Label
Facade Improvement Grant Program Funding
Department of Economic Development
Sandy Spang (Ext. 1641) / Brandon Sehlhorst (Ext. 1692)
Title
Authorizing the expenditure of $210,000 from the General Fund for the Facade Improvement Grant Program; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The Facade Improvement Grant (FIG) program was designed to help property owners transform the facade of commercial, industrial, and mixed-use buildings, thus catalyzing additional development in areas of Toledo that have experienced disinvestment. The program provides a matching grant of $10,000 to $40,000 to reimburse eligible expenses associated with a comprehensive facade improvement. Building owners are required to provide a 50% match and must either occupy the space as a business owner or actively market the space for lease.
The initial funding in the 2022 General Fund budget of $210,000 has been expended,
facilitating exterior improvement of 5 properties, leveraging additional private investment of $579,089 in fa?ade improvements and $2,186,460 in additional building improvements.
Outreach activities by the Department of Economic Development have resulted in increased applications for the program, including applications from neighborhoods that have not received FIG funds previously, including East Toledo, Lagrange, Middle Grounds and South Toledo. The Department has 6 pending applications that are subject to funding availability that are estimated to leverage $2.4 million in additional private investment.
This ordinance requests the expenditure of $210,000 from the General Fund for the Facade Improvement Grant program, to be administered by the Department of Economic Development.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. That the Mayor and Director of Economic Development may award grants and enter into any necessary agreements in accordance with the Facade Improvement Grant program guidel...
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