CITY OF ORLANDO
COUNCIL AGENDA ITEM

Items Types:
Community Redevelopment Agency (CRA) 		For Meeting of:
February 8, 2016
District: 5 From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: No
Subject:
Downtown Facade and Building Stabilization Program Funding Agreement between the Community Redevelopment Agency and Nikki’s Place, Inc. for 742 West Carter Street, Orlando, FL 32805.
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 ("Dowtown 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.
Nikki’s Place, Inc. has applied for assistance under the Program for stabilization improvements to property located at 742 West Carter Street, Orlando, FL 32805, which is located within the Parramore Heritage Area. Funding would be used towards heating and cooling, plumbing, and electrical systems.
The Program provides an opportunity for the CRA to reimburse up to 50 percent of the project cost, based upon the lowest estimates, but not to exceed $40,000.00 for eligible properties making stabilization improvements to commercial buildings within the CRA’s Parramore Heritage Area. The applicant's capital investment for the proposed improvements is estimated at over $13,820.34, which is the lowest of three contractor estimates provided for heating and cooling, plumbing, and electrical systems, thus they are eligible for funding assistance of up to $6,910.17. 
The Downtown Façade Grant Review Committee convened on January 13, 2016 and made a recommendation of approval for funding assistance of up to $6,910.17 toward the proposed improvements to 742 West Carter Street, Orlando, FL 32805.
 
Fiscal & Efficiency Data: Attached.
Recommended Action:
Approval of the Downtown Façade and Building Stabilization Program Funding Agreement between the Community Redevelopment Agency and Nikki’s Place, Inc.  for 742 West Carter Street, Orlando, FL 32805, subject to review and approval of the City Attorney's Office, and authorizing the Chair of the CRA and Executive Director to execute such Funding Agreement.
Agenda Item attachment(s) on file in the City Clerks Office.
Note: All agenda items must be in the City Clerk's office by Noon Friday, six(6) business days prior to the regular Monday City Council meeting.
Contact:
Approved By:

Department Date and Time
Budget Outside Routing Approval 1/29/2016 4:37 PM
Real Estate and Finance Attorney 1/30/2016 12:44 AM
City Clerk 2/1/2016 11:19 AM
ATTACHMENTS:
Name: Description: Type:
Nikkis_Place_Facade_and_Stabilization_App_Package.pdf Nikkis Place Facade and Stabilization App Package Backup Material
Nikkis_Place_Fiscal_Impact_Statement.pdf Nikkis Place Fiscal Impact Statement Backup Material
DFBSP_Agrmt_-_Nikki_s_Place_$6_910.pdf DFBSP Agrmt - Nikki's Place $6,910 Backup Material
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