As a property owner or lessee (with property owner consent), this program can help you improve your commercial building and storefront for a very low out-of-pocket cost. The grant can be used for 80 percent of the improvement costs, up to $15,000, unless green initiatives are implemented, in which case an additional 10 percent will be added to the award, for a maximum amount of $16,500. Additionally, a building with double frontage, with facades clearly visible from two rights-of-way, may be eligible for an additional $7,500. Improvements may include: painting your building; landscaping; construction, installation and/or renovation of awnings, marquees, doors, windows, signs, display window lighting, tiles, or pavement between the business door and the sidewalk; and other City approved façade improvements. (Available in the Downtown and Eastside Redevelopment Areas.)
Grow Henderson Fund
This program helps to create jobs by funding your small business expenses, such as real estate acquisition, leasehold improvements, working capital, and machinery and equipment. These loans are made through a partnership with the National Development Council’s Grow America Fund, Inc. (not redevelopment dollars), and range from $100,000 to $1,000,000.
This program provides grants for business signage. As an eligible business owner, you can receive a grant for your commercial storefront sign in the Downtown or Eastside Redevelopment Areas. There are grants for nonowner occupied businesses and owner-occupied businesses that range from $2,500 per storefront up to $10,000 per storefront. (Available in the Downtown and Eastside Redevelopment Areas.)
Tenant Improvement Grant
The Tenant Improvement Grant offers reimbursement for repairs/replacements/upgrades at a rate of $25.00 per square foot, with a maximum amount of $50,000, unless green initiatives are implemented, in which case an additional 10 percent will be added to the award, with a maximum amount of $55,000. The grant will pay a maximum of 50% of the tenant improvement costs, with the previously mentioned dollar amount limitations, less any grants received from sources other than the Tenant Improvement Grant, credits or rebates. Recipients of this Tenant Improvement Grant Program must pay a minimum of 20% of tenant improvement costs. (Available in the Downtown and Eastside Redevelopment Areas.)
Quick Start Program (QSP)
Under the Quick Start Program, qualified applicants will be reimbursed up to $50,000 toward the cost of rehabilitating older buildings in the city’s Redevelopment Areas to bring them up to current building and fire code standards. Applicants will be reimbursed for costs associated with code compliance, infrastructure issues such as utility and structural upgrades and review fees in the city’s two redevelopment areas. Matching funds from the business are required, at a 10-to-1 private-to-public investment ratio.
Previously, a developer or tenant was responsible for covering the costs to bring a building up to current building codes. This large expense can be an impediment to the development of existing structures in the redevelopment areas, many of which have not been improved for 10 to 40 years, and which need extensive work to bring them up to code. The city’s program attempts to address this issue by encouraging the rehabilitation of older commercial buildings through incentives, which will enhance the physical appearance of the redevelopment areas and improve the overall economic viability of the city.
Visual Improvement Program
The Las Vegas Redevelopment Agency sponsors the Visual Improvement Program (VIP). Qualifying business owners within the city’s Redevelopment Areas can receive a rebate of up to $50,000 for the costs involved in substantially upgrading the appearance of their establishment and bringing the exterior of properties up to current building and property code standards. Final authorization requires approval by the Las Vegas City Council. All commercial or industrial properties within the city of Las Vegas Redevelopment Area 1 and Redevelopment Area 2 are eligible.
New Markets Tax Credits (NMTC)
A new funding resource for developers in Southern Nevada is now available thanks to a $28 million federal New Markets Tax Credits (NMTC) allocation recently awarded to the Las Vegas Community Investment Corporation, a nonprofit controlled by the city of Las Vegas.
NMTC benefits to qualified developers are numerous. They assist with approximately 20 percent of a project’s expense and enable a developer to receive low-cost, flexible financing.
To qualify, a project must be located in and benefit a low-income community. The developer must have direct ownership or investment in the project and have sufficient financing for the NMTCs to augment. A few examples of qualifying projects include: charter school, food bank, hotel, manufacturing plant, medical clinic, mixed-use development and solar farm.
The City is seeking owner-occupied real estate projects or other real estate developments with an emphasis on education, health care and retail. A typical project cost would total between $5 million – $15 million. Interested developers or project sponsors should email firstname.lastname@example.org to schedule an appointment with a city representative. City staff will review eligibility criteria, which includes a job creation component and a requirement that the project be located in a qualified low-income community census tract.
Las Vegas applied to create a city-controlled nonprofit called the Las Vegas Community Investment Corporation, which will serve as a Community Development Entity awarding approved loans. The Treasury Department’s application process is rigorous and competitive, with only 28 percent of those applying receiving tax credit allocations. The Las Vegas Community Investment Corporation will sell these tax credits to investors, using that money to make loans for job-generating projects in qualified low-income communities.
Funds may be provided to upgrade existing or replace old, unsightly, or nonconforming signs of all types. When design guidelines were adopted for the downtown, many signs were to be discontinued in favor of other more tasteful signs. Some of the old signs have continued to age and must be replaced to continue the trend of beautifying the City of Mesquite. Program funding is available up to $15,000.
Façade Rehabilitation Program
Funds may be provided to enhance commercial buildings and storefronts within the Redevelopment Area. Program funding is available up to $50,000.
Building, Remodeling and Rehabilitation Program
Funds may be provided to construct new buildings, or to remodel or rehabilitate existing buildings within the Redevelopment Area. This includes interior and exterior improvement to building and property. This is the broadest program available to businesses and property owners to improve their property. Program funding is available up to $99,999.
City Development and Impact Fee Reimbursement
In conjunction with the three RDA programs, the Applicant may also have lawfully required City development and impact fees reimbursed by the RDA. The RDA will consider financial participation for eligible costs and fees up to $30,000 per program.