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Economic Development Toolbox Program Expands
Incentives developed for Kentlands Main Street businesses.
On Monday, August 19, the Mayor & City Council expanded the Economic Development Toolbox, a popular business incentive program. Now, landlords and business tenants on Kentlands Main Street can receive assistance with façade improvements, landscaping and commercial signage. The change is effective immediately.
“The expansion of the Toolbox program is an important demonstration of our support for small businesses in Gaithersburg,” said Mayor Jud Ashman. “There are so many interesting products and services available along Main Street, and we hope these entrepreneurs will use the Toolbox to enhance their storefronts to attract even more customers.”
The commercial signage program was previously restricted to multi-tenanted buildings, with the exception of businesses in Olde Towne and along the Frederick Avenue Corridor. The storefront/landscaping program was available only to Olde Towne businesses.
“Kentlands Main Street, with its unique live-work retail environment, is now well into its third decade,” said Assistant City Manager Tom Lonergan, who oversees the City’s Economic Development Department. “Expanding the Toolbox program will allow establishments to address aging façades, thus improving the overall look of this evolving retail district.”
The Toolbox Program’s economic development incentives can be applied broadly to help attract new businesses, assist in the expansion of existing businesses throughout the City, and allow for new investment in existing commercial and industrial facilities. In fiscal year 2019, the program awarded just over $158,000 worth of matching grants to nine companies, leveraged against $4 million in private investment. These grants created or supported 194 jobs in the City of Gaithersburg.
Other uses for Toolbox matching grants include tenant fit-ups, disability compliance, utility upgrades, job training, and demolition assistance. Customizable grants are also considered.
Complete information on the Toolbox Program and other economic development incentives can be found on the City’s Economic Development website.