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Project Overview

The Affordable Commercial Grant Pilot Program is intended to help address a gap in the market for more affordable commercial space and increase opportunities for local small businesses to thrive in our commercial centers. Owners of commercial buildings, managers of commercial properties, and business ventures proposing new, expanded, or repurposed uses for currently vacant commercial spaces, or redeveloped facilities offering retail, office, or industrial space at below-market rates are encouraged to apply. The grants represent a partnership opportunity between private commercial property owners or managers and the City of Boulder to provide more affordable options for local small businesses, including women-owned and minority-owned businesses, and other groups that were most affected by the COVID-19 pandemic.

Total funds: $850,000
Awards: $300,000 maximum
Details: An award amount of $300,000 is the maximum grant offered to an applicant. Awards above the maximum amount may be considered if a proposal exceptionally aligns with, and exceeds, the city’s established criteria. Applications for smaller amounts will also be reviewed.
Cycle: One-time

Information and Application

Decision and Award Schedule

The decision schedule for the Affordable Commercial Pilot Grant Program is as follows:

  • Application Release Date: Sept. 9, 2024
  • Application Deadline: Oct. 7, 2024
  • Panel Review and Scoring: Oct. 8 – Oct. 22, 2024
  • Decision Announcement: Oct. 25, 2024
  • Contracting: November 1 – Nov. 30, 2024
  • Awards/Distribution of Funds: The deadline to disburse American Rescue Plan Act (ARPA) funding is December 2026. All funds will be disbursed on a reimbursement basis.

Eligibility Requirements

To be eligible for the Affordable Commercial Pilot Grant Program, applicants must meet the following criteria:

  1. Project Scope: Eligible projects include both capital expenditures and initiatives designed to provide rent subsidies to tenants. Projects must be structured to ensure long-term affordability for tenants.
  2. Location: The project site must be within the city limits of Boulder as described in the Boulder Valley Comprehensive Plan.
  3. Applicant Status: Applicants must be property owners, commercial property managers, or business ventures with legal authority to execute a commercial lease. Eligible applicants must have a City of Boulder business license.
  4. Multiple Tenants: Projects that have multiple tenants such as open shared retail or office facilities, incubator spaces, micro-retail facilities, or similar models are eligible for the program. All spaces and tenants in the facility must meet the criteria below and be provided with the discount from the grant recipient described in this grant.
  5. Capital Projects: Any project that would enhance the space for the tenant, including, but not limited to: energy efficiency improvements, equipment purchases, overall tenant finishes, etc. For the purposes of this program, a “capital project” must:
    1. Have a discrete start and end date.
    2. Be location specific.
    3. Have a total project cost of $50,000 or more.
    4. Must result in a durable, long-lasting asset with a useful life of at least 15 years.
  6. Contracting: All grant recipients will be required to enter into a contract with the city in a form approved by the City Attorney’s Office that outlines the parameters for use of the grant funds.
  7. ARPA Funding: Anyone receiving more than $25,000 in ARPA funding also needs to be registered in Sam.Gov and have a UEI number. Registration is free.

Review Process

Initial Screening: Applications will be screened for eligibility based on the criteria outlined above.

Evaluation Panel: A panel of city staff will evaluate eligible applications.

Scoring: Applications will be scored based on the following criteria:

  • Local Small Business Focus (35 points)
    • Support for Local Small Businesses
      • How well does the project support local small businesses, including women-owned and minority-owned businesses?
      • Are there specific initiatives or programs aimed at benefiting these businesses?
      • Does the project include a plan to partner with local organizations or chambers of commerce to attract and support local small businesses?
    • Diversity and Inclusion
      • Does the project have a clear plan to include diverse businesses owners and operators?
      • Does the proposal seek to address systemic issues for women- and minority- owned businesses and the additional challenges they typically face in the business environment?
      • Are there targeted outreach efforts for women-owned, minority-owned, and other disadvantaged businesses?
    • Impact on Local Economy
      • What is the projected economic impact of the project on the local community?
      • How many jobs are expected to be created or retained as a result of the project?
  • Impact and Feasibility (35 points)
    • Affordability
      • What is the proposed rental rate compared to the market rate for comparable space?
      • How well does the project plan to maintain affordability over time?
    • Pandemic Response
      • How well does the project reflect the intent and requirements for ARPA funding? ARPA funding can be used for assistance to impacted small businesses.
        • Impacted Small Businesses are those that experienced any of the following due to the pandemic;
          • Decreased revenue or gross receipts
          • Financial insecurity
          • Increased costs
          • Capacity to weather financial hardship
          • Challenges covering payroll, rent or mortgage, and other operating costs

Find additional information related to the eligible use of ARPA funds.

  • Does the project specifically benefit industries that continue to recover from the pandemic including retail, hospitality, arts and culture, personnel services, food services, etc.?
    • Does the project address lingering impacts of the pandemic?
    • Implementation Plan
      • Is there a clear and realistic timeline for project completion?
      • Are the necessary financing and partnerships in place?
    • Community Benefits
      • What additional benefits does the project bring to the community? (i.e. public spaces, amenities, retailer diversity, etc.)
      • How does the project align with broader city goals and initiatives?
  • Durability and Longevity (30 points)
    • Long-Term Affordability
      • How well does the project ensure long-term affordability for small businesses?
      • Are there mechanisms in place to maintain below-market rental rates over time?
      • Does the project include strategies for preventing displacement of small businesses?
    • Program Impact Longevity
      • What measures will be taken to ensure sustained impact of the program?
      • Are there plans for continuous evaluation and improvement of the program’s effectiveness?
    • Sustainable Business Models
      • Does the project include business models or initiatives that support the financial sustainability of small businesses?
      • Are there programs for business development, mentorship, or support services to enhance business retention?

Final Decision: The highest-scoring applications will be recommended for funding. Final decisions will be made by the City of Boulder.

Required Reporting on Funded Projects

  1. Quarterly Progress Reports
    1. Timeframe for reporting. A quarterly progress report is due on the first of the month following the end of each respective quarter, with the last quarterly report replaced with the Final Report, as mentioned below.
    2. Method. Reports shall be emailed to Reegan Brown at BrownR@bouldercolorado.gov.
  2. Final Report
    1. Timeframe for reporting. The Final Report will be due one month from the completion date of the project.
    2. Method. Reports shall be emailed to Reegan Brown at BrownR@bouldercolorado.gov.
  3. Annual Affordability Compliance Reports
    1. Timeframe for reporting. An Annual Affordability Compliance Report will be due on January 31 each year detailing lease rates and tenant profiles for the prior year.
    2. Method. Reports shall be emailed to Reegan Brown at BrownR@bouldercolorado.gov.
    3. Non-compliance. Failure to submit annual reports detailing lease rates and tenant profiles to the City of Boulder, or failure to comply with long-term affordability commitments, may result in grant repayment or other penalties.

Application

Fill out the application form below or use the Formstack link to complete it in a separate window.

Affordable Commercial Grant Pilot Program Application