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The Town of Vail on Tuesday put out the following press release on its commercial rent relief program, which is now accepting applications online:
The Town of Vail is pleased to announce that businesses are now eligible to apply online for the commercial rent relief program. The program was developed by representatives from the Vail Economic Advisory Council with assistance from the Economic Development Department and supported by $1 million from the Vail Town Council The program is designed to help support and sustain local businesses as part of the town’s multiple recovery efforts in response to the public health crisis.
As long as businesses have support from their landlord to apply for the program, they are encouraged to apply for commercial rent relief. While specific requirements are set out for businesses to meet, the town acknowledges that each business is different and it looks to this program to support its business community.
What is the Town of Vail Commercial Rent Relief program?
The Town of Vail Commercial rent relief program strives to support and sustain local businesses by offering a rent relief grant for up to four months (Aug 2020 – November 2020) not to exceed a maximum award of $15,000 per business. Businesses are eligible to be awarded relief funding based on a percentage of their monthly rent plus CAM. The percentage is calculated based on the total monthly revenue shortfall as compared to the same month in the prior year, which then is applied to the monthly rent plus CAM as verified by the landlord. This amount will be split equally between the landlord and the Town of Vail.
Rent Relief Calculation Example
A business pays $10,000 a month in rent and CAM charges. In August 2019 that businesses had gross revenues totaling $100,000. In August 2020 gross revenues totaled $60,000, a decrease of $40,000 or 40% from prior year due to COVID 19. The business would be eligible for a total shared rent abatement of $4,000 (40% shortfall in revenues X $10,000 monthly rent and CAM). The $4,000 is shared equally between the town ($2,000) and the landlord ($2,000).
Who is eligible for this program?
To qualify, a business must meet the below requirements:
Who will make the payments?
The Town of Vail will make rent payments directly to the landlords on behalf of the tenant in arrears. The town will make every effort to pay the landlord match within ten days of the receipt of the application and rent reduction documentation from landlord.
For more information, contact Mia Vlaar, economic development director, at 970-479-2454 or email firstname.lastname@example.org.