Frequently Asked Questions

Property owners and tenants owning or leasing property in a commercial business district are eligible.

Applicants may not owe any taxes to the town, either for the building to be rehabilitated or for any other piece of real or personal property that they own.

Eligible work results in aesthetic and visual improvements to the exterior of commercial property that is visible from the highway, such as:

• Façade improvements
• Painting
• Masonry repair
• Signage
• Lighting
• Landscaping
• Parking lot improvements
• Other improvements to the exterior of a commercial property

Amortized loans are being offered at a 0% interest rate up to a maximum of $50,000 over a 5 year timeframe.

The loans will be amortized/reduced at a predetermined rate each year and forgiven entirely after 5 years. The town will collect on the entire loan amount if the owner sells, conveys or transfers the property or the business within the first three years after the loan has closed. The loans do not have to be repaid if the business stays in town for the period of the loan terms or if the property is not sold during the loan term.

Applications will be reviewed by the Economic Development and Improvement Commission Loan Committee. Improvements will be reviewed by the Design Review Advisory Committee in order to insure compliance with applicable design guidelines.

Once approval is received from the Design Review Advisory Committee, the Loan Committee will refer all requests to the Economic Development and Improvement Commission (EDIC) within two weeks of application submission. A loan closing will be scheduled as soon as is possible after the work is completed as this is a reimbursement program.

Yes, the town loan will cover up to 50% of the construction costs and the property owner is expected to provide a match of 50%. Acceptable collateral must be provided to secure the loan amount.

At least 3 written estimates must be received on all projects funded with this program.

This program has been established as a reimbursement program. Loan closings will be scheduled for a date shortly after the project has been completed and evidence of the project costs has been provide to town staff.

Contact the town's Economic Development Director, Gioia Zack, to set up an appointment to discuss your project and to pick up the necessary paperwork.