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Portland Prosperity Investment Program
Prosper Portland
ABOUT THE GRANT
The Prosperity Investment Program (PIP) provides Portland businesses and commercial property owners with reimbursable matching grants of up to $75,000 to fund tenant improvements and small to large scale building improvements. Administered by Prosper Portland, the program covers up to 75 percent of approved project hard and soft costs, with the grantee responsible for the remaining 25 percent match. PIP is designed to support business competitiveness and property redevelopment in order to increase access to quality employment, foster wealth creation through business ownership, and build healthy, vibrant commercial corridors. Eligible hard costs include signage, lighting, storefront improvements, mechanical systems, tenant improvements, roofs, sidewalks, parking lots, landscaping, and other permanent fixtures. Eligible soft costs (capped at $25,000) include architectural, engineering, environmental, market, or financial analysis services associated with physical construction.
To qualify, properties must be located within one of Portland's eligible Tax Increment Finance (TIF) Districts (Central Eastside, Gateway Regional Center, Interstate Corridor, Lents Town Center, Old Town, or North Macadam), be zoned for commercial, mixed use, employment, industrial, or multi-dwelling use, and have all property taxes and debt payments current. Each TIF district has its own action plan priorities that guide grant review, ranging from preserving industrial maker space and retail activation in Central Eastside to supporting historic preservation and retail vibrancy in Old Town. National franchises, locally owned franchises with more than three locations, nonprofits (except those located in Old Town), businesses that exclude minors during business hours, and any work completed before a grant agreement is executed are not eligible. A grant recipient or property may only receive one PIP grant every five years.
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NOTES
We haven't added commentary on this grant yet. In the meantime, the fundor's website (linkeded above) is the best source for application details and eligibility specifics.
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