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DDA unveils 'Flex Grant' and downtown toolbox to recruit developers for large rehab projects
Summary
The Downtown Development Authority presented a new Flex Grant (10% public leverage target) to bridge financing gaps on catalytic downtown rehabs, plus existing façade and business-assistance grants and TAD/SPLOST funding strategies.
Jason, a volunteer DDA board member described as the author of the capstone that created the Flex Grant, presented the grant's intent and goals: target developer-led renovations of large historic or underused downtown structures and require a $500,000 minimum project investment; the city’s model is a 10% public contribution with a goal of leveraging $10 of private investment for each $1 of public money.
Jason outlined measurable goals over a three‑year horizon: activate 25,000 square feet of unused space, create 25 housing units and 25 full‑time equivalent jobs. He said the Flex Grant is designed to bridge appraisal and lender gaps that often block rehab financing for historic downtown properties and that TAD funding could be a source for these grants. The DDA also continues façade grants (matching, up to $5,000) and a general business assistance grant (now up to $5,000) to help existing businesses with interior equipment and fit‑out costs.
Jeremy Stratton and staff linked those tools to larger downtown projects—including the Carlisle adaptive‑reuse project (estimated $50M, >200 apartments using historic credits and a graduated PILOT) and a Marriott site under active negotiation—saying coordinated TAD/URA/DDA uses can make catalytic projects feasible. "This grant is designed to address those financing gaps," Jason said. He added the DDA expects to pace large Flex‑Grant awards based on available TAD/TAD‑like funding.
