Items Types:
Community Redevelopment Agency (CRA)
For Meeting of:
September 8, 2014
District: 5 From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: No

Downtown Facade and Building Stabilization Program Funding Agreement between the Community Redevelopment Agency and AS Peleus, LLC for 221 South Parramore Avenue, Orlando, FL 32805

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.

AS Peleus, LLC owns a property located at 221 South Parramore Avenue, Orlando, FL 32805 and has applied for assistance under the Program for façade improvements.  Work to be covered using Program funds will include pressure washing, painting of the building exterior, and replacement of 54 windows. 

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 $20,000 for eligible properties making façade improvements to commercial buildings within the Downtown Orlando CRA. The owner's capital investment for the proposed improvements is estimated at $49,993.00, which is the lowest of three contractors' estimates provided, thus they are eligible for funding assistance up to $20,000. However, at the completion of repairs, including those which are beyond the scope of the request, AS Peleus, LLC will be investing $156,253 in repairs to the building.

The Downtown Façade Grant Review Committee convened on August 22, 2014 and made a recommendation of approval for funding assistance of up to $20,000 toward the proposed improvements at 221 South Parramore Avenue, 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 AS Peleus, LLC for 221 South Parramore Avenue, Orlando, FL 32805, subject to review and approval of the City Attorney's Office, and authorization for 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.

Approved By:

Department Date and Time
Budget Outside Routing Approval 8/28/2014 4:04 PM
Real Estate and Finance Attorney 8/29/2014 10:21 AM
City Clerk 8/29/2014 10:27 AM

Name: Description: Type:
AS_Peleus_Application_Package_1.pdf AS Peleus Application Package 1 Backup Material
AS_Peleus_Application_Package_2.pdf AS Peleus Application Package 2 Backup Material
AS_Peleus_Application_Package_3.pdf AS Peleus Application Package 3 Backup Material
AS_Peleus_Fiscal_Impact_Statement.pdf AS Peleus Fiscal Impact Statement Backup Material
DFBSP_Agreement_-_AS_Peleus__LLC__20k.pdf AS Peleus Facade Agreement Backup Material

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