Building Investment Grant Program

The Monroe Downtown Development Authority (DDA) administers the Building Investment Grant Program (BIG Program) as part of its broader mission to strengthen economic vitality and preserve the historic character of Downtown Monroe. The DDA is a local public authority focused on fostering redevelopment, supporting local businesses, and enhancing the visual and structural quality of the downtown district. Through this program, the DDA seeks to stimulate private investment by offering financial assistance to property owners undertaking building improvements that align with community development goals. The primary purpose of the BIG Program is to encourage the rehabilitation, revitalization, and redevelopment of existing commercial buildings within the DDA District. The program is specifically designed to improve building facades and certain interior elements that are directly tied to exterior improvements. Projects supported through this funding are expected to enhance the aesthetic appeal and historical integrity of the downtown area while contributing to increased economic activity and property value. Eligible improvements include exterior renovations such as masonry repair, window restoration, facade upgrades, roofing, and accessibility improvements, as well as limited interior work necessitated by exterior upgrades. Funding is provided on a reimbursement basis and is structured as a cost-share program. Grants cover up to 30 percent of eligible project costs, with a maximum award of 20000 per property. Eligible expenses include labor and materials directly associated with approved improvements, while costs such as permit fees are excluded. The program requires applicants to complete all work in accordance with approved plans and applicable historic preservation standards. All projects must also meet the Secretary of the Interior’s Standards for Rehabilitation, ensuring that improvements maintain the historical character of the buildings. Eligibility is limited to owners of existing commercial buildings located within the DDA District. Properties may include residential units on upper floors, but the ground floor must be used for commercial purposes. Applicants must be in good standing with all local tax obligations and regulatory requirements, including building codes and permits. Properties that have received funding through the program within the past five years are not eligible, and applicants must not begin work prior to approval. Additionally, applicants are required to sign a Building Exterior Easement Agreement at the time of reimbursement. The application process involves several steps, beginning with an initial consultation with the DDA and participation in a predevelopment meeting with the Grant Committee. Applicants must then submit a complete application package, including detailed project drawings, cost estimates, material samples, and photographs. Applications are reviewed for completeness, compliance with local regulations, and alignment with program objectives. Approval requires review by relevant entities such as the Historic District Commission when exterior changes are proposed. Projects are evaluated based on their potential to enhance the downtown environment, increase property values, and stimulate economic activity. Additional considerations include the total investment leveraged, adherence to historic preservation standards, and the overall impact on the district’s visual and commercial vitality. The approval process typically takes six to eight weeks, after which approved applicants must begin construction within ninety days and complete the project within one year unless an extension is granted. The program operates on a rolling, first-come, first-served basis within each fiscal year, subject to available funding. Funds are allocated annually through the DDA budget, and once exhausted, no additional awards are made until the next funding cycle. This recurring structure encourages ongoing investment while maintaining flexibility for property owners to apply as projects are developed.

Ensure project aligns with historic preservation standards and clearly demonstrates economic and aesthetic impact on downtown; provide complete and detailed documentation to avoid delays