Summary:
The Downtown Façade and Building Stabilization Program offers a three-year, interest-free deferred loan for façade and/or building stabilization improvements to existing properties within the Downtown Community Redevelopment Area ("Downtown CRA"). The Program, which was approved by the CRA on July 30, 2012, provides assistance with costs related to exterior physical improvements throughout the entire Downtown CRA, as well as building stabilization improvements within the Parramore Heritage Area of the Downtown CRA. The Program offers matching funds to off-set the costs of eligible improvements.
Gregory S. Reynolds LLC owns a property located at 417 West Robinson Street, Orlando, Florida 32801 for which Global One Networks LLC, the building’s tenant, has applied for assistance under the Program for stabilization improvements. Work to be covered using Program funds will include roof replacement with interior structural repairs, electrical improvements, and mechanical improvements.
The Program provides an opportunity for the CRA to reimburse up to 50 percent of the project cost, based upon the lowest estimate, but not to exceed $40,000 for eligible properties making stabilization improvements to commercial buildings within the Downtown Orlando CRA’s Parramore Heritage Area. The applicant's capital investment for improvements to the property is estimated at $156,642.55, and as a result, they are eligible for funding assistance up to $40,000.
The Downtown Façade Grant Review Committee convened on August 22, 2014 and made a recommendation of approval for funding assistance of up to $40,000 toward the proposed improvements at 417 West Robinson Street, Orlando, Florida 32801.
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Recommended Action:
Approval of the Downtown Façade and Building Stabilization Program Funding Agreement between the Community Redevelopment Agency , Global One Networks LLC, and Gregory S. Reynolds LLC for 417 West Robinson Street, Orlando, Florida 32801, subject to review and approval of the City Attorney's Office, and authorizing the Chairman and Executive Director to execute such Funding Agreement. |