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Central Business District Investment Program 

​Full Application

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
  • will be required to complete an Annual Statement of Financial Interests
  • will be required to complete a Disclosure and Certification Affidavit
  • 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
  • IRS W-9 Form
  • Annual Statement of Financial Interests
  • Disclosure and Certification Affidavit
  • Vacancy Loss Report to demonstrate COVID-19 related impact
  • Grant amount being requested
  • Proof of matching funds
  • Proof of new or extended signed lease
  • Budget for expected build out costs and budget for the use of the grant
 
Additional documentation may be requested after submission of application. 

Ready to apply?

Full Application
Central Business District Investment Program Partners
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