SUBJECT/RECOMMENDATION:
Title
Approve the Commercial Grant Program within the North Greenwood Community Redevelopment Area and authorize the appropriate officials to execute same.
Body
SUMMARY:
The purpose of this item is to request approval for the implementation of the Commercial Grant Program within the North Greenwood Community Redevelopment Area (NGCRA) and to seek an allocation of $833,472 to fund this program.
Program Overview:
The Commercial Grant Program is designed to incentivize commercial property and business owners within the NGCRA to invest in building, structural, and site improvements. By offering grants of up to $75,000, this program aims to enhance the visual appeal and functionality of the area, stimulate economic growth, and create a business-friendly environment.
Key Objectives:
1. Support CRA Plan Implementation: Facilitate the repair and rehabilitation of buildings as per the community redevelopment area plan.
2. Promote Commercial Development: Focus on North Martin Luther King Jr. Avenue, Pinellas Trail, while allowing access to the grant through the redevelopment area.
3. Reduce Blight: Encourage property improvements and the establishment of new businesses to reduce blight.
4. Create Value: Promote a welcoming atmosphere for businesses and residents, improve property values, and increase employment opportunities.
There will be an applicant match and legacy credit for business owners to be able to match grant funds by a percentage based on their years of business ownership, with the potential for a “Legacy Credit” to reduce the match requirement. There is also a Community Service Credit which will waive up to 50% of the match requirement.
Eligible improvements include:
• Interior: Electrical, plumbing, ADA systems, fire suppression, structural stabilization, historical restoration, and more.
• Exterior: Wall repairs, roofing, decorative fencing, signage, lighting, landscaping, and more.
APPROPRIATION CODE AND AMOUNT:
Funding for this program is available from the General Fund (GF) contribution for North Greenwood CRA implementation. A future agenda item will establish the new North Greenwood CRA Fund budget recognizing the GF contribution and Fiscal Year 2024 TIF revenues received. As part of this budget, we will establish all supporting projects for implementation of the CRAs goals.
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.
3.1 Support neighborhood identity through services and programs that empower community pride and belonging.
3.4 Inspire citizen participation through civic engagement and volunteerism to build strong, inclusive, and engaged communities.
