Phoenix is offering financial help to qualifying vacant retail and commercial properties.
The money must be used to improve public infrastructure that would make the property more appealing and beautify the surrounding area. Things like sidewalk repairs, street lights, water line installations, landscaping, bus shelter enhancements and public art.
Owners of existing retail or commercial buildings may qualify if they fall into one or more of the following categories:
- 25% revenue loss or 10% vacancy increase when comparing 2019 to 2020 and 2021
- Located in or immediately adjacent to a Qualified Census Tract (QCT)
- Are an adaptive reuse development opportunity created by the pandemic.
Applications are being accepted through Phoenix’s website and require an explanation as to how the pandemic caused the vacancy and/or stalled development or redevelopment.
The City Council authorized $2 million in federal funding for the program through the American Rescue Plan Act, which must be spent by Dec. 31,2204.
