Town of Vail Seeks to help Business Community with Commercial Rent Relief Program

  • 6 July 2020
Town of Vail Seeks to help Business Community with Commercial Rent Relief Program

The Vail Town Council will review a proposal to advance a commercial rent relief program at its afternoon meeting on Tuesday, July 7. The discussion is listed as 3.2 on the meeting agenda which begins at 1 p.m. in the Town Council Chambers with social distancing protocols in place. The meeting will be live streamed at www.highfivemedia.org/live-five.

The proposed $1 million rent relief program is intended to help address the challenges of Vail business owners in navigating current and future economic impacts associated with the pandemic. Components of the recommended program were developed by members of the Vail Economic Advisory Council and mirrors similar programs found in Breckenridge and Aspen.

The proposed program strives to achieve four key objectives to support and help sustain local storefront businesses:

  • Share the rent burden among landlord, town and tenant
  • Offer the assistance from July 1 through Nov. 30, 2020
  • Use a formula that determines a rent abatement amount that is based on a percentage reduction  to prior year revenue collections by the business
  • Set the funding cap per business and total town funding amount to support the program

During Tuesday’s discussion, Town Council will review proposed eligibility requirements and a funding request of $1 million to launch the relief program. If approved, the new program would become effective immediately and applications would be available online at www.vailgov.com.

To review the staff memo on the rent relief proposal, visit www.vailgov.com/agendas.

 

 

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