business assistance programs
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 Purpose of the Building Reuse Incentives Program is to reduce incidence of vacancy in storefronts and older buildings downtown by providing financial assistance to property owners or business owners contemplating the rehabilitation of an older building. Several studies have documented the high rate of vacancy, as well as numerous others barriers preventing the full utilization of these structures. The Building Reuse Incentives Program is established to assist property owners and business owners in overcoming these barriers by improving the general appearance and marketability of these structures.
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.
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.
A loan program that matches qualifying businesses with the financial resources of the SBA and private sector lenders.
Tax credit information for homeowners, commercial property owners, and businesses that rehabilitate historic commercial and residential property.
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.
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.
A listing of resources to help businesses develop and grow.