Fairview advisory committee reviews rewrite of urban renewal tenant-improvement grant

Fairview Economic Development staff proposed changes to the city's urban renewal grant program on a topic EDAC members described as aimed at speeding private occupancy of vacant storefronts. Sarah Sheldon, staff member, told the Economic Development Advisory Committee the staff recommendation is to create two distinct grant categories'one for tenant improvements to ready vacant commercial space for businesses and one for broader development assistance tied to new construction or site-level projects. "Staff is recommending that the urban renewal grant pay for up to 50% of the total project cost up to a maximum dollar amount," Sheldon said. The committee was asked to give feedback before staff presents the proposed changes to the Urban Renewal Agency next Wednesday and returns a draft set of program guidelines and an application form to the City Council for possible adoption in mid-October. Why it matters: Fairview has multiple vacant commercial spaces in Fairview Village and along the Halsey corridor that property owners and developers say depress rental income and can make financing new mixed-use projects harder. Committee members and local developers said clearer, predictable grant rules could accelerate occupancy and reduce the risk that applicants must…