Economic Development Programs

The mandate of the Economic Development Committee is to create business development, recruitment, retention, and expansion programs to foster retail, restaurant and service business growth in Downtown Hampton. In addition, implement programs that will create a strong Downtown community and provide support in the implementation of the Downtown Hampton Master Plan.

The BID strives to bring about, encourage, and sustain the economic revitalization of Downtown Hampton, in what ever form that may take. The BID envisions Downtown as being a charming waterfront village and a destination for every tourist and visitor.

The DHDP Economic Development Committee has developed many incentive programs for Downtown Hampton Property Owners. The DHDP staff looks forward to working with you; please contact Sherry Spring at 727-1271 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it for more information.

Economic Development Incentives For Downtown Hampton

Incentive #1 Rent Assistance Program

Is designed to promote and encourage the recruitment of retail (including restaurants) tenants on the first floor, storefronts, of existing buildings downtown. This incentive provides cash grants to property owners to assist in the buy down of lease rates to attract new retail tenants or the expansion of existing retail tenants to the ground floor of downtown buildings.

Eligible properties: All properties located within the Business Improvement District who are current on BID tax payments.

Program administration: The Downtown Hampton Development Partnership (DHDP) administers this program. The Economic Development Committee reviews and approves all applications for financial assistance.

Program details: The DHDP will provide the property owner no greater than 20% of the annual rent up to $5,000 for the first year of occupancy as long as the retail tenant remains in the building during this period. This program provides a one-time grant for new retail businesses and existing business expansions. The rent rate must be in keeping with average rent per square foot for downtown properties. To receive this assistance, the legal property owner must request and complete an application and attach a copy of the lease agreement with the new tenant. Applicants must furnish a list of all their current business partners and staff members, be financially stable and not owe any back taxes. This program was approved and funded beginning July 1, 2007 and will be replenished on a fiscal year basis. Incentives will be provided until the funds are depleted. Property owners will be considered on a first come first serve basis and must contact the DHDP with their interest to participate in this program so their property can be marketed for retail tenants.

Incentive #2 Property Improvement Incentive

Is designed to promote and encourage retail recruitment (including restaurants) and retention by providing assistance to property owners for facade improvements, renovations, new signage, landscaping and/or build outs to attract new tenants.

Eligible properties: All properties located within the Business Improvement District who are current on BID tax payments and have qualified for the Hampton Neighborhood Retail Revitalization Program (see attached) through the Department of Economic Development. The building must be a stand-alone existing building or redevelopment project – less than 50,000 square feet with a retail component.

Program details: Once the property owner has been approved for the Hampton Neighborhood Retail Revitalization Program through the Department of Economic Development, the DHDP will review and consider funding to assist in the buy-down costs for the property owners portion of the matching grant through the City. If approved, the DHDP will provide .50 cents for every dollar the property owner spends on façade improvements or other projects listed in the first paragraph above up to $5,000. This program was approved and funded beginning July 1, 2007 and will be replenished on a fiscal year basis. Incentives will be provided until the funds are depleted. Property owners will be considered on a first come first serve basis and must contact the DHDP with their interest to participate in this program so their property can be marketed for retail tenants.

Incentive #3 The Downtown Hampton Retail Leasing Program

1. The company whose agent brings the retail tenant to the first floor space will receive a finder’s fee equal to the entire commission being paid by the property owner not to exceed $1,200. Such amount to be paid upon tenant’s opening for business or tenant’s rent commencement. The commissions will only be paid to licensed commercial real estate agents. The Economic Development Committee must approve all payouts. In the case of a dispute, the decision of the DHDP Board of Directors is final.

2. Only properties within the downtown BID will be eligible. No commission will be paid out for properties where the BID tax payment is not current. The Partnership will maintain a list of eligible properties on its website and will make that list available to any agent asking for it.

3. All businesses must also qualify operationally and financially through evidence of 1) another business in operation in another location, 2) a proven ability to operate a business, and/or 3) a business plan with demonstrated financial wherewithal to operate for two years. The DHDP Board of Directors reserves the right to make exceptions to the list of qualified businesses.

Incentive #4 The Downtown Hampton Office Leasing Program

1. The company whose agent brings the office tenant with at least a 3-year lease agreement to the second and above floor space will receive a finder’s fee equal to the entire commission being paid by the property owner not to exceed $1,200. Such amount to be paid upon tenant’s opening for business or tenant’s rent commencement. The commissions will only be paid to licensed commercial real estate agents.

4. The finding agent and the listing agent may not be the same person. Realtors must provide proof they received a commission and that they found the tenant. The proof can be a signed and dated contract indicating the realtor received a commission or a letter from the tenant or listing agent verifying that the leasing (finding) agent found the tenant and the size of the commission. The DHDP reserves the right to verify any and all information. The Economic Development Committee must approve all payouts. In the case of a dispute, the decision of the DHDP Board of Directors is final.

Incentive #5 Downtown Hampton Co-op Advertising Grant Program

Purpose: Is a grant developed to assist Downtown businesses with advertising and promotional activities. Funds will be allocated quarterly to this program to enable more participation throughout the fiscal year. Applications will be reviewed for approval in the order of which they are received and funding will be provided until quarterly allocations are depleted.

Grant: A maximum quarterly grant of $500 for multiple advertising/marketing projects.

Qualification Requirements:

1) Limited to businesses located in the Downtown Business District.

2) Application must be submitted.

3) Funding cannot exceed 25% of the total advertising costs.

4) Advertisement design should incorporate the Downtown logo.

Financial Value of Incentive:

Grants up to $500 for one or more projects per quarter with DHDP approval.

Incentive #6 Downtown Public Space Improvement Grant

This program is designed to provide assistance to property owners or business owners for exterior facade improvements, new signage and/ or landscaping.

Eligible properties: All properties located within the Business Improvement District that are current on BID tax payments. This program is not limited to retail businesses. All businesses in the BID are eligible for this program.

Applications: Applicants must complete an application form available at any time from the DHDP. Applications must come from the owners of the property address proposed to be improved, or the applicant must submit evidence that the property owner has given his/her permission for the improvements to be made. A quote for the proposed project and photographs of the area identified for improvement must be attached to the application. Applicants must provide color schemes if painting is being proposed, and material specifications to be used. Photographs of the improvements made must be submitted prior to reimbursement of DHDP funds.

Program administration: The Downtown Hampton Development Partnership (DHDP) administers this program. The Public Space Improvements (PSI) Committee reviews and approves all applications for financial incentives.

Program details: The DHDP PSI Committee will review and consider funding to assist in the buy-down costs for the property owners or business owners. If approved, the DHDP will reimburse $0.50 for every dollar the property owner spends on facade improvements, landscape improvements or other projects listed in the first paragraph up to a maximum of $2,000.