Laurel Offers Renovation Incentives for Main Street Businesses

From the City of Laurel:

Mayor Craig A. Moe has announced the creation of a grant program to provide an incentive to renovate existing commercial space in the Main Street area in order attract quality commercial tenants and fill vacant storefronts. The Main Street Commercial Property Improvement Program reimburses qualified new or expanding businesses for their leasehold improvements or tenant fit-up. Participants are eligible to receive a rebate in the form of a loan, forgivable over a five (5) year period, for renovation purposes upon the completion of their Project. Participants can receive a rebate of one-dollar ($1.00) for every dollar ($1.00) invested by the property/business owner spent on the project up to the maximum rebate amount of $25,000. Funds are limited based on Mayor and City Council annual budget appropriation and are awarded to qualifying projects in the order in which completed applications are received.

The Main Street Commercial Property Improvement Program is open to all legally existing commercial buildings within the Main Street area. For the purpose of the Program the Main Street area is described as Main Street from the Patuxent River to Seventh Street, and includes Main Street’s side Street from U.S. Route 1 north to Fourth Street, north to Patuxent River, U. S. Route 1 north from Montgomery Street to the Patuxent River, and Lafayette Avenue from Main Street to Irving Street.

Property owners and tenants, who own properties and/or businesses with ground floor storefronts on Main Street, are eligible to apply for the Program. A business owner who is leasing space must have a current lease with a minimum of three (3) years remaining from the date of application or provide evidence that the business has been in operation for over five (5) years and obtain written approval from the property owner to participate in the Program and proceed with the improvements.

Mayor Moe stated the Main Street Commercial Property Improvement Grant Program detailed grant information and grant application are available on-line at www.cityoflaurel.org under the Department of Community Planning and Business Services/Main Street Development Permits and Programs. The program will continue as long as funding is provided.