Thrive Business Grant performance agreements sent; cycle 2 discussion set for Feb. 27

A staff member told the EDC on Jan. 16 that performance agreements for the Thrive Business Grant Program — tied to seven projects across six businesses approved by Town Council on Dec. 9 — were sent at the end of December with a Jan. 10 return deadline; all but one business had returned an agreement by the Jan. 16 meeting.

The staff member said most approved projects involve equipment or small capital items and that businesses have six months from approval (Dec. 9) to start their projects (i.e., by June 9) to remain eligible. After a business completes its project and the town inspects the work to confirm that it matches the proposal approved by the EDC and Town Council, businesses may submit receipts for reimbursement.

The staff member said she will provide the signed performance agreements to the town manager for final signature and that she will periodically check in with businesses and provide updates to the board. The EDC plans to discuss a second Thrive grant cycle at its Feb. 27 meeting, when staff will present suggested program refinements based on the first cycle's experience and any administrative or verbiage changes the board wishes to consider.

When asked whether applicants had commented on application complexity, staff said she had not received feedback and that applicants appeared simply "excited" that the program existed.

No formal grant approvals or reimbursements were voted on at the Jan. 16 EDC meeting; the update was informational and focused on next steps for administering the program and preparing for cycle two.