REAL PROPERTY INVESTMENT GRANT

• Eligible properties must be within Portsmouth City limits and can be commercial, industrial, office, or mixed-use property.
• Applicants who are new leaseholders and applying for grant funds for tenant improvements prior to occupying the space must document in the lease that the tenant is responsible for improvements.
• Applicant and/or property may not have outstanding City taxes, fees, or code violations (unless the grant is to be utilized to rectify code violations).
• Property is an improvement or expansion into an existing space. (New construction is ineligible.)
  Maintenance-related work is not eligible.
• Property owners, who are not the subject business owner, must improve vacant space to:
  
  • Create a vanilla shell in order to market the property, or
  • Complete tenant improvements for an under-contract new tenant entering into a lease.
• Existing business owners expanding more than 30% of their current square footage are eligible to apply.
  Written approval is required prior to any work commencing.

• The Real Property Investment Program is a matching, reimbursement program that requires the applicant to make the initial investment of the full project costs; half of the eligible costs will be paid as a reimbursement, up to the maximum grant amount.
• The maximum grant award is $25,000 per property address, for eligible improvements, for the life of the program.
  • If the maximum grant amount is not exceeded, applicants may re-apply for the same property up to the $25,000 maximum total reimbursement.
  • In multi-tenant properties, no more than two (2) address locations may receive funding within a five-year period.
• Funding is available on a first-come, first-serve basis until the funding pool has been exhausted each fiscal year as appropriated.
• Upon written approval, applicants will have 90-days to complete eligible improvements. If additional time is needed, a written request detailing the status of the project, work remaining, and estimated timeframe of completion is required from the applicant. Extension approvals must be sent in writing as a matter of record-keeping.
• Applicant must have all permits, inspections, and final Certificate of Occupancy in order to request reimbursement.
• Proof of costs paid by the applicant will be required before grant funds are to be disbursed. Required documentation includes copies of contractor invoices, canceled checks, bank statements and/or credit card statements that verify payment. **Cash payments are ineligible for reimbursement.
• Grant payments will not be made if improvements deviate from those outlined in the application and Grant Agreement and/or have not been previously approved.
• Grant funds are paid as a one-time reimbursement, not draws.

Interior

• HVAC systems
• Interior Walls
• Structural Improvements
• Interior Plumbing
• Interior Electrical/Lighting Flooring
• ADA Accessibility Modifications
• Fire Suppression and Protection Improvements
• Permanent Fixtures and Equipment (i.e. Exhaust Hoods, Ductwork, Built-in Freezer, etc.)
• Repair or Restoration of Architectural Detailing
• Security Improvements to include entry hardware, access control, cameras, etc. (max. $2,500)

Exterior

• Decorative Fencing
• Railings or Juliet Balconies
• Exterior Lighting
• Exterior Painting
• Signage (max. $2,500)
• Improvements correcting code violations Permanent Hardscape Improvements (in conjunction w/other improvements only)
• ADA Accessibility Modifications
• Masonry Repairs
• Removal/Replacement of Architecturally Inappropriate or Incomplete Exterior Finishes and Materials
• Restoration of Architectural Details or Removal of Materials that Cover Architectural Details
• Repair/Replace Windows and Exterior Doors
• Roofing (in conjunction w/other improvements only)
• Screening of Service and Maintenance Areas when visible from adjacent public areas
• Window and Cornice Flashing and Repair (in conjunction w/other improvements only)
• Security Improvements to include entry hardware, access control, cameras, etc. (max. $2,500)
• Utility Improvements (in conjunction w/other improvements only)
• Landscaping and Plants (max. $2,500; in conjunction w/other improvements only)

Completed Real Property Investment Grant applications are to be submitted to Portsmouth Economic Development for review and are not considered submitted if incomplete. Completed applications (those containing all City approvals, all required documentation, before photos, etc.) will be reviewed to determine completion status and adherence with program guidelines.

Applications requesting less than $10,000 in funding may be approved administratively by Portsmouth Economic Development staff. Applications over $10,000 require consideration by the Economic Development Authority (EDA) Board of Commissioners.

Within the application submittal, the applicant must outline which of the two quotes provided will be used in the execution of the project. The Portsmouth EDA encourages the use of Portsmouth businesses in the execution of projects utilizing grant funds. To this end, the EDA Commissioners will look more favorably upon projects that use materials and labor from Portsmouth businesses.

EDA grant approval is not a factor in obtaining other City approvals and the qualification standards do not parallel.

Approval or denial of an application lies within the discretion of the EDA Board of Commissioners, considering factors such as the degree to which the improvements contemplated by the application further the goals of the program, the degree of the need for the improvements, the level of funding requested, the amount of program funds remaining for the year, and any other factors the Board may deem relevant.

With a finalized and completed application approved, the applicant moves into a Grant Agreement with the EDA, agreeing to accept the grant funds approved by the Authority and not to exceed 50% of actual, verifiable paid expenses up to a maximum of $25,000. The Grant Agreement will establish the conditions of approval and terms of grant disbursement. Under no circumstances will funds be disbursed at a ratio higher than the matching requirements. Proof of costs paid by the applicant will be required before grant funds are to be disbursed.