CITY OF ORLANDO
COUNCIL AGENDA ITEM


Items Types:
Community Redevelopment Agency (CRA)
For Meeting of:
June 19, 2017
District: 5 From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: No

Subject:
Downtown Facade and Building Stabilization Program Funding Agreement between the Community Redevelopment Agency and Steven Jay Wolk for 223-231 Magnolia Avenue, Orlando, Florida 32801.

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 ("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.

Jay Wolk has applied for assistance under the Program for façade improvements to the property at 223-231 Magnolia Avenue, Orlando, FL 32801, which is located within the Downtown Central Business District. Funding would be used for a storefront system with frontage on Magnolia Avenue.

 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 façade improvements to commercial buildings within the CRA’s Planning Area.

The applicant's capital investment for the proposed improvements is estimated at $86,000, based upon three contractor estimates provided for the above referenced improvements, thus they are eligible for funding assistance of up to $20,000.00. 

The Downtown Façade Grant Review Committee convened on May 26, 2017 and made a recommendation of approval for funding assistance of up to $20,000.00 toward the proposed façade improvements to 223-231 Magnolia Avenue, Orlando, FL 32801.

Fiscal & Efficiency Data: Attached.

Recommended Action:
Approval of the Downtown Façade and Building Stabilization Program Funding Agreement between the Community Redevelopment Agency and Steven Jay Wolk, for  223-2312 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.


Agenda Item attachment(s) on file in the City Clerks Office.

Note: All agenda items must be in the City Clerk's office by Noon Friday, six(6) business days prior to the regular Monday City Council meeting.

Contact:
Approved By:

Department Date and Time
Budget Outside Routing Approval 6/8/2017 5:37 PM
Real Estate and Finance Attorney 6/12/2017 10:33 AM
City Clerk 6/12/2017 2:06 PM

ATTACHMENTS:
Name: Description: Type:
DFBSP_Agrmt_-_Steven_Jay_Wolk_-_$20k_(1).pdf DFBSP Agreement_Steven JayWolk Backup Material
Steven_Jay_Wolk_223_Magnolia_Ave_Fiscal_Impact_Statement.pdf FIS Backup Material
223-231_North_Magnolia_Ave_DFBSP_Application.pdf 223-231 North Magnolia Ave DFBSP Application Backup Material

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