Incentives

Are you thinking about starting or expanding your business? Are you considering downtown Rocky Mount as a potential location?

We’d love to talk to you about your ideas to see how we can help. Whether you’re looking for available office or retail space, financial resources, assistance with your business plan; or have questions regarding permits, zoning or codes, we have the information available to help you succeed in downtown!

Residential Production Grant Program

The Residential Production Grant Program is intended to fund development of residential housing within downtown. The incentive amount is $7,500 per residential unit created, up to a maximum of $150,000.

  • Eligible projects may include new construction, building rehabilitation or adaptive reuse.
  • Project must result in the creation of residential units not previously available for occupancy.
  • Renovations must be substantial to the extent that the completed units are of a finished quality and ready for occupancy.
  • All new or renovated units must be consistent with the overall quality standards.
  • Eligible projects may include residential as part of mixed-use development or commercial property converted for residential as single use.

Downloads

Downtown Building Assistance Program

The Downtown Building Assistance Program is a 50% matching grant up to $40,000. This incentive is intended to fund interior and exterior downtown building improvements.

  • Can fund building improvements, fixtures, affixed furniture and equipment and signage.
  • Must conform to Historic Preservation Design Guidelines if within historic preservation district.
  • One grant per property within 5 years.
  • Property must qualify for certificate of occupancy at completion of project.
  • Property must be within the Downtown Transitional Area bounded by Grand Avenue, Grace Street, Raleigh Boulevard, Atlantic Avenue and Lexington Street.
  • Any commercial or mixed-use property is eligible.

Downloads

Accelerated Façade Improvement Grant

This is a $5,000 non-matching grant designed for expediated access to stimulate downtown recovery and revitalization activity.

  • Eligible properties must be within the Downtown Core bounded by Franklin Street, Goldleaf Street, Atlantic Avenue and Raleigh Boulevard.
  • Allowable uses include (but are not limited to): Brick or wall surface cleaning, patching and painting of façade walls, signage or lighting, canopy, awning installation/repair, window and/or door replacement/repair, mortar joint repair, railings and ironwork repair or addition, cornice repair and/or replacement, replacement/repair to exterior steps.
  • One-page application with required documentation.
  • Must meet any historic preservation requirements.
  • Reimbursement with proof of payment and final inspection.

Downloads

Development Incentive Grant

The Development Incentive Grant is a rebate of increased property taxes, reimbursed annually over five years (100% year 1, 80% year 2, 60% year 3, 40% year 4, 20% year 5) for city, county, and MSD (Municipal Services District) taxes.

  • Must be substantial rehabilitation, defined as: $40 per sq ft with at least one habitable floor and investment equaling triple pre-improvement tax value.
  • No dollar maximum.
  • Rebate is determined by property tax value after improvements minus original pre-improved tax value.
  • Property must be located within the boundaries of the Downtown Overlay District bounded by Goldleaf Street, Church Street, Hammond Street and Atlantic Avenue.
  • Any residential, commercial, or mixed-use property is eligible.
  • Construction must be completed, and certificate of occupancy received within 24 months.

Downloads

Roof Repair & Replacement Grant

Funds replacement or repair of roofing systems. The grant will reimburse 50% of roof-repair costs up to a maximum of $20,000.

  • Covers entire roofing system, including gutter and drainage systems.
  • Repair must be permitted and pass final inspection.
  • Eligible properties must be within the Downtown Core bounded by Franklin Street, Goldleaf Street, Atlantic Avenue and Raleigh Boulevard.
  • Any commercial or mixed-use property is eligible.
  • One grant per property within 5 years.

Downloads

Historic Tax Credits

Historic Tax Credits are an excellent way to alleviate the burden of renovation costs to historic buildings, and downtown is a prime place to put these resources to work for you!