Redevelopment Authority Announces $1.7 Million in Funding for its Commercial Property Improvement Program

Largo, MD — The Redevelopment Authority of Prince George’s County (RDA) has $1.7 million in available funding for its Commercial Property Improvement Program (CPIP) and is now accepting applications for funding. The CPIP was established to assist owners of shopping centers and main street retail space with exterior façade, place making, lighting and major building systems improvements that enhance retail competitiveness and viability.  

The CPIP will require a 50% applicant match for all program funding awarded to approved shopping centers and retail space for eligible improvements. Therefore, applicants must be able to pay for half of the total project cost in order to apply for the CPIP funding. The minimum grant is $50,000 for $100,000 in total project cost and the maximum grant is $350,000 for $700,000 or more in total project costs.

The CPIP will utilize the Retail Center/Assessment Matrix in the 2017 Prince George’s County Competitive Retail Market Strategic Action Plan to prioritize and select shopping centers and retail space for CPIP funding. The goal is to select applicants with the strongest market potential for investment. Commercial space occupied exclusively by places of worship or non-retail uses will not be funded.

While CPIP will reimburse up to 50% of approved construction costs as costs are incurred and documented, architectural design and permit costs will not be reimbursed until after construction is completed. In addition, construction on the approved project must begin within 90 days after grant approval and must be completed within 180 days after approval.

“This funding will provide a wonderful opportunity for shopping center owners and retailers to enhance their properties to improve aesthetics, and make targeted safety improvements,” said Prince George’s County Executive Angela D. Alsobrooks. “Our County’s shopping centers are home to critical services and retail options that residents need and they deserve retail options that are of a high quality.  This improvement funding source will benefit center owners, residents and the County as a whole and especially those located inside the Beltway, which is a focal point of my Administration.”

A mandatory pre-submittal conference will be held on Thursday, January 3, 2019 at 10:00 am at the Redevelopment Authority Offices, located at 9200 Basil Court, Suite #504, Largo, MD 20774. Interested parties should e-mail their RSVP for attendance to the pre-submittal conference to: ldsmith@co.pg.md.us

For more information about this program, please e-mail Ms. Roz Clemens: rbclemens@co.pg.md.us

Media Contact:  Alexis Revis Yeoman (301) 883-2760 or (301) 758-5300 (cell); aryeoman@co.pg.md.us

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