Development Incentive Grant

  DIG-Development Incentive Grant

Downtown Development Incentive Grant Checklist

 The following items must be put forward in order for City of Monroe to make an appropriate decision on an application.

Incentive funds are not “as of right”, that is, they are not automatically provided to eligible retail or restaurant businesses which purchase or lease eligible properties. Applications are required and they are reviewed on a case-by-case basis by City of Monroe. 

o    Minimum investment of $500,000

o    All planned investments must be located within the Central Business District (CBD) of the City of Monroe

o    The building scheme must match the existing composition of structures in the CBD

o    The proposed project must meet all applicable zoning requirements

o    The developer must be in good standing with the City of Monroe for all services, taxes, utilities, etc.

o   An existing building may be considered if: (a) Downtown Monroe, City of Monroe judges the property requires extensive renovation; and (b) the City of Monroe Building Standards Department determines structural integrity is compromised; and/or (c) an appraisal/study of the structure shows that the extent of damage is so severe that even if it could be structurally renovated the cost is determined to be prohibitive to its rehabilitation

o    Examples of Eligible Projects include: Office Buildings; Hotels; Residential Condominiums; Bed and Breakfast; Conference Center; Parking Deck; Manufacturing Facility

o    The Secretary of the Interior’s Standards and the Supplementary Requirements for Development in the Central business District [City of Monroe Code of Ordinances Title XV, Chapter 156.054] will be used as guidelines for awarding project reimbursements

o    Construction in the Central Business district should be considered a contemporary solution, which respects the architectural and historical integrity of the entire area while retaining those elements that enhance the surrounding buildings

o    All design proposal must meet with the code requirements of the City of Monroe

o    All projects must be completed within two (2) years of the date that the grant is awarded. Any extension beyond two (2) years must be requested by the owner and approved by Downtown Monroe and Monroe City Council or the funds may be rescinded

o    DIG’s may be used to finance new construction

o    Monroe City Council must approve all DIG applications

o    Upon completion, the improvements will be inspected and approved by Downtown Monroe, City of Monroe staff for determination of compliance as submitted in the application

o    The property owner must submit a completed application; architectural drawings, site layout, site plan, parking plan, renderings, cost proposals, and other relevant documentation to Downtown Monroe, City of Monroe. This package must be complete in order to qualify for funding

o   Once Downtown Monroe, City of Monroe review the project, the applicant will be notified of the status of the application. Monroe City Council must approve all DIG applications following a public hearing. Construction may not begin until the project has been approved. Grant applications shall be reviewed by City staff, Finance Committee and City Council for approval

o    This is a grant program. Grant monies will be distributed on an annual basis for a seven (7) year period, following the completion of the project. The work needs to be substantially completed and conform to the pre-approved plans, in order to fully satisfy all the terms of the grant agreement

 Follow the link to download the full DIG application.

Remember that any submission of an incomplete application will not be considered.