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EDA approves fiscal-year real property investment grants package; 21 projects to be funded
Summary
The Economic Development Authority approved a package of real property investment grants to support redevelopment and tenant fit-outs across multiple commercial properties; the package passed by a 4–0 vote with one commissioner recused.
The Portsmouth Economic Development Authority on Tuesday approved a package of real property investment grants for fiscal-year 2026, awarding funding to a set of property redevelopment and tenant-improvement projects across the city.
Staff said the round included 10 formal applications presented to the board and that two smaller grants had already been administratively approved. The projects described in staff materials included storefront and shell renovations, restaurant buildouts, and industrial property redevelopments in Port Norfolk, Victory Boulevard and other commercial corridors.
Why it matters: staff described notable recipients and projects in the package, including redevelopment work at multiple parcels along Portsmouth Boulevard and Frederick Boulevard, a restaurant conversion, and fit-outs for automotive brokerage and marine-related businesses. Staff said total approved funding for the fiscal-year program is approximately $352,668 and that about $290,000 has been disbursed so far; round funding is expected to fully obligate the FY budget for the program.
Vote and conflicts: The board voted on a motion to approve the real property investment grants as a package. Commissioner Cherry disclosed an employment relationship with one applicant (Croft & Marine) and recused herself from the vote. The clerk reported the motion passed by a 4–0 roll call, with two commissioners absent and one abstention noted in the record (Gary abstaining). The minutes record approval by a vote of 4 to 0 with recusal and absences acknowledged.
Program notes and partnerships: staff said Bloom CoWorking and the Portsmouth Partnership’s Main Street program offered supplemental incentives for eligible security and lighting projects; staff emphasized that the EDA funds and Main Street incentives are independently administered and that the EDA’s fund availability is limited.
Ending: Staff said additional applications remain in process and that the EDA-funded program will continue accepting eligible projects until FY funds are fully obligated.
