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.
Nazak Holdings, LLC owns the subject property located at 611 North Magnolia Avenue, Orlando, Florida 32801 for which Ali Behzadi, D.M.D., PLC d/b/a/ Magnolia Dental Center has applied for assistance under the Program. Work to be covered using Program funds will apply to the following façade components: concrete trellis, beams, masonry, stucco, doors, curbs, and sidewalks.
The Program provides an opportunity for the Downtown 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 CRA. The applicant's total capital investment for the project is estimated at more than $700,000. When accounting only for those items that can be covered by the Program, the estimated cost to the applicant is $54,485, which is the lowest of three contractor estimates provided, thus they are eligible for funding assistance up to $20,000.
The Downtown Façade Grant Review Committee convened on June 17, 2015 and made a recommendation of approval for funding assistance of up to $20,000.00 to be used towards the proposed improvements to 611 North Magnolia Avenue, Orlando, Florida 32801. |
Recommended Action:
Approval of the Downtown Façade and Building Stabilization Program Funding Agreement between the Community Redevelopment Agency, Ali Behzadi, D.M.D., PLC d/b/a/ Magnolia Dental Center and, Nazak Holdings, LLC for 611 North Magnolia Avenue, Orlando, Florida 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. |