Resources for Owning a Building in Downtown Rocky Mount, NC.

building downtown rocky mount

If you haven’t been downtown Rocky Mount lately, you don’t know what you’re missing.

The area has blossomed with eateries and coffee shops as part of the downtown Renaissance spurred by the city of Rocky Mount. Large economic developments are happening throughout Rocky Mount and we want to provide you with all the assistance available to you.

For those who own downtown buildings, or for those who are considering Rocky Mount as a potential business location, the city wants to talk to you. The city provides assistance with business planning, and they can also provide information on financial resources related to restoration.

We’ll provide a brief overview of these programs, list a few of the qualifications, and give you the facts you need.

Following are some of the wonderful programs available in downtown Rocky Mount: 

Development Incentive Grant

If you are planning substantial rehabilitation on a project ($40 per square foot), you can get a rebate of any increased property taxes through this grant. It’s good for any commercial or mixed-use property within the downtown core. 

Construction must be completed and the CO given within 24 months.

The grant is good for over five years. The payment increments are:

  • 100 percent the first year
  • 80 percent the second year
  • 60 percent the third year
  • 40 percent the fourth year
  • 20 percent the fifth year

This grant will reimburse city, county and municipal services district taxes. 

To qualify for this grant, the property must be located within the city’s downtown overlay district. This is defined as the areas within the boundaries of Goldleaf, Church, Hammond and Atlantic.

Accelerated Façade Improvement Grant (AFIG)

Does the front of your building need repair? Perhaps you want to renovate it and give it a new look and feel. Maybe you want to create an impression that is more welcoming for customers.

You can get a $5,000 non-matching grant through the AFIG program. Once again, to be eligible properties must be in the core area of downtown, within the boundaries of Goldleaf, Atlantic, Raleigh and Franklin.
 
A few of the allowable uses can include (but are not limited to) :

  • Surface cleaning
  • Patching and repainting
  • Signage
  • Lighting
  • Canopy or awning installation/repair
  • Cornice repair or replacement

Remember, if you apply for this grant, you must meet any of the historical preservation requirements in order to help ensure that Rocky Mount maintains its architectural charm. Reimbursement is given after the final inspection with proof of payment.  

Roof Repair Replacement Grant

How would you like a grant to pay for half of your roof repair? This grant reimburses 50 percent of repair and replacements costs to a maximum of $10,000.

This includes the entire roofing system, and the repairs must pass final inspection before the grant will be distributed. Only one grant per property per five years and the eligible properties must be located in the downtown core area.

The Downtown Building Assistance Program

This program offers a 50 percent matching grant up to $20,000, and the money is to be used toward both interior and exterior improvements made to downtown buildings. 

This can be applied to: 

  • Building improvements
  • Fixtures
  • Affixed furniture
  • Signage

However, it’s important to remember that if the building is located within the historic preservation district, that any improvements must adhere to all preservation design guidelines. There is one grant per property within five years.

When completed, the property must qualify for a Certificate of Occupancy.
This grant is for properties that are located in what is called the downtown transitional area. This is the area surrounded by Grand, Grace, Raleigh, Atlantic and Lexington streets.

Find Out More Through the City of Rocky Mount

Of course, this is an overview. If you want the details you can go to the city’s website to view some of the incentives that are available. There’s also a handy guide that explains why businesses love Rocky Mount. 

Do you own a historic building? Have you benefited from one of these programs? Tell us about it by following our Facebook page and see more reasons why we are proud to call Rocky Mount home. 

Comments are closed for this post, but if you have spotted an error or have additional info that you think should be in this post, feel free to contact us.