Eligibility Application (Must be only be completed once; this can be completed prior to or concurrently with first monthly application)
Monthly Applications (must be completed by the 5th business day of the following month)
Please upload the 2nd page of this document as part of your monthly application
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 rental relief assistance for up to four months based on sales for the months of 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 and 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. Businesses should work with landlords on the timing of how the rent abatement will be applied to their monthly payments
Commercial Rent Relief Resolution No. 35, Series 2020
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:
How to Apply:
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.
If you have any questions, please contact Mia Vlaar @ firstname.lastname@example.org.