Demolition Grant

This program is a public-private partnership designed to address the expenses associated with the demolition of blighted or dilapidated buildings.  The program aims to incentivize the removal of blighted or dilapidated buildings and promote community redevelopment by providing financial support to property owners who plan to make substantial improvements that significantly increase the property's assessed valuation. It's essential for potential participants to be aware of the specific criteria and the competitive nature of the funding allocation process.

Eligibility:   For a project to be eligible for funding through the Demolition Grant Program, it must align with the City of Elko Redevelopment Plan and the Nevada Revised Statutes. The project should also demonstrate its contribution to at least one of the three specified goals: the elimination of blighted conditions, the promotion of economic revitalization, or the stimulation of private development. This ensures that the program's funds are directed toward projects that have a positive impact on the community and conform to the established redevelopment objectives.  To participate in the program, an individual must be the owner of the property that is targeted for demolition, referred to as the "Program Participant." 

Financial Support: The program offers financial support, but the maximum funding that can be awarded per lot or parcel with a single Assessor's Parcel Number is subject to approval by the Redevelopment Agency (RDA).

Valuation Increase: A key requirement for receiving program funds is that the new development must increase the current assessed valuation of the property by at least 100%. This demonstrates the program's focus on promoting substantial redevelopment.

Reimbursement: Reimbursement for the approved project expenses will occur after the final inspection, and a Certificate of Occupancy is issued by the City of Elko for the new development. This means that the property owner will need to complete the redevelopment before receiving funds.

Limited Funds: It's essential to understand that funds for this program are limited, and Program Participants may not receive the full amount they request. The distribution of funds may be competitive, and not all applicants who meet the criteria will receive financial support.

Application Process: Applications are accepted on a first-come, first-served basis until the available budgeted funding is exhausted. This means that it's important to apply early if you want to participate in the program.

RDA Approval: Approval by the Redevelopment Agency (RDA) is required to participate in the program. This likely involves an evaluation of the project's feasibility and adherence to program guidelines.

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