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DOWNTOWN SMITHFIELD INCENTIVE PROGRAMS

CLICK ON PROGRAM'S TITLE FOR COMPLETE INFORMATION Downtown Smithfield R2 RUSH The goal of the Downtown Smithfield R2 RUSH program is to attract new investment to Downtown in the form of retail and restaurant businesses in order to build a critical mass of these uses through the occupancy of available retail/restaurant space. The incentives offered through this program will support retail and restaurant recruitment into Downtown by assisting quality businesses with up-fit or occupancy costs, thereby making Downtown a more attractive option for business development.   DSDC “SHARP” Grant The purpose of the Smithfield Historic Area Revitalization Plan (SHARP) grant is to encourage the rehabilitation of older buildings and/or promote infill growth with new commercial development in the Downtown Smithfield Municipal Service/Historic District. The SHARP Grant offers a grant for five years after construction is completed on a project. Recipients of the grant receive the difference between the pre-construction appraised tax value and the post-construction appraised tax value of a parcel of land or building.   Downtown Residential Incentive Fund (DRIF) The purpose of the program is to provide a catalyst for new and accelerated residential development in the Downtown area by providing a loan guarantee that would become a grant if used to cover the construction interest (only) for new Downtown dwelling units, after completion (after Certificate of Occupancy) until the time of sale or lease, up to one-year.   DSDC Joint Effort Marketing (JEM) Grant An incentive to organizations or other collaboratives to use Downtown Smithfield as a venue for organizing and hosting events and activities specifically targeted to attract visitors from a different geographic area or a new demographic audience to Smithfield. The DSDC provides a matching (reimbursement) grant up to 25% of the total cost of approved projects up to $500 but no less than $50 for advertising and marketing, new events, existing events, and promotions. The grant encourages development of activities and events that promote Downtown Smithfield as a destination and support the vision for Downtown Smithfield established by its citizens.