Press Release: New program seeks to spur major investments in downtown Rocky Mount

Rocky Mount, N.C. – Continuing the pace of downtown revitalization, the City Council this week approved an incentive program that will award grants of up to $500,000 for large-scale building renovations.

The Downtown Major Investment Incentive Program will encourage development of downtown properties for a growing number of new and expanding businesses, including restaurants, retail stores and residential space.

To be eligible, development restoration must be $1 million or more and include at least 5,000 square feet or create a minimum of 10 units for occupancy. The maximum grant amount under this program is $500,000 and cannot exceed 20% of the development cost. Other existing downtown incentives may be coupled with the Downtown Major Investment Incentive Program.

Downtown Major Investment Incentive Program grant requests will be subject to public hearings. The City Council will be responsible for final approval.

“This new incentive program is another key step in transforming downtown Rocky Mount into a thriving center of dining, entertainment, retail business and residential activity,” said Interim City Manager Peter Varney.

The City Council already has created five smaller grant programs to encourage investment in rehabilitating buildings downtown and attracting new business. Those programs include:

        · Accelerated Façade Improvement Grant

        · Roof replacement/repair

        · Downtown Building Assistance Program

        · Downtown Rocky Mount Development Incentive Grant

        · Downtown Residential Production Grant

The approval of the Downtown Major Investment Incentive Program comes as momentum surges in the city’s ongoing effort to revitalize downtown Rocky Mount. Last month, city officials learned that they will receive $3.8 million in federal and state funding for a pedestrian bridge spanning the downtown railroad tracks and streetscape improvements.

For more information on the Downtown Major Investment Incentive Program, contact the Downtown Development Office by calling 252-972-1101.

About Rocky Mount

The city of Rocky Mount, located in the Coastal Plains of North Carolina, was incorporated in 1867 and lies in Edgecombe and Nash Counties. Rocky Mount is a two-time All-America City on the Tar River. The city was recognized as one of 10 winners nationwide of the 2020-21 Robert Wood Johnson Foundation Culture of Health Prize. Serving as the Gateway to Eastern North Carolina, the city’s 875 employees serve approximately 54,000 residents daily.

The city’s mission is to advance community well-being, safety and quality of life by delivering excellent public services and actively collaborating with the community toward a fulfilling and inspired future for its citizens. As a publicly owned utility, the city of Rocky Mount is committed to safe, reliable service for its customers and operates in Nash and Edgecombe counties, providing customers with electricity, natural gas, water, wastewater (sewer), refuse, recycling and/or stormwater services. To learn more, visit www.rockymountnc.gov for news and updates.