Proposals accepted through mail or email to: Central Business District Investment Program c/o ATTN: Joe Violette Greater Waterbury Chamber of Commerce Foundation, Inc. 83 Bank Street, 4th Floor P.O. Box 1469 Waterbury, CT 06702 jviolette@waterburychamber.com
Program Background The Greater Waterbury Chamber of Commerce Foundation is directing up to $1,500,000 of American Rescue Plan Act funds to COVID affected property owners within the Central Business District in the City of Waterbury through its newly created Central Business District Investment Program.
These property owners were negatively impacted by the COVID-19 pandemic in their inability to secure tenants in their vacant storefronts which led to a reduction in revenues, increased costs and escalation of deserted business throughout the Central Business District. The intent of this grant through the CBDIP is to provide property owners with funds to help incentivize small businesses to lease their vacant spaces and provide a much-needed economic boost to Waterbury’s central business hub. The Foundation staff will be responsible for leading and directing the program based on eligibility, process and deadlines as outlined below. All funds must be fully distributed no later than June 30th, 2024.
Eligibility Property owner must:
be in good standing with the City of Waterbury
own vacant ground floor space within the Central Business District
prove they were negatively affected by the pandemic
provide official documentation as outlined below
All ground floor properties within the City of Waterbury’s Central Business District will be eligible but special consideration will be given to the following;
Properties located on
Bank Street
South Main Street
East Main Street
Grand Street
West Main Street
Meadow Street
Freight Street
State Street
Church Street
Leavenworth Street
Center Street
Brook Street
Restaurant spaces
Vacant properties adjacent to other vacant properties
Property owners who are leasing their space to minority or women owned businesses
Existing Waterbury-based small businesses who relocate to the Central Business District or within the city limits
Funding up to $10,000 for relocation expenses may be reimbursed
Note: A property that has remained vacant since the onset of the COVID-19 pandemic or became vacant during the COVID-19 pandemic is presumed to have been negatively affected by the pandemic.
Central Business District Investment Program Breakdown
Grants provided can be used for interior and exterior buildout costs of establishing new businesses in vacant ground floor retail
Property owners with vacant storefronts are eligible for a grant of $50 per square foot, up to a max of $100,000
Any grant awarded to a property owner must be matched at 100% by the owner of the property, the tenant, or a combination of both parties
Property owners with multiple vacant storefronts can apply for a grant for each empty property
Consideration & Requirements for Full Application Applicants:
must be the owner of a vacant or unleased property in the Central Business District
must be in good standing with the City of Waterbury
cleared from past due property taxes, water/sewer taxes, and any unpaid parking tickets by official Tax Clearance from the City’s Tax Office
must show a Vacancy Loss Report to prove negative COVID-19 related impact
must return a completed IRS W-9 Form
must show proof of matching funds to be eligible for the grant
must provide a budget for full buildout costs and a budget for the use of the grant
must have a tenant signed to a minimum 2-year lease on the property
Existing tenants eligible to participate must sign a lease extension so that the lease shall not expire until two years after the buildout or upgrades are completed
Application and Review Process
Applications will open August 1, 2022
Each applicant will receive confirmation of application receipt within 5 days of submission
Oversight and approval committee will meet monthly to review and award grants on a rolling basis
Applicants will be notified in 30-45 days on the status of their grant application and request.
The committee reserves the right to deny a grant request if it feels it is not in the best interest of the city including ensuring fair disbursement of funds, the applicant is in good standing with the city and the prospective business conforms with city zoning, building codes and the Plan of Conservation and Development.
Central Business District Investment Program Application Submission Documents Each applicant is required to supply the following documentation in their application:
Pre-application submission which includes name and contact information
Detailed description of the business that will lease space in property
