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Work may begin after the application has been submitted and approved by Downtown Odessa; however, application submission does not guarantee the grant approval. Grant approval can take up to 8 weeks or more. Reimbursement of the grant is not issued until project is completed at 100%.
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The approval process can be rather lengthy. Here is the process:
Depending on the date the application is submitted to the DOI offices, it can take up to 8 weeks. If there are any concerns from any of the aforementioned groups, the process will take longer.
Presents is required at City Council meetings for final approval. Attending ODC meetings is highly recommended.
Once you have submitted all invoices and proof of payment to the Downtown Odessa, Inc. (DOI) offices, the information is compiled and sent for a review for compliance with all contract terms. The information is reviewed (check that all necessary permits were applied for and executed, a final inspection was conducted, the final work represents the proposed work, the grant amount requested versus the amount actually spent is correct, etc.), compared to the contract executed with the applicant, and then, upon completion of the review, sent to the City Manager's Office for approval, then onto the City’s Finance Department, who will issue the reimbursement check. This process may take up to 4 weeks.
Infrastructure Grants are reimbursed on a 50/50 basis meaning the grant can be reimbursed at 50% with the applicant investing 50% of their own funds in the project. The amount of the grant is dependent on the tiered system, but in no event will be more than $200,000.
Façade Grants are reimbursed on an 80/20 basis meaning the grant can be reimbursed at 80% with the applicant investing 20% of their own funds in the project. The amount of the grant is dependent on the tiered system, but in no event will be more than $25,000.
Yes. The project must be completed within one year of the approval date.
Yes, the lessee may apply for a grant(s). However, grant(s) are only allowed once per property. Meaning that if a façade grant is approved not future grants are allowed in case of new owner or business setting up at location.