Ways we help build business Downtown
Building Enhancement Grants
Building Enhancement Grants are designed to supplement or match funds for exterior building improvement projects on existing buildings within the DDA. The grant enables applicants to enhance their design with higher quality materials, lighting, signage and façade elements, improve public safety around the building, add new public ream enhancements such as landscaping or seating, and include new public art into the project design. These enhancements stimulate economic vitality within the DDA and help the DDA to achieve its goals as identified in the Plan of Development.
Retail Incentive Grants
Retail Incentive Grants are designed to diversify the mix of street level businesses Downtown by fostering entrepreneurship and attracting new business types not currently offered. Applicants must be business owners new to Downtown or those expanding/relocating. Resident-serving business types such as cuisine, wellness/fitness or retail not currently offered are particularly appropriate for this grant.
Tree Canopy Grants
Trees are an important element of streetscape design that bring vitality, vibrancy, and a sense of well-being to the urban environment. They create a pedestrian friendly experience that removes pollutants from the air and soil, reduces the urban heat island effect, provide shade and natural filtration of rainwater, among other benefits.
Tree Canopy Grants are designed to supplement or match funds for properties within the DDA that contribute to creating a robust urban tree canopy by enhancing existing or creating new planting areas. Grants are provided on a reimbursement basis after project completion.
Special Project Grants
Special Project Grants are funds provided for initiatives that address the goals of the Experience Downtown plan but do not readily fall into the primary categories of Building Enhancements, Signature Events or major developments for consideration of Tax Increment Financing. These projects most likely could include feasibility studies or other studies and reports; public safety initiatives; or other efforts to enhance the economic vitality of Downtown.
Residential TIF Reimbursement Agreements
TIF Reimbursement Agreements are available for residential projects within the DDA that demonstrate strong alignment with the goals and action priorities of the Plan of Development. While projects are reviewed on a case-by-case basis, in general residential projects showing strong alignment with Plan of Development goals may be eligible for up to 65 percent TIF reimbursement, minus fees and obligations, and not to exceed eligible expenses. Projects deemed extraordinarily catalytic in nature – particularly those offering affordable housing — may be eligible for higher TIF reimbursement. For more information, contact Austin Wilson-Bradley.
Commercial TIF Reimbursement Agreements
TIF Reimbursement Agreements are available for commercial projects within the DDA that demonstrate strong alignment with the goals and action priorities of the Plan of Development. While projects are reviewed on a case-by-case basis, in general, commercial projects showing strong alignment with Plan of Development goals may be eligible for up to 60 percent of eligible cost TIF reimbursement. Projects deemed extraordinarily catalytic in nature may be eligible for higher TIF reimbursement. For more information, contact Austin Wilson-Bradley.
Energy Efficiency & Conservation Grants
Energy Efficiency and Conservation Grants are designed to supplement or match funds for renovation or new-construction elements that enhance the energy efficiency of commercial properties in Downtown Colorado Springs. This grant program seeks to improve the long-term sustainability and efficiency of Downtown’s older, historic buildings and encourage innovative design and conservation in new construction. The grant enables applicants to improve energy efficiency primarily through long-term/permanent improvements to properties such as energy efficient doors and windows, solar panels, LED lighting, water saving fixtures, and “smart” electrical panels and lighting. These enhancements stimulate economic vitality within the DDA and will help the DDA to achieve Goal 6 in its Plan of Development: A Leader in Innovative Urban Design and Sustainability. Grants are provided on a reimbursement basis after project completion.
For more information contact Austin Wilson-Bradley.
Loan Program for Tenant Ownership
The Loan Program for Tenant Ownership (LPTO) is designed to help existing Downtown storefront business owners purchase their existing location or another property within the Downtown Development Authority boundaries. This program seeks to bolster retail stability, enhance economic vitality, and increase the number of owner-occupied buildings Downtown by helping businesses access additional capital. Through this program, businesses can access loans up to $250,000 that are associated with the purchase of real estate within the DDA boundaries.
For more information about this program, including eligibility, interest rates, and length of repayment, please review the application and contact Austin Wilson-Bradley.
Emergency Relief for Businesses Grant
The Emergency Relief for Businesses Grant can provide relief in the form of a grant for street-level retail, restaurant, and service businesses within DDA boundaries after a major, unforeseen incident causing a prolonged diminishment of business or displacement. Please note that street closures from planned events or construction are not considered eligible.
For questions and eligibility requirements, please contact Austin Wilson-Bradley