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.
Divest Capital L.C. owns the property at 20-28 South Orange Avenue, Orlando, FL 32801for which Divine &Estes, P.A. has applied for assistance under the Program for façade improvements. Work to be covered using Program funds will include awning removal, replacement and painting of damaged bricks, new exterior lighting, and installation of a canopy, including painting and canopy lights installation.
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 $20,000.00 for eligible properties making façade improvements to commercial buildings within the Downtown Orlando CRA. The applicant's capital investment for the proposed improvements is estimated at $49,015.00, which is the lowest of three contractor estimates provided, thus they are eligible for funding assistance of up to $20,000.00.
The Downtown Façade Grant Review Committee convened on October 9, 2014 and made a recommendation of approval for funding assistance of up to $20,000.00 toward the proposed improvements to 20-28 South Orange Avenue, Orlando, FL 32801.
|
Recommended Action:
Approval of the Downtown Façade and Building Stabilization Program Funding Agreement between the Community Redevelopment Agency, Divine & Estes, P.A., and Divest Capital L.C. for 20-28 South Orange Avenue, Orlando, FL 32801, 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. |