City leaders recently approved passage of the Downtown Urban Core Tenant Improvement grant, designed to reimburse businesses coming to the city’s Town Center. To qualify, tenants must agree to a five-year lease and cover 10% of the build-out cost. The grant is funded from $1.3M city officials set aside for its Economic Development Department for the 2025-2026 fiscal year. The City Council approved the program in a unanimous vote.
Community Development Director John Zobler shared his approval of the new measure:
“The strategic purpose here is, number one, to attract high-quality, local business in the urban core and to help these first businesses to reduce startup costs.”
The grant is aimed primarily at helping restaurants defray construction costs. Build-outs of new restaurants are significantly greater than residential space because of the required specialized equipment. Funding is dependent on square footage as well as the type of business. Restaurant categories in the measure include full-service, non-full-service, and quick-service eateries, as well as taprooms.
The Promenade, located across from Central Park, is another new retail attraction that could benefit from the new grant. It will be completed in the summer of 2026. The grant could help more quickly fill the apartments on its upper floors, as well as the 57,000 square feet of retail space below. Poster printing and other printing services inform the public of new offerings.