Both programs provide financial assistance through 50% matching reimbursement grants. The Commercial Rent Reimbursement Grant assists eligible businesses with a portion of their commercial rent expenses, while the Commercial Property Improvement Grant supports eligible interior and exterior improvements to commercial properties.

The proposed changes would transition the Rent Reimbursement Grant into a more targeted business recruitment and commercial vacancy reduction tool, with revised eligible business uses, a shorter reimbursement period, and a longer lease commitment. Changes to the Property Improvement Grant would place greater emphasis on new business investment, commercial property beautification, and permanent physical improvements rather than routine property maintenance.

Additionally, both programs would transition from a first-come, first-served process to established application cycles, allowing staff to evaluate and prioritize projects based on their anticipated redevelopment and economic impact.

Overall, the proposed changes are intended to maximize available grant funding, leverage private investment, attract targeted businesses, reduce commercial vacancies, and support the continued revitalization of the CRA Area. Attachments I and II are the proposed Program Rules & Regulations for the Board's consideration.