The Downtown Association of Fairbanks is providing $25,000 in financial incentives to attract businesses to the downtown area, with specific funding allocated for restaurants and other commercial ventures. The program aims to reduce vacancy rates and increase density in the core of Fairbanks.
FAIRBANKS, Alaska - The Downtown Association of Fairbanks is offering a financial incentive for businesses that plan to have a location in the downtown area. The non-profit organization is using a $25,000 pot of money for the incentive, $10,000 of which is dedicated to restaurants, while the other $15,000 will go toward other kinds of businesses.
Each restaurant that is approved could receive up to $5,000, while others could go as high as $3,000 each dedicated to rent and improvements. For the purposes of this incentive, downtown is defined as the area north of Airport Way, west of the Steese Expressway, south of 3rd Street and Phillips Field Road, and east of Cowles Street. This area, according to DAF Executive Director David van den Berg, has seen a vacancy rate higher than ideal, and this incentive is designed to help fill those vacant spaces. “We do have a lot of commercial space that’s available,” van den Berg said, explaining that some of these spaces are set up for restaurants, which constituted their former occupants. “Downtown is walkable. It’s well served by city services. It’s got a lot going for it, and at the same time, our community isn’t exactly growing, so I think with that, the more density that we get downtown, that’s one of the goals of the program,” the executive director said. Those looking to apply for this incentive are asked to reach out to the Downtown Association telling them about plans for the business and, in the case of restaurants, the owner’s experience in the field. “So pretty much just bring us into your plan, show us what you are planning to do in a general way, and then to receive the award, in the end, we would need to see a signed contract” for two years for a restaurant and 12 months for a different kind of business, according to van den Berg. Applications for restaurants are due by June 30, with opportunities for the other incentive running through the end of the year. This program was piloted toward the end of last year, and van den Berg said four new downtown tenants were secured with just $3,200 in incentive money. “There are businesses that are moving in and there’s, you know, as always, there’s potential downtown,” he added. In addition to this effort, the City of Fairbanks is offering funding for downtown businesses to improve their storefront and taking more action on blighted properties in the area, while the Fairbanks North Star Borough has taken steps toward revitalizing downtown. These include lowering the requirement for how much off-street parking businesses are required to have, meant to reduce the cost of building downtown, and allowing permits for businesses to offer residential space on the bottom floor of their space in some areas of the central business district.Security guard shoots, kills man in wheelchair who tried to get into birthday party at banquet hallInterior neighborhoods see variable flood potential amid spring break-up
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