“G.R.O.W” for Greenwood aims to improve property values with new grant initiative
GREENWOOD, Ind. – The Greenwood Redevelopment Commission (RDC) has approved $500,000 in matching grant funds for a new city initiative seeking to improve the aesthetic appeal of businesses along some of its most-traveled corridors.
The “G.R.O.W. Greenwood Initiative” – Granting Revitalization and Opportunity for the Workplace – will offer local businesses matching funds to restore, upgrade and enhance their exteriors. Eligible projects include façades, signage, art installation, landscaping, green infrastructure, lighting, decorative fencing and other exterior improvements.
Greenwood Mayor Mark W. Myers says the initiative continues city efforts to both enhance quality of life and encourage economic development.
“This investment will benefit Greenwood on a number of fronts,” said Myers. “Community aesthetics play a fundamental role in attracting and retaining both residents and businesses. We’re investing in making public spaces more appealing, and this initiative creates an incentive for local businesses to follow suit.”
Myers added the program goes beyond just aesthetics.“We’re encouraging additional private investment in these areas, helping to preserve and raise property values as well,” he said.
During its presentation to the RDC, city officials detailed criteria for the initiative:
- Within a geographic boundary of Fry Road (north), Smith Valley Road (south), U.S. 31 (west) and the Main Street corridor extending to Graham Road (east)
- Prominent locations
- Project is part of a larger set of improvements
- Potential for job creation/retention
Greenwood will develop a process based upon initiative criteria to determine eligibility, approval and selection of individual projects. The $500,000 in matching grant funds account for the initiative’s first year.
“Our program for downtown façade improvements generated a lot of interest from local businesses and has gone very well thus far,” said RDC President Brent Tilson. “The G.R.O.W. Greenwood Initiative expands that effort, both in size and scope. Our commission is charged with business attraction and retention, and this program wholly aligns with that mission.”
The RDC will determine matching ratios and funding caps at an upcoming meeting.