Trenton recently approved their first application for the Trenton Business Improvement Incentive (BII) Program for 219 East Hanover LLC which will be using this funding to assist in fixing up the long vacant 219 East Hanover Street building and bring it into productive use as artist studios, coworking space, and an art retail/gallery space. The group also plans to hire two Trentonians to manage the site. The funding made possible through the Trenton Business Improvement Incentive Program will not only assist in rehabilitating the property, but will also help turn this vacant property into a ratable to add to the City’s tax roll.
Be sure to check out Hanover Creative located at 219 East Hanover opening this Summer or check them out online at https://www.hanovercreates.com/.
The Business Incentive Program offers grants of up to 50 percent of total project costs for small businesses that are planning to make improvements to their facilities. The grant amount cannot exceed $20,000, with a minimum project cost of $5,000. The program is available to first-floor businesses in targeted commercial corridors.
Any Trenton retail businesses looking to expand or to make improvements to their building, or businesses considering opening in Trenton and taking advantage of incentives like these, should contact Eric Maywar, City of Trenton Economic Development Specialist, at emaywar@trentonnj.org.
Applications for the BII program will be accepted until June 28, 2019.
This is just one of many initiatives being undertaken by the City of Trenton Division of Economic Development as they continuously work to bring jobs to Trenton, increase the tax base, bring vacant properties into productive use and support the Trenton arts economy.
Also be sure to learn about how the Business Improvement Incentive Program and other NJEDA Small Business Programs have helped bring business to Downtown Trenton in the following link.
