The Predevelopment Assistance Program supports community developers and certified women and minority owned businesses by providing loans during the predevelopment process for vital flexible capital to enable project feasibility. The loan amounts will be determined on a case-by-case basis according to developer need and project scope but shall not exceed $25,000.
Eligible applicants must have demonstrated experience with the type of project for which they seek funding and must document control of the project site through a deed, lease, or option to buy or lease.
Predevelopment Assistance loans are interest-free and mature at the earlier of the closing date of construction financing for the project, or 12 months from the date of payment by the City. Predevelopment loan applicants may apply for expenses to be used for the following categories:
- Market studies and financial feasibility analysis
- Site assessment
- Design work
- Similar third-party predevelopment expenses approved by staff
$100,000 will be dedicated to the predevelopment assistance program annually. Unused funds will carry over to the following year. Developers who receive predevelopment assistance from OED, repay the loan, and are successful in advancing their planned development project will be eligible to apply for other economic development incentives to support the development of the project. Receipt of predevelopment funding does not guarantee additional Economic Development incentives.
For additional information, please read more about the Predevelopment Assistance incentive program.
To apply for the Predevelopment Assistance program, please use this link.
If you are unsure and need help determining the best incentive program for your project, please complete our quick and easy: Incentives Inquiry Tool.