Summary

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The Meriden BIG (Business Investment & Growth) Program is funded by the Meriden City Council of up to $5,000,000 of American Rescue Plan Acts (ARPA) monies to promote business development and jumpstart business corridors in the City of Meriden. The Program will be managed by the City of Meriden’s Department of Economic and Community Development in coordination with the Meriden Economic Development Corporation (MEDCO) and the Midstate Chamber of Commerce. This program aims to enhance revitalization and restoration of our vibrant business community, while increasing foot traffic, income balance, and opportunity.

Eligible Activities:

Three (3) sets of eligible program activities are proposed as part of this initiative with initial budget breakdowns as follows:

1. Code Correction Assistance:
   1. For the cost of transforming vacant spaces to code compliant commercial uses (including correcting fire, safety, electrical, structural, and other code violations)
   2. For the cost of a feasibility study to estimate the return on investment of an intended building.
   3. The maximum dollar amount of each City code correction assistance grant will be limited to $300,000 per project.
2. Vanilla Box Assistance:
   1. For the cost of creating marketable base space for lease or sale for business use after completion of any code compliance correction to the structure. These grants will be utilized only to make existing vacant business and commercial spaces reasonably tenantable, including improvements like putting up drywall to unfinished spaces.
   2. The maximum dollar amount of each City code correction assistance grant will be limited to $300,000 per project.
3. Economic Development Funding:
   1. For small start-up businesses that meet certain criteria and agree to operate in Meriden.
   2. Grants will be limited to a maximum of $50,000 per recipient.

• Addendum #1 - Description of Allowed Expenses
• Addendum #2 - Matching Requirements

Matching Requirement and Reimbursement Requirements:

Within the Meriden Transportation Oriented District, the Applicant’s matching requirement will be 25% of the total cost and the grant dollars would be 75%. For city properties outside this district, the match would be 50/50. Program funding will be on a reimbursement basis after completion and inspection of the work, will only be allowed for new business expenses and will not be allowed for reimbursement of expenses paid by Applicants prior to final approval of the detailed grant application. All expenditures of Program funds must comply with City of Meriden purchasing requirements.

Multiple Projects Permitted:

Applicants may submit separate applications for more than one business location in Meriden. Separate projects at different addresses by a single applicant will be permitted.

Detailed Application After Approved Preapplication:

Approved Applicants will be referred to an Applicant Concierge to assist them in preparing a detailed funding application. Detailed complete final applications must generally be submitted within 90-days after notification to the Applicants of approval of the preapplication. All detailed applications must be completed, and all Program funds fully approved and allocated, on or before December 31, 2024.

FOR FURTHER INFORMATION AND DETAILED ELIGIBILITY REQUIREMENTS AND CONDITIONS SEE THE DETAILED PROGRAM DESCRIPTION AT www.MEDCO.biz or www.MeridenBiz.com