Business & Real Estate

It is the goal of the downtown organizations and the city of Grand Rapids to foster existing and new investment in Downtown Grand Rapids. Funds, tax incentives and training programs are provided to support businesses and initiatives that will help to grow downtown development. The following programs highlight advantages that are worth exploring.

Building Reuse Incentives Program

The Building Reuse Incentives Program is designed to reduce the incidence of vacancy in the older downtown buildings by providing financial assistance to property owners in overcoming the unique and challenging barriers associated with reusing older buildings. Assistance may only be used to improve barrier free access, improve fire suppression systems, improve fire-rated stair towers, upgrade utilities, or for facade improvements.

The Streetscapes Incentives Program

The DDA offers a grant to eligible property owners to cover a portion of the cost of streetscape improvements adjacent to the property. The program is designed to improve the appearance and usability of sidewalks and pedestrian ways, and to improve the safety of downtown by improving walking surfaces that have deteriorated.

Areaway Fill Incentives Program

During the nineteenth and early twentieth century, it was common practice to extend the basement of a building under the public sidewalks. These extensions are commonly known as vaults, or areaways. It is city policy to eliminate areaways wherever possible and to eliminate the uncertainty involved in future repair of these facilities, to improve the safety of downtown and to provide improved walking surfaces. The DDA offers a grant to eligible property owners to cover a portion of the cost of an areaway fill project.

Small Business Administration Loans

A loan program that matches qualifying businesses with the financial resources of the SBA and private sector lenders.

Historic Preservation Tax Credits

Tax credit information for homeowners, commercial property owners, and businesses that rehabilitate historic commercial and residential property.

Brownfield Redevelopment

A specific tax increment financing option to help developers pay for the cleanup of a "brownfield", an idle, or under utilized or vacant industrial or commercial property.

Renaissance Zones

Specific areas in Downtown Grand Rapids on Monroe Center are designated as Renaissance Zones. "Ren-zones" are virtually tax free for businesses or residents who are presently in, or are moving into these zones, because Michigan's Single Business Tax, 6 mil education tax, Michigan Personal and Real Property Taxes, and City Income Taxes are waived.

Training and Mentoring Programs

A listing of resources to help businesses develop and grow.

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