The program's purpose is to encourage private investment that results in the re-utilization and tenancy in the upper floors of taxable privately owned downtown commercial and mixed use buildings; to stimulate economic development through financial incentives to increase the amount of leaseable space in the target areas and to create jobs and expand housing options in the downtown.
Life safety improvements including sprinkler systems, second means of egress and other building improvements as may be required by the National Fire Protection Act (NFPA) 101 and the International Building Code as adopted by the City of Lewiston and/or the State of Maine.
Property must be located in the downtown target area as indicated on the Life Safety Program Map and must be taxable, privately owned, and a commercial or mixed use property.
The maximum amount of funding is $50,000 which must be matched on a 1:1 basis by the owner. Once the total cost of the project has been determined, one half of the City's portion will be a grant and one half will be a loan at 3% interest for up to 10 years.