Residential

The Great Falls Business Improvement District (BID) believes that offering downtown residential opportunities is a vital element to downtown revitalization. People that live downtown are not only more likely to work downtown but they are also more likely to shop, dine, and recreate in the downtown area.

A residential project is defined as a residential redevelopment project in which a number of residential units will be permanently renovated in order to be renter or owner occupied at market value rates.

Please note: Projects will be reviewed on a case by case basis and awarded based on the annual budget.

The BID approves up to $60,000 in residential grant money per fiscal year. 

Residential redevelopment project expenditures must exceed $40 per square foot to be eligible for a residential grant.  The BID will grant an amount per square foot that is 10% of the total cost per square foot.  For example, a project with a total cost of $45.00 per square foot will be eligible for $4.50 per square foot at project completion.  In another example, a project with a total cost of $63.00 per square foot will be eligible for $6.30 per square foot. No single grant award will exceed $60,000.

PROJECT CRITERIA
After reviewing the grant packet, contact the BID and meet with the staff to ensure that all elements of the program are understood. Submit your completed grant application to the BID office. You will receive written approval from the BID once they have reviewed & approved the application. Once your grant is approved you may begin the work. Any deviations from the original proposal must be resubmitted to the BID for approval. After completion, paid bills for the total project must be presented to the BID. The BID will review the finished project to ensure that it conforms to the submitted plans before any grant funds will be released. Funds will be provided on a first come, first serve basis. If grant funds are exhausted for the fiscal year payment of your grant may be postponed until the funds are available. The BID will award up to $60,000 in residential grant money per fiscal year.
A complete BID Grant Program Application will include the following:
1.
The Grant Program Application
2. Project description
3. Photo of the building in its current condition
4. Photos or sketches of the proposed new project. Include floor plan renderings of the project. The plans must represent the project to scale, including all colors and be drawn to the level of detail that will allow full understanding of how the project will look when completed. Included with this should be a one page typed letter briefly describing the project.
5. Cost breakdown – A one page summary of the estimated project costs – all costs must be included, but only permanent, physical improvements and the labor associated with the permanent improvements count toward the final evaluation.
6. Eligibility Checklist

Project criteria and eligibility:
1. Project must be located within the boundaries of the BID (a map is available upon request).
2. The building owner must be current on all property taxes in Great Falls.
3. Only permanent improvements and associated labor are eligible.  Such permanent elements include structural, walls, electrical, plumbing and permanent fixtures (such as furnaces, toilets, sinks, etc.).
4. Grant awards are for owner-occupancy or fair-market rent occupancy only (subsidized housing is not eligible).
5. The total grant award for any given residential redevelopment project will not exceed $60,000.
6. The BID will award up to $60,000 in residential grant money per fiscal year.
7. The property owner must provide certification of the residential project costs and the square footage of the residential area which is to be rehabilitated.
8. Upon approval of grant, applicant has six (6) months to begin significant construction or the grant will be rescinded and applicant must re-apply.
9. All residential grant projects must be completed within 12 months of receiving notice to proceed. The BID must approve any extension beyond 12 months.
10. With submission of receipts and final documentation applicants must submit a copy of the building permit issued by the City of Great Falls (or a copy of the receipt for the permit).
11. Eligible projects may obtain one residential redevelopment grant every fifteen years per property.

Please note: Projects will be reviewed on a case-by-case basis and awards will be approved based on the annual budget. In addition, the BID reserves the right to offer, deny or suggest changes of the proposal requesting grants for any reasons not specifically listed in this documentation.