October 01, 2014

City of Salisbury Creates Revitalization Incentive Grants for Downtown Structures

Aging buildings, fire suppression requirements and outdated electrical systems are just a few of the challenges of urban revitalization. The new Downtown Salisbury Revitalization Incentive Grants offered by the City will help defray some of these costs in order to stimulate additional private investment in downtown properties.

DOWNTOWN SALISBURY REVITALIZATION INCENTIVE GRANTS

The City of Salisbury recognizes that the economic productivity of the downtown hinges upon a built environment capable of supporting business and residential growth, and that sustaining this growth requires significant commitment by private investors in building rehabilitation and construction.

Salisbury's new incentive grants are designed to promote both new development and historic rehabilitation, with an emphasis on those projects that create new residential opportunities.  

By increasing the number of people living downtown, these incentives will help expand the market base for restaurants, retail, commercial activities, and special events, thereby benefiting existing merchants and attracting new business. 

By facilitating rehabilitation of existing buildings, the program will aid in the preservation of our historic urban fabric and character. These incentives also promote the use and expansion of back-alley fire line “loops” capable of serving multiple buildings which will help reduce the cost for other buildings to connect in the future. This cost savings will encourage the use of fire suppression systems, thereby reducing the chances of a catastrophic fire impacting multiple buildings, offering greater protection of life and property, and minimizing the chances of a devastating loss of the historic resources that define the central business district.

How the Incentive Grants Work

Eligible projects will be located in the Salisbury Downtown Mixed Use District (DMX). The incentives consist of four grant programs targeting different project activities. More than one grant type may be layered in a single project, provided that eligibility requirements established for each grant are met.

Applications will be considered by the Salisbury City Council on a case-by-case basis as funds are available. Reimbursement of the grant(s) will occur in a single installment upon completion of the approved scope of work and receipt of the final Certificate of Occupancy for the project.

Summary of Grants Available

Building Rehabilitation Grant Maximum Award: $50,000

Promotes the stabilization, preservation and reuse of older, primarily historic  buildings

Residential Production Grant Maximum Award: $100,000

Promotes development of new residences, including lofts, apartments and condominiums, in building rehabilitation and new construction projects

Residential Utilities Grant Maximum Award: $25,000

Offsets a portion of water and sewer infrastructure costs in building rehabilitation or new construction projects that create new residential units

Fire Suppression Grant Maximum Award: $25,000

Encourages the use and expansion of back-alley fire lines capable of serving multiple buildings. For projects having existing access to a fire line, the grant be used to help offset the costs of a building sprinkler system.



To get a copy of the new Downtown Revitalization Incentive Grants, give Realtor® Greg Rapp a call at (704) 213-6846Greg Rapp ~ with Wallace Realty ~ has several opportunities in the wings for downtown structures with potential to be used for commercial enterprises, residential spaces, or both.  Call now to start taking advantage of these invaluable incentives!

 


Greg Rapp 
Wallace Realty Co. 
704 213 6846 Mobile 
704 636 2021 Office 
www.realestatesalisbury.net