Page 37 - Murfreesboro, TN Comprehensive Plan: Chapter 7, Economic Development

Economic Development 7.37

DRAFT 12.02.15

are available to businesses locating in their downtown or allows the borrower to draw down, repay and re-draw
business improvement district. Façade grants, provide loans advanced to it. Athens-Clarke County, Georgia
a business the opportunity to upgrade the face of their provides a “Green Business” Revolving Loan Fund
building while the city benefits through enhancing which can be used to make businesses become more
the character of the district as well as from increased energy efficient by implementing eco-friendly products
property values. Greenville and Cary’s façade grants are and services into their business. The Mid-Cumberland
one-time reimbursement program in which applicants Area Development Corporation in Nashville, Tennessee
are eligible for up to 50 percent reimbursement on administers a revolving loan to 13 neighboring counties
expenses equal to or less than $10,000. Additional including Rutherford, Williamson, and Wilson, and
expenditures over $10,000 may be reimbursed at 20 provides funding for businesses at below market rates
percent for a maximum allowable reimbursement of through partnerships with banks.
$10,000. Another variation of the façade improvement The City of Nashville provides another incentive to new
grant is a matching grant, where the applicant is businesses: “fast track permitting” which provides
required to provide a certain percentage of money up 87 percent of all permits issued during a single visit
front for approved repairs to a structure and the city to the Code and Building Safety Department. To
then matches the remaining percentage, monitoring accommodate tight construction schedules for many
progress and dispersing funds throughout the process large businesses, permits are issued in phases through
of improvement. McKinney’s Community Development separate foundation, structural framing, shell, and
Corporation, associated with the City of McKinney, finish out permits. This saves the builders time and
offers two different grants opportunities to applicants allows for an earlier start to construction. The city also
proposing projects that either enhance the quality of life offers permit tracking which tracks all permits tied to a
in the city, or advance initiatives, activities and events single project, even if from multiple departments, into a
that promote the City of McKinney for the purpose of single database which can be viewed by the applicant
developing new or expanding business opportunities throughout the permitting process. Charlottesville
and/or tourism. While limited to $15,000 per grant, offers a Priority Review through development projects
eligible projects include mass transit enhancements, in Albemarle County, a streamlined process to site
projects related to the creation or retention of primary plan approval, and a Fast Track approval process for
jobs, and infrastructure improvements needed for new rezonings and special use permits.
businesses.
Revolving loans allow a borrower to obtain a loan where ECONOMIC DEVELOPMENT INITIATIVES
they have the flexibility to decide how often they want Cities alone, or through partnerships with counties and
to withdraw from the loan and at what intervals. The loan private entities, can work to draw businesses to their

REVOLVING LOAN VISUALIZATION:

Paid Back

Borrowed