SmartRiverside, in keeping with its goal of attracting and fostering both new and existing technology companies in the City of Riverside, has developed the Technology Tenant Improvement Program. Under the Technology Tenant Improvement Program, grants may be awarded to small technology companies to help offset technology-related tenant improvement costs, allowing them to redirect capital.
To be eligible for a SmartRiverside Tenant Improvement grant, an applicant must meet all of the following eligibility requirements:
1. Must report less than $20 million in annual sales.
2. Must fall within one of the following North American Industry Classification System (NAICS) categories:
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: Companies that do not fall into any of the above categories but possess technology-related intellectual property rights will also be eligible for consideration.
3. The tenant space must be within the City of Riverside and a minimum remaining lease term of three (3) years as of the date of application submittal.
4. The applicant must possess a current City of Riverside business license and must maintain the license for the full term of the operating period described in paragraph 2.c of Procedures, below.
Tenant Improvement grants may be used only for technology-related tenant improvements, including, but not limited to, the following: wet laboratory space, fiber optic connections, special lighting requirements, specialized equipment, or such other uses approved by the SmartRiverside Board of Directors (“Board of Directors”) in its sole discretion.
The amount of each grant will be as determined by SmartRiverside in its sole discretion and may not exceed the actual cost of installing the SmartRiverside-approved tenant improvements. Grants will be awarded on a first come, first serve basis and are in all cases contingent upon the availability of funds. Grants will be disbursed as reimbursements only. Recipients must show receipts and document work performed.
To apply for a grant under the SmartRiverside Tenant Improvement Program, a potential recipient must meet the above eligibility criteria and complete and submit the Tenant Improvement Application, which can be downloaded from the SmartRiverside website.
Along with the Application, the applicant should include three (3) letters of support. The completed Application and supporting letters must be submitted to:
Tenant Improvement Program
3900 Main Street, 5th Floor
Riverside, CA 92522
1. Once the Application has been submitted, the SmartRiverside Tenant Improvement Program Advisory Board (“Advisory Board”) will review the Application and, within sixty (60) days from the date of submittal, either (i) forward it to the Board of Directors with a recommendation for approval, or (ii) deny it. The applicant may be asked to make a presentation to the Advisory Board or Board of Directors.
2a. If recommended for approval by the Advisory Board, the Advisory Board will make a formal recommendation for funding at the next scheduled Board of Directors meeting. No grant will be awarded unless and until the Board of Directors has, in its sole discretion, approved the Application.
· The applicant will be notified within one (1) week following the Board of Directors’ action (approval or denial) regarding the Application.
· If approved, the applicant will have one (1) calendar year from notification of approval to submit a copy of the SmartRiverside Tenant Improvement Program Reimbursement Form (with copies of installation contracts and receipts for all SmartRiverside-approved tenant improvements).
2b. If denied by the Advisory Board, a denial letter will be sent to the applicant within thirty (30) days of denial. A denial by the Advisory Board will be final unless the applicant demonstrates changed circumstances.
2c. An applicant must continuously operate its business within the City of Riverside for at least five (5) years following the date of the date of the first disbursement of the grant. If this obligation is not met, the grant recipient may be required to reimburse SmartRiverside an amount equal to 20% of the grant award for each unfulfilled year (or portion thereof) remaining in the five-year commitment period.
2801 Hulen Place
Riverside, CA 92507