City of Boulder Launches Affordable Commercial Grant Pilot Program

The City of Boulder is working to help address the rising cost of commercial space for small businesses with an Affordable Commercial Grant Pilot Program. This program provides grant funding to 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 spaces at below-market rates. The pilot program strives to provide more affordable options for local small businesses, including women-owned and minority-owned businesses, that were most impacted by the COVID-19 pandemic.

Applications will be open to property owners or property managers with a project site within the city limits of Boulder. Additional grant dollars are available for properties located within the Central Area General Improvement District(CAGID). Applications will be scored based on several criteria including the project's anticipated support for small businesses, diversity and inclusion and estimated impact on the local economy with a primary focus on how the project will improve affordability for local businesses. Applicants awarded grants will be able to invest the funds into capital projects that enhance their space for future tenants and initiatives designed to provide rent subsidies to tenants. The city will reimburse for a portion of the up-front investment with the requirement that the new or redeveloped spaces be leased at below-market rates.

"Following the COVID-19 pandemic, many office spaces in our downtown and urban centers remain under-utilized. The city is focused on partnering with our business community to find creative ways to reimagine vacant spaces into more affordable commercial opportunities for local businesses," said Nuria Rivera-Vandermyde, City Manager. "Not only does the Affordable Commercial Pilot Program open doors for small businesses to thrive, but it also gives property owners a chance to fill their spaces with new, innovative ideas."

Applications for the Affordable Commercial Pilot Program are open from Monday, Sept. 9 through 11:59 p.m. on Monday, Oct. 7. Visit the program webpageto learn more and apply. The program is partially funded by American Rescue Plan Act (ARPA) funding.