SUBJECT/RECOMMENDATION:
Title
Approve an increase to the maximum award amount for the North Greenwood Commercial Grant Program from $75,000.00 to $100,000.00.
Body
SUMMARY:
The North Greenwood Commercial Grant Program was established to encourage reinvestment in commercial properties, support small businesses, and stimulate economic activity within the North Greenwood CRA. The program currently allows for a maximum grant award of $75,000 per eligible project. Since implementation, staff has seen increased construction costs, higher material and labor expenses associated with commercial rehabilitation and build-out projects.
Increasing the maximum grant award from $75,000 to $100,000 would allow the program to better respond to current market conditions and provide sufficient gap financing for higher-impact commercial projects. This adjustment would improve the program’s competitiveness, encourage greater private investment, and support the CRA’s broader objectives of strengthening commercial corridors and expanding economic opportunities in North Greenwood.
The proposed increase would not alter program eligibility criteria, reimbursement requirements, or oversight processes. All grant awards would continue to be subject to available funding and administrative approval in accordance with established CRA policies.
STRATEGIC PRIORITY:
2.1 Strengthen public-private initiatives that attract, develop, and retain diversified business sectors.
2.2 Cultivate a business climate that welcomes entrepreneurship, inspires local investment, supports Eco-friendly enterprises, and encourages high-quality job growth.
2.3 Promote Clearwater as a premier destination for entertainment, cultural experiences, tourism, and national sporting events.
3.1 Support neighborhood identity through services and programs that empower community pride and belonging.
