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    • Meet the 2025 Retail Tenant Improvement Fund Recipients!


    PROGRAM OVERVIEW

    The Downtown Retail Strategy for New Rochelle aims to transform the city’s downtown area into a vibrant, economically thriving destination. Key components of the strategy include enhancements to public spaces, retail improvements, regulatory updates, and a tenant improvement program designed to support new and existing businesses. The initiative also features a comprehensive marketing campaign to elevate New Rochelle’s profile as a must-visit destination.

    The City of New Rochelle is directing $2.25M into the Retail Tenant Improvement Fund, a key initiative designed to provide crucial financial support for physical improvements, expansion, and relocation costs to current and aspiring retail businesses looking to occupy vacant spaces, or property owners with their efforts to fill out vacant spaces within New Rochelle’s Downtown area. With the goal of revitalizing Downtown, this grant program aims to attract and retain businesses that will contribute to the area’s vibrancy. Through a rigorous application process, grants will be tailored to align with each business’s plan, prioritizing those with the potential to make the most significant impact on the Downtown community.

    Award Amount: up to $250,000 per applicant
    Matching Requirement: 50% (e.g., $50,000 match for $100,000 grant award)

    PROGRAM DETAILS

    ELIGIBILITY

    • Applicants must be new or existing retail business tenants AND/OR property owners in partnership with a prospective tenant.
    • Properties/spaces must be within the Downtown area in the City of New Rochelle.
    • Applicants with new businesses must provide evidence of relevant experience in their proposed field of operation.
    • Applicants must demonstrate one or more of the following as a commitment to business growth and sustainability:

    • Retainability of existing jobs
    • New job creation
    • Capital commitment
    • A viable business plan/growth plan
    • Other indicators based on justification
    • Applicants must be able to match 50% of the awarded grant amount in one of the following formats:

    • Cash
    • Other format based on justification
    • Must be invested in the space in New Rochelle
    • The matching funds must be used before utilizing the grant funds, and they must directly relate to the total project cost being requested.
    • Applicants must not be delinquent on real or personal property taxes.
    • Applicants must be in good standing with all City of New Rochelle codes and regulations (i.e., no violations of Zoning, Building, or Fire Codes, etc.).
    • Applicants must provide a lease agreement or Letter of Intent for a minimum of 5 years.

    PARAMETERS

    New Rochelle Retail Tenant Improvement Fund awards can only be used for buildout costs.

    Eligible activities/expenses may include, but not be limited to:

    • Building renovation, addition, and rehabilitation
    • Professional services
    • Property owners can only use awarded funds for capital expenditures that will facilitate tenancy
    • Other activities and business expenses such as furniture, fixtures, and equipment (FF&E) justified through the business plan or growth plan

    SELECTION CRITERIA

    • Project Readiness: The business or property owner can verify that matching funds are available and can clearly articulate the use of this grant.
    • Economic Impact: Activities funded through this grant can contribute to economic growth, job creation, and job retention within the City of New Rochelle.
    • Growth Potential: The applicant can demonstrate the potential to grow and sustain the business or leverage the investment from a financial standpoint.
    • Business Viability: The applicant presents a viable business model that suits business growth and the market environment.
    • Strategic Significance: The proposed activities and project components compliment the City’s strategic economic development goals.
    • Equity: The applicant demonstrates a substantial ownership stake in the business or venture, indicating a strong personal financial commitment. A higher ownership percentage reflects greater dedication and alignment with the project's success.

    APPLICATION PROCESS

    Step 1: Submit online pre-application form
    Step 2: Pre-application form is reviewed to determine eligibility
    Step 3: If eligible, you will be invited to fill out formal application and to provide supporting documentation for review based on selection criteria and a review and recommendation by Financial Consultant to determine appropriate award amount
    Step 4: Grant award


    Applications are accepted on a rolling basis.
    Property owners with multiple vacant storefronts can apply for a grant for each empty property in partnership with prospective tenants.


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