(A) The City of Fort Thomas is committed to the development and support of small businesses in our community. Therefore, the City of Fort Thomas, Kentucky heretofore established the City of Fort Thomas Grow Grant in 2018, which said Funds were established to foster and promote economic development in the city. Whereas, said Funds have been successful in promoting economic development, the Board of Council of the City of Fort Thomas, Kentucky does hereby recognize the ongoing need for the Funds and approves the continuation thereof.
(B) It is acknowledged that the City of Fort Thomas, Kentucky receives $60,000 per year from rental of the cell tower behind the Fort Thomas City Building, 130 N. Ft. Thomas Avenue, Fort Thomas, Kentucky. The Board of Council hereby establishes that the proceeds from the cell tower rental, so long as they exist or until otherwise ruled upon by subsequent ordinance, shall also be used to fund the Grow Grant Program.
(C) The Grow Grant has two categories of improvement, exterior facade and interior improvement. This grant opportunity is available to provide funding for current small businesses and commercial property owners to invest in the community. Through the grant opportunity, the business or property owner will be responsible for at least 50% of the full cost of the project. This is a reimbursable grant after the business owner or property owner has completed the work and inspections from the city are finalized.
(Ord. O-11-2022, passed 11-21- 22)