Tenant Improvement

SmartRiverside, in keeping with its goal of attracting and fostering both new and existing technology companies in the City of Riverside, has developed the High Technology Tenant Improvement Program. Under the High Technology Tenant Improvement Program grants may be awarded to small technology companies with sales of less than $20 Million per year. The program is designed to help offset tenant improvement costs for small technology companies, allowing them to redirect capital.

Tenant improvement submissions are sent via email to: smartriverside@riversideca.gov

Eligibility

To be eligible for the SmartRiverside Tenant Improvement grant, companies must meet all of the following eligibility requirements

• Companies must report less than $20 million in annual sales. 
• Companies must fall within the following North American Industry Classification System (NAICS):
  3341 - Computer and peripheral equipment manufacturing
  3342 - Communications equipment manufacturing
  3343 - Audio and video equipment manufacturing
  3344 - Semiconductor and other electronic component manufacturing
  3345 - Navigational, measuring, electromedical and control instruments              
              manufacturing
  3346 - Manufacturing and reproducing magnetic and optical media
  3353 - Electrical equipment manufacturing
  33599 - All other electrical and component manufacturing
  3391 - Medical equipment and supplies manufacturing
  5112 - Software publishers
  514191 - On-line information services
  5142 - Data processing services
  5415 - Computer systems design and related services
  5416 - Management, scientific, and technical consulting services
  5417 - Scientific research and development services

Note: If a company does not fall into any of the above categories but has any intellectual properties, then they will also be eligible for consideration.

• The space must be within the City of Riverside city limits.

Uses

Grants can only be used for technology-related tenant improvements and could include, but not limited to, the following uses: wet laboratory space, fiber optic connections, special lighting requirements, specialized equipment, and other similar uses.

Grant Amount

Grants will be limited to a maximum of $10,000 per company. Grants will be awarded on a first come, first serve basis contingent upon availability of funds. Grants will be made as reimbursements only. Companies must show receipts and document work performed. Grants will also be subject to availability of funds through SmartRiverside.

Procedures

To receive funds from the SmartRiverside Tenant Improvement Program, a potential company must meet the above eligibility criteria and do the following:

• Complete and submit the Tenant Improvement Application.
  • PDF Formatted Application
  • Microsoft Word Formatted Application

The form can be downloaded from link above. Along with the application, include three (3) letters of support. Mail or submit the application and letters of support to:

SmartRiverside
Tenant Improvement Program
3900 Main Street,
5th Floor
Riverside, CA 92522

• Once the application has been submitted, the SmartRiverside
  
  Tenant Improvement Advisory Board will review the request for approval. The Advisory Board will have up to sixty (60) days from the time of submittal to review the application.

2a. If approved, the Advisory Board will make a formal recommendation for funding at the next scheduled SmartRiverside Board meeting.

2b. If denied, a denial letter will be sent to the applicant within thirty (30) days of denial. A decision for denial will be final unless changed circumstances can be shown.

• After the SmartRiverside Board has approved the application, the applicant will be notified within one (1) week of the approval.

• Once notified, the applicant will have one (1) calendar year to submit a copy of the SmartRiverside Tenant Improvement Reimbursement Form with receipts of all approved tenant improvements.

• An applicant may only be eligible to apply for funds once, unless the applicant moves into a larger facility or increases the size of its current facility.

2c. An applicant must continue to operate their business within the City of Riverside for at least five years, or be required to reimburse SmartRiverside an amount equal to 20% of the initial grant award for each year remaining in the five-year commitment period.

Note: Company may be asked to present project before the SmartRiverside Tenant Improvement Program Advisory Board or SmartRiverside Board.