Summary:
The Downtown Commercial and Residential Building Improvement Program (DCRBIP) 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 recently approved by the CRA on June 3, 2019, provides assistance with costs related to exterior physical improvements and/or building stabilization improvements throughout the entire Downtown CRA. The Program offers matching funds to offset the costs of eligible improvements.
14 E Washington LLC has applied for assistance under the Program for façade improvements to the property located at 14 East Washington Street, Orlando, FL 32801. Funding would be used for stucco repair and exterior painting. 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 $80,000.00 for eligible properties making façade improvements to commercial buildings within the Central Business District.
The applicant's capital investment for the proposed improvements is estimated at $50,000 based upon three contractor estimates provided for the above referenced improvements, thus the applicant is eligible for funding assistance of up to $25,000.
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The DCRBIP Grant Review Committee convened on May 27, 2020 and recommended approval for funding assistance of up to $25,000 toward the improvements for window repair and hardscape improvements.
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Recommended Action:
Approval of the Downtown Commercial and Residential Building Improvement Program Funding Agreement between the Community Redevelopment Agency and 14 E Washington LLC for 14 East Washington Street, Orlando, Florida 32801, subject to review and approval of the City Attorney’s Office and authorization for the Chairman of the CRA and Executive Director to execute such Funding Agreement. |