Special Project Grant Program

PROGRAM OVERVIEW

This incentive program offered by the Downtown Development Authority is intended to attract new Businesses into downtown, including new retail, for profit and not for profit Arts and Cultural facilities, unique restaurants and boutiques and other unique businesses. To be eligible for this grant, the DDA Board must find that the enterprise is considered a unique new business that demonstrates a benefit to the community. The grant is available to projects located in the Downtown Development Authority District (preferred ground floor retail projects). Annual funding for this program is limited. Applications for this project will be reviewed two (2) times per DDA fiscal year.

October – March Timeline

  • October 1 – December 31: Completed applications must be received by December 31 in order to be considered.
  • February: Special Project Board meeting held in order to review all completed applications. The DDA Board will choose three (3) finalists.
  • March: The three (3) finalists will present their business plan/concept to the DDA Board.*
    *Applicants will have a maximum of fifteen (15) minutes for presentation.

April – September Timeline

  • April 1 – June 30: Completed applications must be received by June 30 in order to be considered.
  • August: Special Project Board Meeting held in order to review all completed applications. The DDA Board will choose three (3) finalists.
  • September: The three (3) finalists will present their business plan/concept to the DDA Board.*
    *Applicants will have a maximum of fifteen (15) minutes for presentation.

PROGRAM SUMMARY

  • The Special Project Incentive Grant Program Award amount will not exceed $25,000.
  • Projects for buildings greater than 10,000 sq ft (west of Quadrille Blvd. – the FEC railroad tracks to Sapodilla Ave. from Banyan Blvd. to Gardenia St.) maximum allowable amount not to exceed $50,000
  • Intent for grant funds must be explained in detail in the business plan and presentation to the DDA Board
  • The total grant amount may be less based upon DDA Staff and/or Board recommendation.
  • The Special Project Grant Program is an incentive for a unique new business that fits within the merchandise mix of Downtown.
  • Applications will be reviewed by the following Criteria:
    A unique business to the Downtown District;
    Successful business at another location;
    Strength of three year formal Business Plan (minimum three year lease agreement);
    Ground Floor Retail (preferred); and
    Presentation to the DDA Board.
  • If approved, Payment of Grant Award shall be as follows:
    First Payment: 50% of Award Amount will be paid upon business opening. Recipient must present
    a valid Business Tax Receipt, Signed Lease and be open for business.
    Second Payment: 25% of Award Amount will be paid six (6) months after opening. Recipient
    must provide a signed, notarized affidavit from Landlord or Landlord’s Legal Representative that
    Recipient is current with all Rent payments prior to any additional disbursement of grant funds.
    Third Payment: 25% of Award Amount will be paid twelve (12) months after opening. Recipient
    must provide a signed, notarized affidavit from Landlord or Landlord’s Legal Representative that
  • Recipient is current with all Rent payments prior to any additional disbursement of grant funds.
  • All applications must include appropriate documentation outlined on page 3. Inadequately documented applications may be rejected.
  • Applications will be reviewed by the DDA Staff and DDA Board in the order they are received. The DDA Board shall consider if the enterprise is appropriate for the location and furthers the desired mix of uses within the area.
  • Grants will no longer be approved once all allocated funds are exhausted.

Upon Grant Award, the applicant will receive notification detailing all of the terms and conditions of the grant, including, but not limited to: the amount of the grant, the approved uses for the proceeds and any reporting requirements to be met by the applicant.

ELIGIBILITY AND APPLICATION REQUIREMENTS

  • Application Fee – $89 Paid to the West Palm Beach Downtown Development Authority
  • This fee is to complete a Background check. ($89 per applicant or owner)
  • Priorities given to projects located in the Downtown Development Authority District.
  • No liens or taxes may exist or be due on the property.
  • A copy of proof of the leasehold or ownership interest in the business, or a commitment for lease must be submitted with application. This information must reflect lease rate and term information.
  • A cover letter with a brief description of your company and statement of amount requested.
  • A Business statement which includes: Business overview; Current number of business locations and addresses (if applicable); Statement of success / growth of current business(es) (if applicable); Any collateral material if available including brochures, storefront photographs,
    menus, etc.; Business operation plan for Downtown West Palm Beach; Resume for each business owner; financial statement, list of credit, and banking references; Drawings, Plans, and Specifications (if applicable); and Photograph(s) of current location conditions.
  • A minimum three year formal business plan and minimum three (3) year lease agreement
  • Businesses must obtain a valid Business Tax Receipt with the City of West Palm Beach and submit a copy with this application.
  • Credit Report – A credit report is required for all Applicants. Applicant must provide Full Name and Social Security Number for each business owner along with payment amount for the credit report fee.

Additional information may be requested by the DDA Staff or Board. Inadequately documented applications will not be reviewed. Be sure to include all necessary documentation.

For additional information contact:

Teneka James, Associate Director
West Palm Beach Downtown Development Authority
301 Clematis Street Suite 200, West Palm Beach, Florida 33401
(561) 833-8873 Fax: (561) 833-5870 tjames@westpalmbeachdda.com

IMPORTANT INSTRUCTIONS

  • Before filling out this Application Form, thoroughly read the PROGRAM SUMMARY & APPLICATION REQUIREMENTS for this program.
  • Only one application can be utilized for one business.
  • Do not leave spaces blank. Put N/A if inappropriate.
  • In the event that additional information is requested, it must be submitted in a timely manner.
  • Applications for this project will be reviewed two (2) times per DDA fiscal year.

Inadequately documented applications will not be reviewed. Be sure to include all necessary documentation.

  • Drop files here or
    Attach cover letter with brief history of your company; also state amount requested for grant. Attach Business statement which includes Business overview; Current number of business locations and addresses; Statement of success / growth of current business(es); Any collateral material including brochures, storefront photographs, menus, etc.; and Business operation plan for Downtown West Palm Beach.