The Commercial Real Estate Redevelopment Grant is a CRA program that serves to support private sector redevelopment projects with a $500,000 minimum in capital investment. The objective of this program is as follows:
- Ensure redevelopment continues, including rehabilitation and renovation of the City’s existing larger, older commercial buildings and to improve building infrastructure
- Assist existing businesses relocating to a more suitable location and allow for re-merchandising of vacated space.
- Support property owners and listing realtors in obtaining the highest and best use of vacant and semi-occupied properties.
- Eliminate blighted commercial properties and to offset costs of such upgrades as; ADA, building code, sprinkler systems, egress, and parking.
- Attract private sector investment.
- Grow employment and business opportunities to sustain the economic health of New Port Richey and enhance the quality of life for residents.
The Commercial Grant Program is designed to support difficult redevelopment projects. Since not all redevelopment obstacles are the same, this program allows the CRA the flexibility to choose from a variety of options to facilitate projects that would not happen without CRA assistance at some level. Grant funds will target four specific elements of a redevelopment project.
- Purchase and/or significant upgrade of commercial properties.
- Improvements to leasehold spaces in a comprehensive manner so the building can be prepared for multiple tenants, and/or anchor tenants.
- Redesign of the building facade and exterior grounds.
- Jobs creation and business growth loan program
Applicants must submit a site plan and project narrative and will be evaluated on the following criteria:
- Economic benefit to the surrounding properties and redevelopment district.
- Increase in the taxable ad valorem value of the property
- Amount of square footage improved
- How the redevelopment project will spur additional private investment
- Will the project have a substantial visual impact
- Job creation and retention
- Elimination of slum and blight
- Track record and credit scoring of the firms involved.
Grant funds shall be capped at 20% of the overall cost of the redevelopment project and limited by the amount budgeted in the CRA each year.
Each grant award is subject to approval by the CRA board.
RECOMMENDATION:
Approval of the Commercial Real Estate Redevelopment Grant Program
BUDGET / FISCAL IMPACT:
$100,000 is available in FYE 2017 Grant Program.