BUSINESS RECRUITMENT & RETENTION INCENTIVE PROGRAM
The purpose of the Business Recruitment and Retention Incentive Program (BRRIP) is to create vibrancy in downtown Kalamazoo by supporting the businesses that choose to locate here. The incentive is available to property owners and prospective property owners to assist new, relocating and expanding businesses within the TIF District (see attached map) for:
- Permanent Tenant Improvements
- Broker Commission
The grant amount shall be based on the length of occupancy and the amount of space occupied by the business. Grant amounts shall be calculated as follows:
New Businesses
$.60 per square foot of space occupied, per lease year (initial term only) will be offered to businesses new to the TIF District (see attached map).
Expanding Businesses
$.40 per square foot of new space (over and above what is currently occupied), per lease year (initial term only) will be offered to expanding businesses already existing in the TIF District (see attached map).
Relocating Businesses
$.20 per square foot of space occupied, per lease year (initial term only) will be offered to businesses already existing in the TIF district which are relocating within the TIF district.
For businesses purchasing property, a lease term of 5 years shall be used for purposes of calculating eligible grant funds.