CommercialProperty

Revitalization

ProgramsCity of LakewoodDepartment of

Community Development

OverviewMission, Goals, Benefits

Successes Community Impact

Madison on the Move

Continued Focus

Overview

Overview• The City of Lakewood is an

excellent example of a streetcar suburb, featuring mixed use building fronting our main corridors.

• Many of these structures are approaching 100 years of age.

• Age complicates rehabilitation of these structures often making projects fiscally unfeasible.

Commercial Property Revitalization Programs

• SRP provides financial incentive for commercial building and business owners to make much-needed improvements.

• SRP assistance can be utilized for exterior facade and certain interior improvements

• 0% loans for 80% of eligible costs. Maximum of $50,000.

• Rebates of up to 40% of eligible costs. Maximum of $30,000 per property.

Commercial Property Revitalization Programs

Storefront Renovation Program

Eligible Expenses

Commercial Property Revitalization Programs

• Brick re-pointing and cleaning• Replacement of bulkhead and tile work• Roof repair/replacement• Carpentry• Masonry • Door and window replacement • Exterior accessibility improvements (ADA) • Parking lot aesthetic site improvements,• Signage and sidewalk/streetscape improvements • Interior code improvements when completed in conjunction

with exterior façade improvements shall include: electrical, plumbing and structural repairs/renovations.

Benefits• Tenants and Property owners

are eligible to apply.

• CPR funding spurs additional private investment.

• Lakewood maintains its streetcar heritage.

Commercial Property Revitalization Programs

• FIP provides financial incentive for commercial building and business owners to make much-needed façade improvements.

• FIP assistance can only be utilized for some exterior facade improvements

• Rebates of up to 50% of eligible costs. Maximum of $2,500 per applicant.

Commercial Property Revitalization Programs

Façade Improvement Program

Eligible Expenses

Commercial Property Revitalization Programs

• Signage• Lighting• Landscaping• Awnings

Successes

Commercial Property Revitalization Programs

Year Applications Completed Projects Total Funds Disbursed

2013 17 6 $269,082

2014 11 4 $156,981

2015 16 9 $185,009

2013 2014 2015 Total

Detroit 7 5 5 17

Madison 9 6 11 26

Other 1 0 0 1

Program Activity

Distribution

Commercial Property Revitalization Programs

Financial Impact

Year Total Funds Disbursed Total Project Cost Leverage %

2013 $269,082 $960,035 28%

2014 $156,981 $437,896 36%

2015 $185,009 $444,940 42%

Moving Forward

The program continues to garner considerable interest. There are currently 8 outstanding projects from 2014 and 2015. Our current account balance is less than $100,000.

We need to continue to replenish this fund to support business and property owners.

Each of the last three years, we have disbursed more funds than we received.

Commercial Property Revitalization Programs

Continued Investment

Funding Request: $195,000

CommercialProperty

Revitalization

ProgramCity of LakewoodDepartment of

Community Development