CRITERIA FOR BUSINESS INCENTIVES GRANTS INDOWNTOWN  The Town ofPearisburg Business Incentives Grant isi intended to encourage economic development in the Town ofPearisburg by creating an incentive for current and prospective business owners to continuously maintain and improve the façades of their buildings through projects that will enhance  the character oft the' Town: Funding:  The' Town ofPearisburg has allocated $7,500 for a 50/50 Matching Grant available to business owners located within the Town's B-1, B-2 or B-3 Zones. The $7,500 will be divided up amongst awardees based on their qualifying expenses and discretion oft the Town Council. The business owner must match 100% oft the grant money awarded. Once the funds are exhausted or the fiscal year ends,  whichever occurs first, the grant shall expire.  Eligibility:  Business owners with a valid' Town ofPearisburg business license for a business located within the Town ofP Pearisburg' 's B-1, B-2 orl B-3. Zones are eligible toj participate. Additionally, the following All properticslusinesses must be a conforming use under the' Town ofl Pearisburg's: Zoning The propertybusiness: must be a commercial property that is actively utilized for a Allreal estate and personal property taxes must be current. There shall be no outstanding building code violations on the property. applicant, written approval from the property owner: must be submitted.  requirements must bei met:  Ordinance or have received a variance.  commercial use.  Owners, tenants, or owner-tenant joint ventures are eligible for the grant. Ifthe tenant is the Projects must be complete within 61 months of approval by the Town Council. The Town may grant an extension by request as long as iti is prior to the expiration oft the initial six months. The grant is to be utilized for reimbursement ofhalfoft the cost for: façade (exterior Allj projects must receive proper approval from the Town ofl Pearisburg and final permitting  appearance) improvements or interior improvements. through the' Town's) Public Works Department.  Matching Funds:  Property and/or business owners must provide cash investment in the project. The required matching rate is a: 50/50 split between grant funding and match funding. The Town Council may consider other improvements to the property as matching funds. If approved by the Town Council, documentation of expenses claimed asi match must be  submitted to the Town Manager for verification.  Evaluation Criteria:  Limited funds are available for this grant. Grant awards will be awarded on a competitive process. Final approval is at the discretion oft the Town Council oft the Town of Pearisburg. Applicants will be evaluated based on the degree to which the project will improve the overall appearance oft thel building through the use of an acceptable design professional to create a visually appealing façade while preserving the character of the' Town and such other factors as the Town Council may wish to  consider.    Terms of Participation:  Funds awarded for the completion ofa aj project will be managed as a deferred loan that will be made for ai two-year term at zero percent (0%) interest. The deferred loan will be entirely forgiven at the end 1. The property and/or business owner must: match the grant funds at the 50/50 rate. 2. The property and/or business owner has continued to maintain the improvements in 3. The owner ofthe property and/or business at the time oft the loan approval has retained ownership oft the improved property and/or business during the two-year period. Ifthe owner sells the property and/or business within the two-year term, or otherwise voluntarily transfers ownership, the balance on thel loan note will become due and payable on aj prorated basis (50% of deferred loan forgiven per year).. Alternatively, the balance of the loan may be transferred to the new owner with ai new promissory note with the Town. 4. Property and/or business owners will be responsible for the continuous maintenance oft the improvements during the term oft the deferred loan and beyond the term oft the deferred loan.  oft the two-year period ift the applicant has met the following conditions:  satisfactory condition.  How to Apply:  Contact the Town Manager's office to schedule an appointment to discuss the project and for initial screening ofe eligibility. Submit al brief description oft the project along with the' Total Projected Cost, Requested 50/50 Match amount, and aj photograph oft the façade oft thel building to the Town Manager. 1. Initial applications will bes screened by the' Town. Manager and ai recommendation will bet made to council. Awards will require approval oft the full council at the first regularly scheduled meeting ofthe' Town Council in October. Applications must be submitted to the' Town Manager'soffice no later than 4:00 p.m. on September 15, 2023 to be considered for funding. 2. Leftover Business Incentive Grant Town funds not awarded at the first regularly scheduled meeting oft the' Town Council in October may be used by the' Town for downtown beautification  and revitalization projects. How tol Receive Reimbursement:  After completion oft the installation oft the approved project, submit to the Town Manager'soffice copies of paid invoices, proof ofpayment, and photographs ofinstalled: improvements. All documentation must bes submitted before the end oft the six-month period.. All reimbursements will be issued directly to the applicant. Payment will not bei made to vendors or contractors.  Incomplete, illegible, or non-conforming applications will not be considered.  Final approval is at the discretion ofthe Town Council.  Adopted this 11th day ofJuly, 2023. Approved: Tol Mevws  Todd Meredith, Town Manager    Business Incentive Grant Application Form  Please submit this application and applicable documentation to:  Todd Meredith, Town Manager 112 Tazewell Street Pearisburg, VA 24134 Applicant Name: Property Address: Phone #: Email Address:  BriefDescription of Project (Please attach a separate document ifn more space is needed):  Total Project Cost: $ Please attach the following:  Requested 50/50 Match: $  Copy ofl Proposed Design and Estimated Cost of Project Photo ofl Façade ofl Building (before installation) Copies of all Required Town Permits (i.e., Zoning Compliance, etc.)  Tol be completed by Town of] Pearisburg:  Date Received:  Town Council meeting tol be reviewed:  Action of' Town Council: Grant Amount Awarded: $  APPROVED  DENIED  For reimbursement after completion oft the project, please submit the following to the above referenced  office:  Proofofpayment (copies of paid invoices and receipts) Photograph of] Façade ofl Building with improvement installed  Reimbursement documentation is due within (30) days upon completion of the project or by June 1,  whichever is first. All reimbursements will be issued directly to the applicant.