The building’s second floor will include one or two residential units, Frank said.
The city and the Miamisburg Merchants Association started the grant program.
“Between the city staff and this group of merchants, we decided we needed a program to help stimulate economic development in downtown,” Frank said. “So the intent of this program is to really attract new businesses to the downtown district that are a unique destination and offer an incentive ... to come downtown.”
The committee asks applicants for grant money for “very thorough” business plans and examines financial stability and growth projections.
Also considered with each application is whether a building has remained vacant for a long time, if it is underutilized and if it’s in an area the city is seeking to develop further, she said.
If city council approves a grant, the business may consider it a forgivable loan after being open for two years. If the business closes before then, the remainder of the money must be repaid to the city, Frank said.