Program Guidelines & Application

For Fiscal Year 2025

Round 1: Open July 1 - 31, 2024
Round 2: Open October 1 - 31, 2024
Round 3: Open January 1 - 31, 2025
Round 4: Open April 1 - 30, 2025

*Please Note: A Pre-Application Meeting with Staff is now REQUIRED!*

Program Objective

The Real Property Investment Program is designed to assist new or relocating businesses, expanding businesses, and commercial property owners with the rehabilitation and redevelopment of interior and exterior spaces to visually enhance the local streetscape, and increase interest in the City of Portsmouth. Eligible improvements must be permanent and can include any combination of eligible interior, exterior, signage, and security modifications or enhancements.

  • Eligible applicants: Properties within City of Portsmouth limits that are commercial, industrial, office, or mixed-use.
  • 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.
  • New or existing business owners who are leaseholders and applying for grant funding for tenant improvements must have documentation in the lease that the tenant is responsible for improvements and must provide a signed Property Owner Consent Form.
  • Entities of local, state, or federal government, religious organizations, and/or properties used strictly for residential use are prohibited from applying.
  • Maximum grant award: $25,000
  • Matching requirement: All applications require a 1:1 financial match
  • Additional guidelines:
    • The Real Property Investment Program is a matching, reimbursement program that requires the applicant to make the initial investment for the full project costs; half of the eligible costs will be paid as a reimbursement, up to the maximum grant award amount.
    • Improvements made and/or paid for prior to an issued Grant Agreement will not be reimbursed.
    • Applicant and/or property may not have outstanding City of Portsmouth taxes, fees, or code violations (unless the grant funding is to be used to rectify code violations).
    • Applicants are required to submit proof of funds to complete project, documentation of required City of Portsmouth Approvals and Permits, and an outline of project costs with a timeline for completion and/or two quotes from contractors for project costs.
    • In multi-tenant properties, no more than three address locations may receive funding within a five-year period.
    • Business owners making improvements to a leased space must provide a signed Property Owner Consent Form from the property owner consenting to the improvements.

The Real Property Investment Grant application is a seven-step process. Those interested in applying are required to schedule a pre-application meeting with staff before submission.

The completed Real Property Investment Grant application is to be submitted to Portsmouth Economic Development for review and is not considered submitted if incomplete. Completed applications (those containing all required documentation) will be reviewed to determine completion status and adherence with program guidelines.

Applicants are required to outline which of the two quotes provided will be used in the execution of the project. The Portsmouth Economic Development Authority encourages the use of materials and labor from Portsmouth businesses in the execution of projects utilizing grant funds.

Applications with grant funding requests less than $10,000 may be approved through an administrative process by Portsmouth Economic Development staff. Applications with grant funding requests greater than $10,000 require consideration by the Portsmouth EDA Board of Commissioners.

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

When an application is approved, the applicant will enter into a Grant Agreement with the Portsmouth EDA, agreeing to accept the approved grant funds that will not exceed 50% of actual, verifiable paid expenses up to a maximum of $25,000. Under no circumstances will funds be disbursed at a ratio higher than the matching requirements. Proof of costs paid by the applicant are required before grant funds are to be disbursed.

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

The Real Property Investment Grant 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 amount available for any approved application 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 for the remainder of the $25,000 maximum total reimbursements. In multi-tenant properties, no more than three address locations may receive funding within a five-year period.

Funding is available on a first-come, first served basis until the funding pool has been exhausted each fiscal year as appropriated.

All recipients are required to enter into a Grant Agreement with the Portsmouth Economic Development Authority. Recipients have 120 days to complete approved work after the Grant Agreement is issued. Extensions for an additional 90 days may be granted on a case-by-case basis, but must be requested in writing and include a detailed status of the project, work remaining and estimated timeframe of completion.

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 not eligible for reimbursement.

Grant funding payments will not be made if improvements deviate from those outlined in the application and Grant Agreement. Work that was started prior to application approval and projects with outstanding code violations (unless the program grant was used to rectify the violation), will not qualify for reimbursement payment.

Grant funds are paid as a one-time reimbursement payment, not draws.

Interior
  • ADA accessibility modifications
  • Fire suppression and protection Improvements
  • Flooring
  • HVAC systems
  • Interior electrical/lighting
  • Interior plumbing
  • Interior walls
  • Permanent fixtures and equipment (i.e. exhaust
  • Repair or restoration of architectural detailing
  • Structural improvements hoods, ductwork, built-in freezer, etc)
  • Security improvements including entry hardware, access control, cameras, etc (max $2,500)
Exterior
  • ADA accessibility modifications
  • Decorative fencing
  • Exterior lighting
  • Exterior painting
  • Improvements correcting code violations
  • Landscaping and plants (max $2,500 *)
  • Masonry repairs
  • Permanent hardscape improvements *
  • Railings or juliet balconies
  • Removal/replacement of incomplete exterior finishes and materials
    Restoration of architectural details or removal of materials that cover architectural details
  • Roofing *
  • Screening of service and maintenance areas when visible from adjacent public areas
  • Security improvements to include entry hardware, access control, cameras, etc. (max $2,500)
  • Signage (max $5,000)
  • Utility improvements *
  • Window and cornice flashing and repair *

*in conjunction with other improvements only

  • Billboards
  • Security fencing
  • Maintenance-related work
  • Fees charged by The City of Portsmouth
  • New construction

*NOTE: Improvements made and/or paid for prior to an issued Grant Agreement will not be reimbursed

Application Process - Generalized

Step 1

Property Owner or Business Owner schedules a pre-application appointment with Portsmouth Economic Development staff to discuss project before submitting an application.

Step 2

Applicant obtains required City of Portsmouth approvals (Planning, Zoning, Building, etc.)

Step 3

Completion & submission of Real Property Investment Grant Application to Portsmouth Economic Development.

Step 4

Applications with grant funding requests less than $10,000 may be approved through an administrative process by Portsmouth Economic Development staff. Applications with grant funding requests greater than $10,000 require consideration by the Portsmouth EDA Board of Commissioners.

Step 5

If approved, applicant enters into a Grant Agreement with the Portsmouth EDA. Applicant has 120 days to complete approved work.

Step 6

Upon completion of work, the applicant contacts Portsmouth EDA staff to request reimbursement and provides required documentation of paid in full project expenses.

Step 7

Portsmouth Economic Development staff will inspect and document completion of improvements prior to disbursement of grant award.

Application




The Grant Applicant Contact Information listed above will be used for all correspondence from Portsmouth Economic Development staff relating to this grant application.

Applicant Contact Information

Funding Requested

Please provide a brief summary of the proposed property improvements and a timeline of completion utilizing grant funds.
Funds cannot exceed 50% of actual, verifiable paid expenses up to a maximum of $25,000

Contractor Information

If more than two contractors are chosen to complete the project, please identify.

Proposed Eligible Improvements

Place a check next to all proposed eligible improvements for this grant request. NOTE: Improvements made and/or paid for prior to an issued Grant Agreement will not be reimbursed

Proposed Eligible Improvements
*in conjunction with other improvements only **max $2,500












*in conjunction with other improvements only **max $2,500 ***max $5,000


















Required Application Documentation

All required documentation, including two quotes per product/service and approved City of Portsmouth permits must be submitted no later than JULY 31, 2024 for the application to be considered complete and submitted. Any applications received that DO NOT HAVE ALL REQUIRED DOCUMENTATION SUBMITTED BY JULY 31, 2024 WILL BE DENIED.

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Link to Property Owner Consent Form can be found in the Eligibility Guidelines above.
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Declaration

By signing below, I attest that I have reviewed the details of the Real Estate Investment Grant Program Guidelines as stated above and agree to the submission of this request to the Portsmouth Economic Development Authority (EDA).

I understand and agree that the award of grant funding is at the sole discretion of the Portsmouth EDA Board of Commissioners and because all information furnished in connection with this application for the Real Estate Investment Grant Program involves the use of public funds and as such, may be made public pursuant to the statutes of the United States of America, the Commonwealth of Virginia, and the City of Portsmouth.

I understand that the application is not finalized until the issuance of a grant award letter by the EDA authorizing the commencement of grant-funded activities.

I understand that upon approval, I will have 120 days to complete approved work from the date the Grant Agreement is issued. Requests for extension must be outlined in a letter directed to the Portsmouth EDA staff, the Portsmouth Economic Development Office, and will be granted on a case-by-case basis. Any subsequent extensions will be at Portsmouth EDA’s sole discretion and will require a vote of the Portsmouth EDA Board of Commissioners.

All business owners, partners, etc. must sign this application form. If the business is owned by a legal entity, organization, or corporation, the applicant must supply corporate legal documents authorizing signer. If signing on behalf of an entity as an authorized representative, please state the entity name and your position after the signature. For questions on completing this application, please contact the Portsmouth Economic Development staff at 757.393.8804.