Criteria for a Rent Grant Extension

1. Any Priority I business in the Tiers of Priority is eligible to apply for an extension of the Rent Grant Award that they have already been granted. 

Tiers of Priority:          Priority I:

                                                            Restaurants

                                                            Coffee Shops

                                                            Eating Establishments

                                                            Entertainment facilities

                                                            Service businesses

                                                            General retail

Any other like businesses

                                                Priority II:

                                                            Professional offices

                                                            Any other lawful businesses

2. All Extensions will require a two-year lease agreement.  A copy of the lease must be filled with the WDDC office.

3. The maximum Extension Grant is $8,400, payment to be made on a monthly basis for twenty-four (24) months.

4. If an Extension is approved, no payments will begin until the original grant is completed.  Therefore, there will not be any overlapping of payments.

5. Grants will be awarded for eligible projects on a funds-available basis.

6. Only one Rent Grant Extension may be awarded under any circumstance.

7. When all proper documentation is filed, applications are made during a personal interview with WDDC staff and/or Economic Development Committee.  Documentation requests will be unique to each individual project.  This may include confidential business financial information.

8. Applicant must show the WDDC Board of Directors that he/she is making a serious investment in the business and is of credit worthy standing.

9. The Economic Development Committee will clearly state in its recommendation how the proposed business will continue to benefit the downtown and any conditions the business must meet prior to making recommendation to the WDDC Board of Directors for final approval.

10. The Economic Development Committee will make recommendations to the Board of Directors and grants will be awarded to those that meet the approval of the WDDC Board of Directors.