Downtown Commercial and Residential Building Improvement Program offers a three (3) 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 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. The Robert E. Clark, II Family Trust owns property located at 805 W. Central Boulevard and has applied for assistance under the Program for façade and building stabilization improvements, including Painting, Electrical, Plumbing, HVAC and Life Safety Improvements.

The Program provides an opportunity for the CRA to reimburse up to 50 percent of the project cost, based upon the lowest estimate, but not to exceed $120,000, for eligible properties making both façade and building stabilization improvements to commercial buildings within the Parramore Heritage Area of the Downtown Orlando CRA. The owner's capital investment for the proposed improvements is estimated at $265,130, which is the lowest of three contractors' estimates provided, thus they are eligible for funding assistance up to $120,000. The Downtown Commercial and Residential Building Improvement Grant Review Committee convened on August 25, 2021 and made a recommendation of approval for funding assistance of up to $120,000, toward the proposed improvements at 805 W. Central Boulevard.

Fiscal impact statement attached.

Approving the Downtown Commercial and Residential Building Improvement Program Funding Agreement between the Community Redevelopment Agency and Robert E. Clark, II Family Trust for 805 W. Central Boulevard and authorizing the Chair of the CRA and Executive Director to execute the Funding Agreement, subject to review and approval of the City Attorney's Office.