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.
Avex Holdings, LLC has applied for assistance under the Program for facade improvements to the property located at 24 East Washington Street, Orlando, Florida 32801 which is within the Central Business District Planning Area. Funding would be used for signage, painting, and repairs to stucco and wood around the building’s exterior.
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 building improvements is estimated at $10,631.51, which is the lowest of three contractor estimates provided for the above mentioned improvements, thus they are eligible for funding assistance of up to $5,315.76.
The Downtown Façade Grant Review Committee convened on March 8, 2016 and recommended approval for funding assistance of up to $5,315.76 toward the proposed improvements to 24 East Washington Street, Orlando, Florida 32801.
Approval of the Downtown Façade and Building Stabilization Program Funding Agreement between the Community Redevelopment Agency and Avex Holdings, LLC for 24 East Washington 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.