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.
Parramore Place LLC has applied for assistance under the Program for façade and stabilization improvements to the property located at 436 South Parramore Avenue, Orlando, FL 32805, which is located within the Parramore Heritage Area. Funding would be used to remove and replace doors, fix windows, stucco and paint, install lighting, change awnings, remove and replace the HVAC unit, replace fencing, and make improvements to the parking area.
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 $40,000.00 for eligible properties making façade and stabilization improvements to commercial buildings within the CRA’s Parramore Heritage Area. The applicant's capital investment for the proposed improvements is estimated at $21,470.00, which is the lowest of three contractor estimates provided for the above referenced improvements, thus they are eligible for funding assistance of up to $10,735.00.
The Downtown Façade Grant Review Committee convened on March 25, 2016 and made a recommendation of approval for funding assistance of up to $10,735.00 toward the proposed improvements to 436 South Parramore Avenue, Orlando, FL 32805.