COMMUNITY IMPROVEMENT DISTRICT

Downtown CID

CID-Logo-3c-FC.png
We are pleased to announce that under a services agreement with the Downtown CID (Community Improvement District), the Moberly Area Economic Development Corporation (“MAEDC”) has developed a downtown Economic Development Incentive initiative as part of the District’s overall Downtown Revitalization Program. The Economic Development Incentives will facilitate and encourage increased investment, job creation, increased foot traffic, additional sales tax collections, new personal property investments, additional sales at downtown merchants and downtown entrepreneurship as part of the revitalization of Moberly’s Downtown District.  
The Economic Development Incentives Consist of Four Programs:
Rent Buy Down Program (Leasing Assistance Program): Subsidizing private rental rates in downtown buildings to encourage new or expanded leasing.
 
  • Purpose: In lieu of creating a publically held incubator space in the Downtown CID that would compete with private developers, this program will provide funding, at the CID board’s discretion, to subsidize rental rates in buildings located within the boundaries of the Downtown CID for certain approved projects.
     
  • Administrative Procedures: Downtown CID has created an application to be completed by business owners requesting financial assistance from the CID. Applications will be reviewed by the staff of MAEDC on a regular basis. MAEDC staff will then make recommendations to the CID board as to potential awards based on the criteria outlined below. Funds will be issued on a reimbursement basis. Checks will be made payable to both the property owner as well as the business owner and delivered to the business owner.
     
  • Project Award Criteria: Eligible projects may receive an amount up to 50% of the monthly lease rate for 12 months and up to a total maximum aggregate amount to be determined on a case by case basis. Tenant must at minimum sign a 6-month lease. Applicant (tenant) must turn in signed lease with application. Rental reimbursements begin on month 2 of the lease. A point system will be used to score applicants based on the following criteria: financial stability of the business, completeness and potential success of the business plan and financial projections, ability to increase taxable sales within the CID, ability to increase retail activity within the CID, ability to increase foot traffic within the CID, ability to retain and create quality jobs. Start-ups will be eligible but growth opportunities for existing businesses interested in starting an additional business will be given priority.
     
  • Project Monitoring: An MAEDC staff member will do a physical examination of the business and interview the manager on site or owner if available. The staff member will complete a certification of employment and operation. MAEDC will forward the written certifications from the Tenant and Landlord, as well as MAEDC’s completed certification to the Chairman of the CID board. The Chairman of the CID will review the certifications and authorize the issuance of payment.
     
Application materials can be found here.
 
 
Sales Tax Rebate Program: Encouraging new private investment by making incremental increases in CID sales tax available to developers.
 
  • Purpose: The Downtown CID acknowledges that the redevelopment and re-use of certain properties located within the District will require substantial investment by the developer at a cost of which may effect the economic feasibility of redevelopment and re-use of the property. The Downtown CID recognizes that the redevelopment of certain properties would rehabilitate and improve significant structures within the corporate limits of the District and would additionally be expected to provide increased sales tax revenues and is therefore willing to assist the developer by making available to the developer incremental increases in CID Sales Tax at the property as reimbursements of the costs of redevelopment.
     
  • Administrative Procedures: The Downtown CID has created an application to be completed by developers requesting financial assistance from the CID. The applications will be reviewed by the staff of MAEDC on a regular basis. MAEDC staff will then make recommendations to the CID board as to potential awards based on the criteria outlined below.
     
  • Project Award Criteria: Eligible projects may receive an amount equal to the annual revenue as verified by the District actually received in such year which was generated by the levy of the CID Sales Tax on and at the property for such year up to a total maximum aggregate amount to be decided on a case by case basis. A point system will be used to score applicants based on the following criteria: financial stability of the business, completeness and potential success of the business plan and financial projections, ability to increase taxable sales within the CID, ability to increase retail activity within the CID, ability to increase foot traffic within the CID, ability to retain and create quality jobs. Start-ups will be eligible but growth opportunities for existing businesses will be given priority.
     
  • Project Monitoring: An MAEDC staff member will do a physical examination of the business and interview the manager on site or owner if available. Quarterly, MAEDC staff will confirm with the City of Moberly the participating businesses are reporting their taxable sales and are collecting and remitting appropriate sales tax. Monitoring will be completed each quarter and reported to the CID board at their next regularly scheduled meeting. The CID will authorize reimbursement.
     
Application materials can be found here.
Property Tax Rebate Program (larger projects with significant job creation and or sales tax dollars only): Incenting private investment in Downtown properties by rebating CID property taxes to defray redevelopment costs. 
 
  • Purpose: The Downtown CID  acknowledges that the redevelopment and re-use of certain properties located within the District will require substantial investment by the developer at a cost of which may effect the economic feasibility of redevelopment and re-use of the property. The Downtown CID recognizes that the redevelopment of certain properties would rehabilitate and improve significant structures within the corporate limits of the District and would additionally be expected to provide increased jobs, property tax revenues and sales tax revenues and is therefore willing to assist the developer by making available to the developer a rebate of a portion of the CID Property Tax at the property as reimbursements of the costs of redevelopment.
     
  • Administrative Procedures: The Downtown CID has created an application to be completed by developers requesting financial assistance from the CID. The applications will be reviewed by the staff of MAEDC on a regular basis. MAEDC staff will then make recommendations to the CID board as to potential awards based on the criteria outlined below.
     
  • Project Award Criteria: Eligible projects may receive an amount equal to the annual revenue as verified by the District actually received in such year which was generated by the levy of the CID Property Tax on and at the property for such year up to a total maximum aggregate amount to bedecided on a case by case basis. A point system will be used to score applicants based on the following criteria: financial stability of the business, completeness and potential success of the business plan and financial projections, ability to increase taxable sales within the CID, ability to increase retail activity within the CID, ability to increase foot traffic within the CID, ability to retain and create quality jobs. Start-ups will be eligible but growth opportunities for existing businesses will be given priority.
     
  • Project Monitoring: An MAEDC staff member will do a physical examination of the business and interview the manager on site or owner if available and discuss plans for the coming year. By Feb. 15th, MAEDC staff will confirm with the Downtown CID that each participant has paid their CID property tax. MAEDC staff will inform the CID board of compliance and recommend approval for reimbursement. The CID board will authorize reimbursement.
     
Application materials can be found here.
Pitch Pool Program (growing business fund): Gap financing for small businesses to promote entrepreneurship in Downtown Moberly
  • Purpose: The purpose of the Pitch Pool Fund is to promote new business investment and job creation within the boundaries of the CID. Both start-ups and existing businesses are eligible for funding. The revolving loan fund will make loans to businesses who meet the following requirements.
     
  • Eligibility Requirements: A for profit company located within the boundaries of the Downtown Moberly CID. Demonstrate growth potential, job creation/retention and investment in the CID. No refinancing of existing debt. Borrowers must be US citizens or the corporation must be held by at least 51% US citizens. Requires participation in Grow Mid-Missouri programming and a completed and approved business plan to include financial projections.
     
  • Administrative Procedures: requesting financial assistance from the CID. The applications will be reviewed by the staff of MAEDC on a regular basis. MAEDC staff will then make recommendations to the CID board as to potential awards based on the criteria outlined below.
     
  • Project Award Criteria: Business located within the boundaries of the Downtown CID. Existing businesses with a positive history. Startups will be eligible but growth opportunities for existing businesses will be given priority. Demonstrate growth potential, job creation, increased taxable sales, increased foot traffic in CID, increases retail activity in CID
     
  • Lending Requirements:Credit worthiness of the borrower. Loans that will retain and create jobs, with priority given to jobs with quality salary and benefits. Borrowers must show their knowledge of business management and business experience by completing the Grow Mid-Missouri programming with an approved business plan to include financial projections.
     
  • Use of Funds: Funds may be used for tangible assets including but not limited to equipment, inventory or other items at the discretion of the CID board.
     
  • Borrowing Limits: Eligible applicants can borrow up to 15% of the total project investment. Lending limits will be determined on a case by case basis.
     
  • Interest Rate: The interest rate will be determined by the participating bank. The Pitch Pool funds will be used to guarantee loans or “buy down” interest rates.
     
  • Loan Terms: Loans will be paid with monthly installments as per the amortization schedule provided at loan closing. Loans will have a 3 to 5 year payback term as dictated by MAEDC. Direct debit payments will be required.
     
  • Fees: Application fee is $100. Late payment and other fees will be outlined in a definitive Agreement satisfactory to all parties.
     
  • Conditions/Covenants: Additional lending conditions and covenants will be outlined in a definitive Agreement satisfactory to all parties.
     
  • Project Monitoring: Loan recipients are expected to continue utilizing applicable GMM training resources after their loan is finalized. An MAEDC staff member will inspect each loan recipient bimonthly during their normal business hours. Should it appear the business is not working their posted business hours, or another problem has surfaced the staff member shall notify the Chairman of the CID board in writing via email or USPS. The Chairman of the CID board, or his designee,
    shall visit and inspect the
     business. Monthly an MAEDC staff member will confirm via email, telephone call or in person visit with the CID board that Pitch Pool payments were made from each recipient. In the event of any default or late payment the CID board shall have final authority to foreclose on the loan.
     
 
Application materials can be found here.
 
 
Private Property Improvement Grant Program (PPI): Funding provided by the Moberly Downtown Community Improvement District.
The purpose of the Private Property Improvement Incentive Program is to assist property owners with improvements to real property within the Downtown Moberly Community Improvement District. Priority focus will be on properties identified with health or safety issues identified through the City of Moberly’s Code Enforcement. Funds for this program are provided by the Moberly Downtown Community Improvement District.

The following guidelines govern the Private Property Improvement Grant Program. A committee of three persons, two from the Moberly Area Economic Development Corporation (MAEDC) and a City Code Enforcement official will be responsible for accepting, reviewing and approving applications submitted by downtown property owners.
Guidelines
  1. A brief summary of the proposed renovation/rehabilitation project must be submitted with the application.

  2. Applicants must adhere to applicable City of Moberly ordinances and code enforcement requirements set forth by the City.

  3. Grants are provided to assist with building code violation remediation as well as other real property improvements within the Downtown Moberly Community Improvement District.    

  4. The reimbursement award may provide up to 50% of the total cost of approved projects for project expenditures totaling $10,000 or less or $5,000 for expenditures totaling over $10,000 for eligible expenditures for properties located within the Downtown Moberly Community Improvement District. 

  5. Approved applications will be monitored by MAEDC, with regular project progress reports to the CID Board and an annual report of all projects in December of each year.

  6. Applicants must be current on all Randolph County real property tax payments for properties owned within the Downtown Moberly Community Improvement District to qualify for project reimbursement.

  7. Approved applications must be in good standing with the City of Moberly utility billing.

  8. After the application is approved and before reimbursement can be made, documentation of the paid project expenses must be provided in the form of paid invoices and copies of checks rendered for payment or credit card receipts and credit card statements showing payment has been made. 

  9. Contractors must provide waiver of liens for all work completed prior to reimbursement being made.

  10. Applications will be scored utilizing the accompanying rubric.

 

Contact:  Michael Bugalski

Moberly Area Economic Development Corporation

115 N. Williams St.

Moberly, MO  65270

Application materials can be found here.
The Downtown CID was established under Missouri’s Community Improvement District Act on February 21, 2017 by the Council of City of Moberly pursuant to a petition submitted by a majority of the residents and business of the Downtown area to provide a source of revenue and implement a program of improvements to public and private properties, collective promotions and other similar activities (the “Downtown Revitalization Program”). District affairs are governed by a 5 person board of directors appointed by the City Council.

Through the utilization of these Economic Development Programs the District, the City of Moberly and MAEDC are excited to see an increase in commercial business, tourism, the expansion of local businesses and overall revitalization of Downtown Moberly.
All programs require code compliance on behalf of the land/building owner to qualify. Priority given to projects that show the ability to increase foot traffic, taxable sales and retail activity in the Downtown CID. Refer to the Administrative Guide for additional program details.

MOBERLY AREA ECONOMIC DEVELOPMENT CORPORATION

: : 115 North Williams, PO Box 549

: : Moberly, Missouri, United States 65270

: : 877-816-2332

: : info@moberly-edc.com

 

SUBSCRIBE TO OUR NEWSLETTER

  • Twitter
  • Facebook
  • LinkedIn
  • YouTube