Economic Development Programs
Space to Create Commons Business Development Incubator Program:
Purpose of the Program: The City of Trinidad Economic Development Department has created a business development program for new businesses that choose to locate within the Space to Create Commons. The program aims to assist new businesses in succeeding in their ventures by providing a progressive rental subsidy program that will offer free rent for a business during their first three months in operation and subsidized rent for the first two years.
The purpose of this program falls into major sectors of the long-term strategic goals of the City of Trinidad Economic Development Department –
- First, this program lets us support and activate local business owners and entrepreneurs to invest in Trinidad.
- Second, this program is designed to revitalize and diversify the downtown business district as part of an overall effort to make Trinidad a more attractive place for tourists and locals alike.
- Finally, the program will allow the city to have more active involvement regarding economic gardening and place making within the Space to Create Commons and Trinidad’s Downtown Business District.
The City of Trinidad Department of Economic Development has limited, but valuable leasable space within the Trinidad Space to Create Commons that can be put to work for the benefit of your business and our community. This application packet outlines the goals of the program, description of the program, criteria for eligibility, a grading scale for eligibility, required documentation, as well as additional forms and directions for applicants.
Eligibility: The program is designed to foster growth of businesses in the Downtown Business District. Leasable space within the Space to Create Commons is subject to the availability of space. The program is open to new businesses or complimentary businesses that can provide a business plan that has been reviewed and approved by the Small Business Development Center (SBDC). Due to pre-existing leasing agreements certain types of businesses are prohibited from locating within the Space to Create Commons. Please refer to Exhibit B for a complete list of those prohibited uses.
New Business: New businesses are those seeking to locate, relocate, or significantly expand their operations within the Trinidad Space to Create Commons.
Complementary Business: Building on the concept of redeveloping the tradition and eclectic nature of Downtown Trinidad, commercial enterprises that complement existing commercial establishments are preferred.
The Space to Create Commons Development Program Features: This program provides a new or existing business owner who leases a space within the Space to Create Commons with a progressively decreasing rental subsidy plan. Rent is one of the largest fixed expenses for a business and we hope to provide stability by helping cover part of the cost. The Space to Create Commons Development Program provides a progressive rental fee structure that offers rental subsidies that decrease the longer the tenant remains within the Space to Create Commons. Subsidized rental prices will last for up to twenty-four (24) months, at which time the tenant will be expected to pay the market value deemed by the Economic Development Department (currently $9.20 per square foot annually). Businesses accepted into the program will receive 100% off rental costs for the first three months of the lease, with 12.5% of the rental discount subtracted every three months for a maximum length of forty-eight (48) months. Participating businesses are permitted to leave the program with one full month’s notice but will be required to remove their business from the Trinidad Space to Create Commons at the time of their exiting the program. The purpose of this program is to offer subsidized rent for new businesses who choose to locate within the Trinidad Space to Create Commons. After the first two years within the Space to Create Commons, rental costs will continue to increase by 12.5% every three months up until the forty-ninth (49th) month the business has spent within the facility. At which time the lessee will be locked in at that rate for 12 months, following this period they will be required to find a new business location outside of the Space to Create Commons. The increased rent rate after the initial two years is intended to:
- create a revenue generating mechanism to help cover the costs of operating the facility with consideration to new businesses entering the program
- to encourage viable businesses who have successfully operated in Trinidad for two years with the assistance of this program to seek other leasable properties within Trinidad’s Downtown Business District; and
- thereby open leasable space within the commons for new entrepreneurs to enter the program.
Each participant will be required to have an in-office meeting every three (3) months, with reviews at the business location randomly in between the official meetings. Continued rental subsidy support will be determined by performance, completion of required programs, and other information we have received through financial statements, business owners, and employees, as well as other factors. Rental subsidies from the City of Trinidad are limited to twenty-four (24) months with extensions only permitted in extreme circumstances.
Click here to view or download the entire program guide in PDF format.
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