Acquisition Assistance

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Bellevue Downtown Acquisition Program

Overview
This is a grant program sponsored by the City of Bellevue to assist business owners in acquiring commercial space in the community’s downtown urban renewal district. Applicants must also show substantial improvements to the property or also apply for another incentive program to further enhance each building. The applicant can be reimbursed for 50% of eligible costs up to $5,000. 
 
Program Requirements
  • Business must provide evidence of recent acquisition of property
  • Business must present copies of related contracts and paid invoices for reimbursement of approved expenditures 
  • Maximum project reimbursement of $5,000 
  • Plans for future use of property and anticipated projects to enhance property 
  • List of project plans or future incentive programs that owner will be applying for along with a timeframe for such projects 
  • Proof of future improvements will be required for grant reimbursement 
 
Eligible Reimbursement Costs 
  • Realtor fees 
  • Abstracting costs 
  • Attorney fees 
  • Closing costs 
  • Appraisal costs 
  • Survey costs 
  • Inspection costs 
 
Ineligible Improvements
  • Points assigned to a loan
  • Purchase price
  • Wholly residential properties
  • No in-kind services
  • Down payment 
 
Application and Review Process
  • The applicant submits the application to the City Administrator who prepares a summary report of the application and refers it to the Design Committee, which reviews the applicant’s request.
  • The Design Committee will make a recommendation for or against the proposed project.
  • The recommendation of the Design Committee will be reviewed by the City Council before a final decision is made on the application.
  • Copies of all paid reimbursable costs must be submitted to the City Clerk.
  • If all of the requirements listed above are satisfied, the City Clerk will prepare a payment voucher and a check in the amount of the grant. 

Information Required with Application
  • Narrative description of type of business and proposed business plan
  • Executed contract indicating evidence of recent acquisition of property 
The program procedures described above may be revised by the City at any time without prior notice. The City
retains the exclusive right to change, add to, eliminate, or modify the program requirements at any time at its
discretion, with or without notice. Awards are subject to available funding.

You can find the application here or stop in to City Hall and pick up a hard copy.