SUBJECT/RECOMMENDATION:
Title
Approve a Business Renovation Grant for The Nash Keys located at 520 Cleveland Street, Captains Lounge located at 522 Cleveland Street, and Prelude Sports Bar located at 528 Cleveland Street in an amount not to exceed $900,000 and authorize the appropriate officials to execute same.
Body
SUMMARY:
The Clearwater Downtown area is currently experiencing a significant need to fill vacant units and activate the downtown space to stimulate economic growth and community engagement. A vibrant downtown is crucial to the overall health of the City of Clearwater, as it serves as the heart of economic and social activities, attracting residents, businesses, and tourists. Active downtowns contribute to the city’s identity, offer diverse amenities, and provide opportunities for local businesses to thrive.
CRA staff recommends the approval of a $900,000 Business Renovation Grant for the businesses located at 520, 522, and 528 Cleveland Street. These units are to house the expansion of The Nash Keys Dueling Piano Bar & Restaurant, The Captain’s Lounge, and Prelude Sports Bar business developments. The grant is intended to reimburse eligible construction costs incurred by the business owner and support future expenses necessary for the completion of these projects.
The Business Renovation Grant Program is designed to assist business owners with funding to renovate downtown units. This program aligns with the Downtown Community Redevelopment Area Plan goals to revitalize downtown Clearwater by encouraging the establishment of new businesses and improving existing ones.
The grant will cover eligible expenses retroactive to the issuance date of the primary construction permits, contingent upon final grant funds being dispersed after obtaining certificates of occupancy. The grant funds will assist in covering up to $900,000 of the approximately $1,628,700 of grant eligible construction expenses from a total project cost of approximately $2,500,000.
Upon approval, CRA staff will work with the owners of The Nash Keys, Captains Lounge, and Prelude Sports Bar to enter into a grant agreement, that specifies the terms and conditions for accessing the grant funds in increments. All necessary construction estimates, budgets, invoices, and requested documentation must be submitted and reviewed by staff before disbursement of the funds.
Examples of Eligible Expenses (not limited to the following):
• Interior Improvements: electrical/plumbing upgrades, HVAC systems, ADA accessibility, structural stabilization, interior walls, paint, and fixtures, floors, etc.
• Exterior Improvements: repair of exterior walls, exterior painting, signage and lighting, ADA accessibility, etc.
APPROPRIATION CODE AND AMOUNT:
Funding for this grant in the amount of $900,000 is available in R2003- Economic Development-City.
STRATEGIC PRIORITY:
2.1 Strengthen public-private initiatives that attract, develop, and retain diversifed 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 entertrainment, cultural experiences, toursim, and national sporting events.
3.1 Support neighborhood identity through services and programs that empower community pride and belonging.