CRITERIA FOR THE TOWN OF PEARISBURG BUSINESS AWNINGS AND SIGNAGE GRANT  The Town of Pearisburg Business. Awning and Signage Grant is intended to encourage economic development in the' Town of Pearisburg by creating an incentive for current and prospective business owners toi install professionally designed and installed awnings and signage that will enhance the character  oft the Town: Funding:  The Town of] Pearisburg 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 ofthe' Town Council. The business owner must match 100% of the grant money awarded. Once the funds are exhausted or the fiscal year ends, whichever occurs first, the  grant shall expire. Eligibility: must be met:  Business owners with a valid' Town ofl Pearisburg business license for al business located within the Town of Pearisburg'sl B-1,1 B-2 or B-3 Zones are eligible toj participate. Additionally, the following requirements All propertiesbusinesses must be a conforming use under the Town of Pearisburg'sZoning Thej property/business must be a commercial property that is actively utilized for a commercial use. Owners, tenants, or owner-tenant, joint ventures are eligible for the grant. If the tenant is the Projects must be complete within 6: months of approval by the' Town Council. The Town may grant an extension by request as long as it is prior to the expiration ofthei initial six months. The grant is to be utilized for reimbursement ofhalfoft the cost for the installation of exterior All awnings and signs must receive proper approval from the Town of Pearisburg and final  Ordinance or have received a variance.  All real 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.  awnings and/or signage.  permitting through the' Town's Public Works Department.  Matching Funds:  Property and/or business owners: must provide cash investment in thej project. Thei required matching rate is a 50/50 split between grant funding and match funding. The' Town Council may consider other improvements to thej property as matching funds. Ifa approved by the' Town Council, documentation of expenses claimed as match must be submitted to the' Town  Manager for verification.  Evaluation Criteria:  Limited funds are available for this grant. Grant awards will be a competitive process. Final approval is at the discretion ofthe 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 the building through the use ofa an acceptable design professional to create a visually appealing façade while preserving the character oft the  Town and such other factors as the Town Council may wish to consider.    Terms of] Participation:  Funds awarded for thej purchase, installation, and/or replacement ofawnings and signage will bei managed as a deferred loan that will be made for a two-year term at zero percent (0%) interest. The deferred loan will be entirely forgiven at the end oft the two-year period ifthe applicant has met the: following conditions: 1. Thej property and/or business owner: must match the grant funds at the 50/50: rate, 2. Thej property and/or business owner. has kept the awning and/or signi installed on the original site 3. Thej property and/or business owner has continued to maintain the awning and/or signage in 4. The owner of the property and/or business at the time of the loan approval has retained ownership of the improved property and/or business during the two-year period. Ift the owner sells thej property and/or business within the two-year term, or otherwise voluntarily transfers ownership, the balance ont the loan note will become due and payable on a 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 5. Property and/or business owners will be responsible for the continuous maintenance oft the awning(s) during the term oft the deferred loan and beyond the term oft the deferred loan.  satisfactory condition.  promissory note with the' Town.  How to Apply:  Contact the' Town Manager's office to schedule an appointment to discuss the project and fori initial screening ofe eligibility. Submit al brief description of the project along with the Total Projected Cost, Requested 50/50 Match amount, and aj photograph oft the façade oft the building to the Town Manager. 1.  Initial applications will bes screened by the' Town Manager and a recommendation will ber 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's office no later 2. - Leftover Business Incentive Grant Town funds not awarded at the first regularly scheduled meeting of the Town Council in Octoberi may be used by the' Town for downtown beautification and revitalization  than 4:00 p.m. on September 15, 2023 to be considered for funding.  projects.  How to Receive Reimbursement:  After completion oft the installation ofthe approved awningsignage, submit to the Town Manager's office copies of paid invoices, proofofpayment, and photographs ofi installed improvements. All documentation must be submitted before the end ofthe six-month period. All: reimbursements will bei 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 of July, 2023. Approved: ToM Mosg  Todd Meredith, Town Manager    Application for Awnings & Signage Grant  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 if more spacei is needed):  Total Project Cost: $ Please attach the following:  Requested 50/50 Match: $  Copy of] Proposed Design and Estimated Cost for Awning/Signage Photo ofFaçade of] Building (before installation)  Copies of all Required Town Permits (i.e., Sign Permit, Zoning Compliance, etc.)  To be completed by Town of Pearisburg:  Date Received: Action ofTown Council: Grant. Amount Awarded: $  Town Council meeting tol be reviewed:  APPROVED  DENIED  For reimbursement after installation of awnings'signage, please submit the following to the above  referenced office:  Proofofp payment (copies ofp paid invoices and receipts) Photograph of Façade ofBuilding with improvement installed  Reimbursement documentation is due within (30) days upon installation ofawningslsignage or by June 1*t,  whichever is first. All reimbursements will be issued directly to the applicant.