Bangor City Centre Property Renovation and Investment Scheme (PRIS)

Item detail

Current Status

Open for Applications

Fund Value

£ 2,160,000

Maximum Value

£ 300,000

Minimum Value

£ 5,000

Background

This programme is provided by Gwynedd Council, in partnership with Bangor Business Improvement District and Bangor City Council.

Objectives of Fund

The Property Renovation and Investment Scheme (PRIS) offers a package of support, including loans, private investment and grants for commercial building owners and occupiers to enhance building frontages and bring vacant commercial floor space back into beneficial use.

It will target vacant, under-utilised or unsightly properties within the commercial areas of Bangor City Centre, to stimulate investment, employment opportunities and contribute to the vitality of the area.

Value Notes

The total of the Fund is up to £2.16 million.

Support will include a mix of non-repayable grant and repayable business finance. The repayable element will be a minimum of 25% but can be up to 100%, dependent on the circumstances.

Gap funding of between £25,000 and £300,000 will be considered (with Welsh Government approval required over £250,000). Individual intervention rates will vary depending on the nature of the proposal and local economic conditions but normally will be up to a maximum of 70% of eligible costs.

Loans will have a minimum value of £5,000 with a maximum value of £300,000 up to the available balance remaining in the fund. Loans must be secured by good value asset-based security (land and buildings typically).

The maximum term of a loan will be for five years.

Who Can Apply

The PRIS will operate within the Bangor City Centre boundary and all commercial properties subject to applications should be located within this boundary, as defined by the existing Bangor City Business Improvement District.

Eligibility is restricted to owners of commercial properties for the purpose of enhancing building frontages, reducing the number of vacant, underutilised and redundant sites and premises in Bangor City Centre, and supporting diversification by encouraging more sustainable uses for empty sites and premises, such as residential, leisure and for key services.

Location

Bangor.

Eligible Expenditure

Eligible proposals are:

• Structural and other substantive repairs to buildings in poor condition.
• Re-instatement of lost or damaged architectural features of importance to the historic character and appearance of the area.
• Renovation works required to bring vacant commercial floor space back into beneficial use.

How To Apply

Applications may be submitted at any time.

The fund is available to until 31 March 2021.

Application forms can be obtained by contacting the Gwynedd Council Business Support Team. All prospective applicants must contact the Business Support Team to discuss their proposal before submitting an application.