1. Direct Grant - up to $7,500 not to exceed 75% of the cost of the improvements proposed.

2. "Buy-Down" of the interest rate on a loan from either Bay Bank or First Bank in Gladstone for facade improvements, again not to exceed $7,500.  Specific details of the "Buy-Down" will be determined on a case by case basis.

The DDA would make available up to ten of these grants in any given year.

Improvements are encouraged to focus on a "Victorian" theme, much like the streetscape present in Mackinaw City, Michigan.  This is in keeping with the "Gaslight" theme used in the previous streetscape improvements on Delta Avenue.  To determine compliance with this requirement an "ad hoc" committee of three DDA Board Members will volunteer to review each proposed project and make a recommendation to the full Board.

Facade improvements include both the storefront and signage associated with the business.

All improvements will be completed by a licensed contractor.

Businesses accepting a grant agree to remain in business, in Gladstone, for a minimum of five (5) years from the date of completion of the project.  During this five-year period, the business may be sold, but must remain open under the new management.  The nature of the business may also change during the same period.  In the event that the business elects to close prior to the expiration of the five-year period, a pro-rata share of the grant money will be paid back to the DDA.  (80% after one(1) year, 60% after two (2) years, etc.)

Payment of the grant money will be made on a reimbursement basis (i.e. after the project is completed).

Approved projects must be completed within six (6) months of the award of the grant.