In the Know: Grants and Historic Tax Credits Part 2

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The first part of the grant information, local sources, was covered In the Osceola Sentinel-Tribune February 27th issue.  This installment will be all about other grant sources and tax credits. Please note that Chamber-Main Street members have access to FREE services: Color renderings, historic building rehabilitation information, design consultation, help with grant application, letter of support, business plan consultation and more.

Main Street Challenge Grant

As a Main Street Community, Osceola is eligible for the Main Street Challenge Grant funds. Eligible projects must be within our downtown project area and only members of Osceola Chamber Main Street are eligible to apply. Only Osceola Chamber Main Street may submit applications on behalf of local projects, properties and businesses.

Building rehabilitations, facade improvements, new construction, or reuse projects will be considered. The maximum amount to be awarded is $75,000 with a minimum award of $15,000 per project. A 100-percent, dollar-for-dollar, cash match is required.

Other federal or state grant program awards may NOT be used to satisfy the cash match for the project/property.  Only one application per community can be submitted per year.

Eligible Projects:

Rehabilitation and/or restoration of privately held properties within the designated Main Street district. This can include, but is not limited to:

• Façade improvements (Front, rear and side)
• Upper floor interior rehabilitation
• Structural repairs/improvements
• Code compliance
• First floor interior rehabilitation
• Energy efficiency/sustainability improvements
• Site amenities (Decks/patios/exterior spaces)
• Single specific phase of a large rehab. The project must have a specific defined focus and clearly identifiable scope of work including start/end dates and milestones for completion.

 2. Rehabilitation and/or restoration of historically significant public buildings (city or county) located in the designated Main Street district. Including but not limited to: Court Houses, City Hall, Libraries, Fire Houses, U.S. Post Offices.

3. Compatible New Construction including building additions with first floor commercial and upper floor(s) commercial or residential within the designated Main Street district. Razing of an existing structure to allow for new construction will not be considered an eligible use of funds.

Main Street Open 4 Business Grant Competition

This grant competition is like the show, “Shark Tank,” but Main Street style. Main Street Open 4 Business is a competitive business competition to support business expansion and recruitment efforts. A 25% cash match is required.  Three rounds of competition determine how much, if any, money is awarded.

Last year, Mayberry’s Coffee House and Eatery won the local competition and advanced through Sub-State to win $8,000.00.

First round-Local Competition:

• A 10-minute presentation to a panel of judges with time for questions at the end.
• Osceola Chamber Main Street will submit an application on behalf of the winner to the state, along with a five minute video pitch recorded by the winner.
• The winner of local competitions earns $250. (Must be two or more businesses competing.  Offer is void if only one business applies).

Second round- Sub State Award:

• Business must have a minimum investment of $2,000 to compete for the sub-state award of $8,000.

Third round- State Award:

• Business must have a minimum investment of $5,000 to compete for $20,000.
• The judging panel at state reserves the right to reduce the state award funds in the event of a tie, which could result in the award amount and required match being adjusted.