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.
Ace Orlando, LLC has applied for assistance under the Program for facade improvements to the property located at 100 West Livingston Street, Orlando, Florida 32801, which is owned by Jain West Livingston Avenue, LLC and is located within the Central Business District Planning Area. Funding would be used for signage.
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 $20,000.00 for eligible properties making facade improvements to commercial buildings within the CRA’s Central Business District Planning Area. The applicant's capital investment for the proposed signage package is estimated at $54,959.00, which is the lower of two contractor estimates provided for the signage package, thus they are eligible for funding assistance of up to $20,000.00. Ace Orlando, LLC’s overall investment at the site is estimated at over $11,000,000.
The Downtown Façade Grant Review Committee convened on February 1, 2016 and recommended approval for funding assistance of up to $20,000.00 toward the proposed improvements to 100 West Livingston Street, Orlando, Florida 32801.and that an exception be made to the program guidelines for signage due to the substantial investment and improvements being made on the property.
Approval of the Downtown Façade and Building Stabilization Program Funding Agreement between the Community Redevelopment Agency, Ace Orlando, LLC, and Jain West Livingston Avenue, LLC for 100 West Livingston Street, 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.