Incentives offered for businesses locating in Downtown
For Immediate Release:
Media Contact: Michael Redpath
Tel:(732) 341-8738
June 17, 2008
TOMS RIVER, NJ, June 17 – Downtown Toms River (the Toms River Business Improvement District) is offering assistance to new businesses seeking to locate in the core of the District.
According to Frank P. Capone, Chairman of the Board of Downtown Toms River, “Communities seeking to attract new businesses recognize the need to provide incentive programs as part of their recruiting effort. It has become a very competitive process” Accordingly, the new Downtown Toms River New Business Fit Out Grant Program offers a grant for fit out cost to specific types of businesses. A grant of $5,000 is offered for a jeweler, bakery, clothing store, stationary store, art gallery, barber, entertainment venue, gourmet grocer, or restaurant serving dinner that is new to Downtown Toms River and locating in the Village Business Zone. A maximum total of $25,000 in fit out grants will be awarded this year.
“The goal of this program is to leverage private improvements while making revitalization efforts affordable, creative and community-based,” explained Michael Redpath, Executive Director of the organization. The fit out grant is in addition to the availability of a 33 percent matching façade improvement grant of up to $2,500 and marketing assistance to new businesses. Fit out grants are for work within the business such as fixtures, interior lighting, interior remodeling, and so forth.
While the incentives from Downtown Toms River will be an assist to businesses new to Downtown, it does require a serious commitment. Businesses applying for the grant must submit a business plan and they are obligated to operate in their new location for three years. “We are not specifically looking for new businesses, but rather businesses new to Downtown that have done some sound planning,” related Redpath. “Typically, we would be looking at existing businesses looking to relocate or to open a second or third location.” The grant program also targets specific business types for which there is a particular demand in Downtown Toms River.
According to Capone, “Now is an outstanding time to be locating in Downtown Toms River. We have the grant programs operating, at least one of our landlords is offering an incentive to lease now, and we are working on executing the master plan and pedestrian enhancement plans for Downtown.” He feels that within the next few months, particularly once the economy stabilizes, the availability of space in Downtown will become limited.
The Downtown Toms River New Business Fit Out Grant Program is administered by Downtown Toms River’s Economic Restructuring Committee and Executive Committee. The Toms River Business Development Corporation (TRBDC) is the non-profit management corporation for Downtown Toms River (the Toms River Business Improvement District). There is no deadline for the grants. Grants applications are received and considered on an ongoing basis until the $25,000 pool is exhausted for the year.
Applications will be reviewed and selected based on their compatibility with the vision and goals of Downtown Toms and their impact on moving towards that vision. Application packages may be obtained by visiting www.downtowntomsriver.com or contacting the Downtown Toms River office at 218 Main Street, Toms River, 732-341-8737, or info@downtowntomsriver.com. .
