The Town of Vail is pleased to announce details of a commercial rent relief program following approval by the Town Council which includes authorization of $1 million to fund the program.
The program provides up to $15,000 in rent relief from Aug. 1 through Nov. 30 for qualifying businesses employing 50 or fewer full-time equivalent employees with a physical storefront in Vail. Landlords must participate in the program in which an abatement formula is calculated to reduce the monthly rent payment of the business. The town will reimburse the participating landlord 50% of the rent reduction.
To participate in the rent relief program, businesses will be required to be open at least six days a week between Aug. 1 and Nov. 30, with the exception of the month of October where businesses would be required to be open at least five days per week, barring any public health orders that would preclude operations. Additional details here.
Online applications will be available beginning Sept. 1. By the fifth business day of each month, a business can apply for relief for the prior month, through Dec. 5. For more information, contact Mia Vlaar, economic development director, at 970-479-2454 or email email@example.com.
The program was developed by representatives from the Vail Economic Advisory Council with assistance from the Economic Development Department to help support and sustain local businesses as part of the town’s multiple recovery efforts in response to the public health crisis. In March, the Town Council allocated $500,000 in community grant funding to provide relief in the areas of food, shelter and health impacts associated with the global pandemic. To date, $375,000 has been awarded. Additional details here.