive by providing funding for necessary improvements such as interior and exterior renovations or purchases such as equipment, furniture or fixtures.
The Business Assistance Fund (BAF) has been developed to provide resources to stimulate investment and economic development through projects that align with the greater DRI vision.
*ALL ASSISTANCE PROVIDED BY THE BAF WILL BE IN THE FORM OF REIMBURSABLE GRANTS.
City of Rome Department of Community and Economic Development
Project Selection Committee
HTFC
Individuals
For-Profit Entities
Not-For-Profit Organizations
Social Organization and Community Clubs (Must be open to the public) The property to benefit from funding must be free from outstanding codes violations with the City of Rome and the Oneida County Health Department, or demonstrate in the application that the property will be in compliance by the end of the project. All applicants must be non-delinquent in City tax or utility payments to qualify for funding.
Building Renovations
Façade Improvements
Renovations to Address Energy Efficiency
Handicap Accessibility Improvements
Furnishings
Machinery
Business Equipment (must be used in conjunction with and at the business located within the target area)
Purchase of Sales Inventory
Interior-Lit Sign Cabinets
Free-Standing Pole Mounted Signs
New Constructions of an Entire Structure
Property Acquisition
Demolition
Sitework or ancillary activities on a property that include utility laterals, grading, sidewalks, free-standing signs or general maintenance
Projects that are inconsistent with the objectives and priorities of the City of Rome’s DRI Strategic Investment Plan
Project Cost Grant Amount Owner’s Equity Up to $50,000 75% 25% GRANT FUNDS WILL BE AVAILABLE ON A REIMBURSEMENT BASIS Equity can be provided through cash or paid invoices for building improvements and eligible business purchases made within the past 24 months of application submittal date with proof of paid invoices and 2 written quotes. Upon acceptance into the program, there is a $1,000 application fee which is non-refundable and does not apply to the required owner equity match.
The Regulatory Term requires property owners to maintain the property and improvements for the regulatory period. Repayment of grant funds will be required if projects fall out of compliance. The regulatory terms and conditions cannot be transferred during the term. Month 0-12: Month 3-24: Month 25-36: Month 36 & Beyond: 100% Repayment Due 65% Repayment Due 33% Repayment Due 0% Repayment Due
The City of Rome will comply with Articles 15-A and 17-B of the New York State Executive Law. These requirements include equal employment opportunities for minority group members and women (“EEO”), and contracting opportunities for certified minority and women-owned business enterprises (“MWBEs”) and Service-Disabled Veteran-Owned Businesses (“SDVOBs”).
There is a 30% Utilization Goal for MWBEs for each project.
Two quotes for all proposed improvements or purchases are required. The lowest of the two quotes is the amount that will be reimbursed by NY
quote if they wish. In this instance the lowest quote will be reimbursed and the difference in actual expenses will be applied to owner match.
Applications will be scored based on the criteria found on the scoring sheet with special weight given to priority locations, shovel readiness, economic contribution, downtown vibrancy and alignment with the DRI Strategic Investment Plan goal.
Questions about the DRI Business Assistance Fund program or the application can be emailed to Makenzi Enos at Menos@romecitygov.com The application, program guidelines and FAQ can be found on the City of Rome website at www.romenewyork.com