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*Existing businesses may only utilize the program to upgrade infrastructure or utilities within their <br />building. The intention is to make the existing spaces more viable and bringing them into needed <br />compliance. This program can not be used for aesthetic improvements to the building interior, just <br />material utility and infrastructure improvements. <br />Incentive: <br />Option 1 <br />For new and expanding businesses: The Property Improvement Program will reimburse 50% of the <br />project costs, up to $150,000. <br />For existing businesses modifying their existing space: The Property Improvement Program will <br />reimburse 50% of the project costs, up to $75,000. <br />*Projects can ask the Louisville Revitalization Commission for a higher reimbursement percentage. A <br />higher level of reimbursement can be provided on a case -by -case basis and will be determined by project <br />impact on the community- such as blight remediation, levels of sales tax generation, property tax <br />impacts, employment and others. <br />Work must be approved prior to the start of construction. Any work done before an agreement is in <br />place will not be eligible for reimbursement. <br />Upon completion of all work and approvals by the City, the applicant will be reimbursed. <br />Option 2 <br />For new and expanding businesses: Up to $150,000. <br />Eligible Project Costs <br />Percent to be Reimbursed <br />$0 - $15,000 <br />100 <br />$15,001- $50,000 <br />75 <br />$50,001 - $100,000 <br />50 <br />$100,001 + <br />Reviewed on a case -by -case basis <br />For existing businesses modifying their existing space: Up to $75,000. <br />Eligible Project Costs <br />Percent to be Reimbursed <br />$0 - $15,000 <br />100 <br />$15,001- $50,000 <br />75 <br />$50,001- $75,000 <br />50 <br />* Projects can ask the Louisville Revitalization Commission for a higher reimbursement percentage. A <br />higher level of reimbursement can be provided on a case -by -case basis and will be determined by project <br />impact on the community- such as blight remediation, levels of sales tax generation, property tax <br />impacts, employment and others. <br />Work must be approved prior to the start of construction. Any work done before an agreement is in <br />place will not be eligible for reimbursement. <br />Agenda Packet P. 17 <br />