Montgomery Development Fund

PROGRAM SUMMARY

The Montgomery Development Fund (MDF) was established to provide financial support to new or expanding business in the Village; and:

To encourage economic development by supporting projects that create or retain jobs.
To support projects and investments that diversify the tax base.
The MDF capital supports three programs:

MONTGOMERY COMMERCIAL IMPROVEMENT PROGRAM
To encourage investment and the rehabilitation of Montgomery’s commercial corridors, the Village will provide financial assistance to property or business owners for the interior and exterior rehabilitation of first floor commercial space in property tax generating structures. All rehabilitation work must be respectful of the historic character of the building, with every reasonable effort made to preserve the distinguishing original stylistic features of said building.

Eligible Activities
1. Rehabbing interior space for a new commercial tenant.
2. Storefront rehabilitation that removes non-original facade covering.
3. Repair or restoration of architectural detailing.
4. New awnings, signs and exterior lighting.
5. Door and window replacement.
6. Landscaping.
7. Painting.

Projects will be reimbursed on a dollar for match up to $20,000.

DOWNTOWN HOSPITALITY FORGIVEABLE LOAN PROGRAM
The objective of the Downtown Hospitality Forgivable Loan Program is to encourage restaurants and other hospitality businesses to locate in the Downtown Mill District. The Village is focused on bringing a vibrancy to the Mill District, by providing a mix of uses for residents, visitors, and destination consumers. This program will create new employment opportunities, enhance existing Downtown businesses, and maintain as well as expand the tax base. The Downtown Hospitality Forgivable Loan Program will award up to $200,000 to restaurants or other hospitality uses opening a location in the Mill District.

MONTGOMERY LOW INTEREST LOAN PROGRAM
Eligibility Requirements:
- Borrowers: Existing Montgomery businesses that need to expand their operations and new businesses to the Village.
- Projects: Eligible projects can include retail, commercial, industrial, manufacturing or distribution centers. The number of jobs created or retained will be considered in relation to the amount of funds requested.

Examples of eligible uses of funds include land acquisition, building of fixed assets, site preparation, rehabilitation of the business’ buildings, demolition and removal of site improvements, purchase and installation of equipment, expansion of sewer or water lines in support of job creation or retention, and working capital.

_________________________________________________