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Frankfort RDC approves Main Street grant program to spur new downtown businesses
Summary
The Frankfort Redevelopment Commission approved a Main Street program that awards one $20,000 new-business grant and a second pool of smaller grants (up to $5,000) for storefront repairs and build-outs; the program begins immediately and will be managed with Main Street input and an RDC subcommittee.
The Frankfort Redevelopment Commission voted to approve a two-part Main Street grant program designed to attract new businesses and help existing downtown storefronts with modest renovations.
A Frankfort Main Street representative, identified in the meeting as Kim, presented a draft program that includes a single $20,000 new-business grant and a separate “restore, revitalize and renew” pool of grants capped at $5,000 each. Kim said applicants for the large grant must provide a business plan, proof of insurance and a surety bond; surety costs will vary with credit score and business type, she said.
“Depending on their credit score, [the surety] can go anywhere from $150 to $3,000,” Kim said, describing the application checklist. She also told the commission the committee intends to use a memorandum of understanding to track required milestones for grant recipients.
Commissioners discussed whether Frankfort Main Street or the RDC should handle grant administration and disbursement; the panel agreed Main Street can manage applicant vetting and report to the RDC, with checks routed through the city if preferred. The commission also confirmed the program will be offered first come, first serve and promoted via Main Street’s newsletter and local radio.
One potential applicant — a restaurateur planning to open a concept called Nickel and Rye in the former Main Event space — has already submitted application materials and estimates $50,000–$85,000 in renovations. Commissioners noted the RDC budgeted for the program for the current year and said they could re-evaluate funding for subsequent years if demand grows.
A motion to adopt the program passed in a voice vote. Commissioners said advertising and committee review procedures will follow immediately so eligible applicants can be considered.
The RDC’s subcommittee members on the Main Street effort include John Virtue and Jeremy Newcomer, who provided input during the program design. The commission said it will revisit program funding and administration at a future meeting if additional resources or policy changes are needed.
