Rent Subsidy Application
BELLMEAD BUSINESS RENT SUBSIDY GRANT POLICY AND GUIDELINES
The Bellmead Economic Development Corporation (BEDC) introduces the Bellmead Business Rent Subsidy Grant Program as a way to stimulate commercial investment in Bellmead. The program utilizes rent subsidy to encourage the filling of previously unoccupied buildings with new businesses. This program is sponsored, funded, and monitored by the Bellmead Economic Development Corporation Board of Directors who may amend, adjust, or eliminate this program at any time.
The Business Rent Subsidy Grant Program is intended to enhance the economic development of the City of Bellmead by offering matching grant funds for rent subsidy to help new businesses survive and thrive during their initial months in a previously unoccupied building in Bellmead. Thereby helping both the creation of new businesses and filling empty buildings at the same time.
Scope of Program
This program is limited to businesses in the City of Bellmead. The Bellmead Economic Development Corporation has budgeted under $25,000 in 2014 for the Business Rent Subsidy Grant Program. The grant award decisions of the Bellmead Economic Development Corporation Board of Directors are final.
Limited to no greater than 50% of each month’s rent not to exceed a cumulative total of $5,000 for one year and the applicant must match the Grant amount approved by the BEDC.
Any new businesses opening or moving to the City of Bellmead will be eligible for this program. The new business must open and occupy a previously vacant business property for the duration of this grant to remain eligible.
(A) – Proof of applicant’s ownership of the subject new business, or proof that the owner of such property has approved the application for such grant funds, shall be required.
(B) – The owner of a new business to be operated within a leased facility and the owner or manager of such leased facility must apply jointly for the program. Copies of a lease agreement shall be required.
(C) – The applicant shall provide verification of City Zoning.
(D) – A new business may apply for one grant set forth herein. A business that receives grant funding during a calendar year shall be prohibited from making subsequent applications for funding in following years.
(E) – The maximum amount of funding available to any one applicant or business establishment shall be $5,000 for a calendar year.
(F) – All grants are in accordance with policies and guidelines as approved by the Bellmead Economic Development Corporation (the “BEDC”). All grant awards will be made to the owner or manager of the leased facility.
(G) – Grants are a cash match for funds disbursed by the applicant and are not to exceed the limits set forth in the Amount of Grant Section above. In-kind contributions may not be used as any part of the applicant’s match. Only cash matches of the applicant’s expenditures may be used.
(H) – The applicant shall be responsible for all applicable permits related to the new business, and failure to obtain the required permits shall render the applicant ineligible to receive grant funding.
(I) – The applicant must agree to remain in business and to not sell or assign such business to another person or entity for a period of twelve (12) months from the date of the funding of the grant.
(J) – Approval of all applications shall be with the understanding and agreement that, in the event the business (applicant) fails to remain open, or the business or property is sold or transferred, within twelve (12) months after the funding of the grant, the applicant shall be considered in default of its obligations under the grant, and shall be required to reimburse the BEDC the grant money received, in accordance with the requirements.
(K) – The applicant, or a branch, division or department of the applicant, shall comply with Chapter 2264, Texas Government Code as added by Act 2007, 80th Leg. R.S., Ch. 853, Sec. 1, eff. September 1, 2007. In the event the applicant, or a branch, division, or department of the applicant, is convicted of a violation under 8 U.S.C. Section 1324a(f), the applicant shall repay the amounts previously paid to or otherwise granted to applicant by the BEDC pursuant to this grant program, and also in accordance with the other terms provided herein.
(L) – The applicant must agree that, in the event of default of its obligations, the BEDC has the right to reimbursement for all attorney’s fees and costs, which may be incurred as a result of any legal action required to seek reimbursement of all grant funding received by applicant.
Application and Approval
(A) – Applications filed with the Bellmead EDC will be reviewed within two weeks of receipt. A response shall be made within four weeks of receipt. Generally a response should be received within one week.
(B) – Applications must be made on a form provided by the BEDC, which shall be made available at the Bellmead City Offices located at 3015 Bellmead Dr, Bellmead, Texas.
(C) – All applications must be approved by the Board of Directors of the BEDC or subcommittee thereof.
(D) – An applicant shall be notified in writing of the BEDC’s decision to approve or disapprove the application.
(E) – The BEDC may award grant funds to an applicant, with certain provisions, conditions, or other requirements the BEDC deems necessary or appropriate.
Funding of Grant
(A) – Payment will be made to the owner of the leased facility by the 10th of each month for a duration lasting until the maximum payment ceiling of $5,000 has been distributed or a duration of one year has expired.
(B) – Available funding: The BEDC has budgeted under $25,000 to fund this grant program. Grant applications received after the available funding has been exhausted may be considered the following calendar year should the BEDC decide to continue this project. The BEDC retains sole discretion to accept or reject applications received after the available funding has been exhausted.
(C) – If the subject business is closed, sold, transferred, or relocated within a six (6) month period after funding approval is received, the applicant shall be required to reimburse the BEDC for 100% of the grant amount received. Thereafter, until the twelve (12) month anniversary date of such approval, the applicant shall be required to reimburse the BEDC for 50% of the grant amount received if the subject business is closed, sold, transferred or relocated.
(D) – Payments due by the applicant/owner must be paid in full within thirty (30) days after the date of written notification by the BEDC that the applicant/owner is in default of any of the funding requirements set forth herein. The form of such payment shall be a cashier’s check or money order, made payable to Bellmead Economic Development Corporation.
(A)-THE BELLMEAD ECONOMIC DEVELOPMENT CORPORATION SHALL DELIVER A COPY OF THESE GUIDELINES TO ANY APPLICANT FOR HIS/HER REVIEW AND THE DELIVERY HEREOF DOES NOT CONSTITUTE AN OFFER OF A BUSINESS RENT SUBSIDY GRANT TO THE APPLICANT.
(B)- THE LAWS OF THE STATE OF TEXAS SHALL GOVERN THE INTERPRETATION, VALIDITY, PERFORMANCE, AND ENFORCEMENT OF THIS BUSINESS RENT SUBSIDY GRANT PROGRAM, AND VENUE FOR ANY LAWSUIT OR OTHER PROCEEDING INVOLVING THIS PROGRAM SHALL BE IN MCLENNAN COUNTY, TEXAS. IF ANY PROVISION OF THIS BUSINESS RENT SUBSIDY GRANT PROGRAM IS HELD TO BE INVALID OR UNENFORCEABLE, THE VALIDITY AND ENFORCEABILITY OF THE REMAINING PROVISIONS SHALL NOT BE AFFECTED THEREBY.