Lease Subsidy Grant
Lease Subsidy Grant
Lease Subsidy Grant Purpose The purpose of the Lease Subsidy Grant Program is to provide incentives in the form of matching grants to encourage the relocation of businesses to the City of Daytona Beach Community Redevelopment Areas and to support existing business. The intent of the program is to increase and maintain the occupancy rates of commercial buildings with the redevelopment areas. The program assists retail merchants, restaurants, and professional offices with costs related to leasing buildings within the redevelopment areas. Eligibility Commercial properties located in any one of the five CRAs are eligible to apply for grants, provided the business is a conforming use and has a Business Tax Receipt (BTR). Any existing or new business locating within the City of Daytona Beach Redevelopment area. Project funding Eligible businesses may receive awards of up to 3 months’ rent for a minimum of one year lease with no single grant exceeding $1,500 per month. Grant will be funded with available funds from the applicable Redevelopment trust fund. Limitations Applicant must be part of the City’s Business Development Program Rental subsidies may be approved for a maximum amount of $1,500 per month. Subsidy payments will be paid in monthly installments for a maximum of 90 days. An individual business may receive funds one time. The business must have business hours that conform to the general business hours of the area. Business must have and provide an executed year lease agreement. Properties with multiple tenant spaces may apply for funding based on individual tenant’s spaces. In order to qualify for funding, applicant must be one of the following: New business venture (being in operation for less than 6 months at the time of application) Existing business relocating to a redevelopment area Existing business opening an additional location *Existing businesses are defined as being in operation for more than six months at the time of application. Additional information about the Lease Subsidy Grant program (PDF) Application: Lease Subsidy
