Incentives

Capital Improvement Grant Program
Calculated on 50% of the “interest only” portion on the principle amount of a loan obtained for rehabilitation or renovation of a project located in a designated area. Loans from participating lenders are based on prime rate with no points or closing costs are charged. The maximum principal loan amount allowed and obtained is $350,000.

TARGET AREA: Northwood Business District, Broadway and Dixie Highway

Relocation and Development Assistance
The CRA may assist with relocation and development of certain uses to allow for a more desirable or upgraded use.  This program provides the incentives necessary for redevelopment including tenant relocation, acquisition, buildout and rehabilitation or renovation of existing properties.

TARGET AREA: Northwood Business District, Broadway and Dixie Highway

Real Estate Development Accelerator (REDA)
Primarily for large scale development projects greater than $5 million, this incentive can be utilized in the form of land mark-down, infrastructure improvements, Tax Increment Financing or similar type of assistance.  Each project is negotiated on an individual basis based on a gap in a development pro forma.

TARGET AREA:  Entire Northwood/Pleasant City CRA District

Housing Investment Program (HIP)
Developers of new construction of for-sale/for rent residential projects investing up to $5 million may be eligible for development assistance. Based on a formula, projects may qualify for a $5,000 per unit incentive. An additional $5,000 incentive may be provided for each affordable unit set aside with a maximum number of units not to exceed 25% of the overall project.

TARGET AREA: Pleasant City (Spruce Avenue, Blum Park) and Broadway

Strategic Investment Streetscape Program
Development projects costing up to $5 million can be eligible for funds for streetscape improvements.  Depending on the scope of the project, up to 50% of the cost of the streetscape construction within the public right-of-way may be funded.

TARGET AREA: Northwood Business District, Broadway and Dixie Highway

Strategic Investment Program
Based on a formula that considers the amount of tax increment generated from each project, commercial and mixed-use projects up to $5 million may be eligible for development assistance.

TARGET AREA: Northwood Business District, Broadway and Dixie Highway

Façade and Exterior Improvement Program
This grant provides 75% of a façade project up to $10,000; or in a targeted area, provides a maximum contribution of $20,000 for a project totaling $25,000 or more.  Eligible improvements may include landscaping, awnings, exterior painting and any other approved exterior improvement.

TARGET AREA: Northwood Business District, Broadway and Dixie Highway and the

Industrial Area focused on 25th Street, Windsor Avenue

Broadway Façade Beautification Program – This grant provides 80% of a façade project up to $7,500 for exterior painting, landscaping, lighting, awnings and signage in the Broadway District.

TARGET AREA: Broadway Corridor

Merchant Assistance Program – The Program is available to restaurant and retail businesses that have been located in Northwood Village for three (3) years or more.  The CRA will provide a grant of up to $15,000 per business inclusive of a consultant’s time for training and for minor aesthetic improvements to the interior of a business.

TARGET AREA: Northwood Business District.