Downtown Hampton and Phoebus Retail Incentive Program

Program Purpose

The purpose of this program is to increase the retail presence and sales in Downtown and Phoebus by providing incentives and assistance in attracting and retaining quality retail businesses.

Eligible Participants

Incentives and assistance will be available to retail business or retail property owners.

Program Administration

The City of Hampton Department of Economic Development administers this program and the Hampton Industrial Development Authority reviews and approves all applications for financial incentives.

Types of Assistance

Financial Incentives - Qualifying uses for financial assistance include:

• Interior build outs/tenant allowances for new and existing buildings.
• Signage and façade improvements.
• Equipment and fixtures that will remain with the property.
• Short term rent assistance.
• Other purposes identified as reasonable for attracting/retaining retail businesses which help fulfill the desired merchandise mix.

• Completing the Downtown and Phoebus Retail Incentive Program application.
• Applications for other Federal, State and local incentive programs.
• Retail business recruitment for property owners.
• Generic and site specific marketing materials including mapping and site data from the City's Geographic Information System (GIS).
• Research on demographics, labor pools, business taxes and fees, utilities and more.
• Rezonings; design, site plan and building plan reviews; and, permitting processes.
• Workforce development.
• Identifying resources for all types of business needs.

Evaluation Criteria for Financial Incentives

This program is intended to be flexible and the following evaluation criteria will help identify how funds can be most effectively used to fill any financial gap/s and ensure the future success of the retailer.

• Consistency with the vision of the district, its master plan and plans that may be adopted in the future.
• Consistency with retail identified as a priority for the district.
• Positive impact on district residential revitalization.
• Ability to improve shopping discontinuity, to aid in the creation of critical mass of retail and to affect the conversion of first floor space to retail.
• Expected effect on the appearance of the district.
• Previous success of the business in other locations; or, likely success of the business based on its business plan.
• Expected investments by property and business owners.
• Return on investment/tax revenue to the City.
• Percentage of funding that will be used for items that will remain with the property if the business fails or relocates.
• Analysis of the financial gap including market rents and tenant allowances versus rents and allowances necessary to affect a reasonable profit for the business and/or the property owner.
• Financial history of the applicant.

How to Apply

Complete the application and return to:

City of Hampton
Department of Economic Development
1 Franklin Street, Suite 600
Hampton, VA 23669

(757) 727-6237
(800) 555-3930
(757) 727-6895 (fax)

Once the application is received by Economic Development staff, an interview will be scheduled for the applicant and a schedule will be developed for processing the application.