Purpose:
Supports comprehensive redevelopment projects.
Aims to revitalize underutilized or blighted properties and stimulate broader economic growth.
Scope:
Covers a wider range of redevelopment activities, including demolition, site preparation, infrastructure improvements, and building rehabilitation.
Can be used for larger-scale projects that may involve multiple properties or significant modifications to existing structures.
Eligibility:
Often targets areas with high redevelopment potential or strategic importance for economic development.
May be available to developers, property owners, and sometimes new businesses undertaking major redevelopment projects.
Impact:
Catalyzes significant economic and community development.
Addresses issues such as urban decay, property vacancies, and inadequate infrastructure.
Promotes long-term investment and sustainable growth in the community.
Funding:
Typically offers larger grant amounts than facade grants.
May involve complex funding structures, including matching funds, tax incentives, and other financial tools to support extensive redevelopment efforts.