If you give more away, more people will want it — at least, that’s how it has worked for the downtown facade grant program since the maximum grant amount increased from $5,000 to $25,000 last year. On Thursday, the Taylor City Council approved adding an additional $75,000 to the program from the Tax Increment Financing No. 1 fund balance.
“This is a real success story that is before you tonight,” Assistant City Manager Tom Yantis told Council at their Feb. 8 meeting. “We’ve run out of money in the grant program for the first time since I’ve been here in terms of the economic incentive grants we give for downtown revitalization.”
Council also approved using $164,000 of the TIF No. 1 funds to update the downtown master plan, which was approved in 2016, and adding another $25,000 to the fire suppression grant fund. That will bring the TIF No. 1 remaining balance from $277,215 to $13,215.
TIF No. 1 is funded by a portion of the annual increases in property tax values collected from within the Tax Increment Reinvestment Zone. The TIRZ allocates money to the TIF and the TIF fund transfers money to the Main Street fund to support the grants, according to a city spokesperson.
For fiscal year 2024, the total amount available in facade grants increased from $30,000 to $75,000 to cover the potential for larger projects. So far this year, the program has approved over $74,000 in allocations for five projects, according to the city:
• Sweet & Southern Finds, 519 N. Main St, $3,170 for repair of rotted wood and outdoor light fixtures.
• Drip n Rip Vapes, 206 N. Main, $3,500 to replace their awning.
• The Nail Shack and adjacent building, 415 and 417 N. Main, $17,850 for canopies and transom window replacement.
• Preslar-Hewitt Building, 321-323 N. Main, received a $25,000 grant toward repairing and replacing mortar, fixing the roof and repairing and repainting 35 windows.
• McCrory Timmerman building, 201 N. Main, has been approved for $25,000 to replace fixed glass windows in three bays of the Second Street Station restaurant with accordion glass that can open to allow access to the sidewalk from the interior. That grant has been allocated, but not yet awarded.
The grant pays up to 50% of a project’s eligible costs. City documents state these five projects represent $172,197.16 in facade improvements by the private sector.
“We do have a healthy fund balance in the TIF fund because of the fact that property values have increased dramatically over the last couple of years in downtown and therefore that increases the amount of tax increment that is collected and so we have built up some balance,” Yantis said.
Council member Dwayne Ariola questioned the process for making the grants, in light of the observation that the majority of the funds went to larger investment properties.
Yantis explained that city staff reviews the applications to determine eligibility and then passes them on to the Main Street advisory board for final approval and award.
“Everybody can apply, and so it’s just one of those first-come, first-served sort of things,” he said. “I think that’s why the board is recommending the increase in the budget so we can continue to award those grants for additional businesses and property owners downtown.”
“ Everybody can apply, and so it’s just one of those first-come, first-served sort of things. I think that’s why the board is recommending the increase in the budget so we can continue to award those grants for additional businesses and property owners downtown.
-Taylor Assistant City Manager Tom Yantis
