For Fiscal Year Ending 2019, the CRA board approved three new business incentive grants. One such grant, Commercial Interior Building Out, was designed to assist with interior renovations where costs to improve the property served as a deterrent for the investor. And if the space was not improved, the property would continue to sit idle for a considerable period, resulting in further erosion of the property's taxable value.

A completed application has been submitted for approval by the CRA board for the funding of interior renovations for a new restaurant and entertainment venue called "The Social". The firm is a collective of business professionals joined in partnership who have invested over $51,000 in interior real property improvements to the former Vincenzo's, which has sat idle for several years.

The purpose of these grant funds is to serve as a matching incentive so the location does not further deteriorate. And as a result of the available funds, these entrepreneurs have gathered their skills and investments to bring this property back to life.

The grant application requires that the investors meet certain criteria that benefit not only the taxable value and diversity of the downtown business mix, but serves as a benefit to residents. Staff have evaluated the application, taking into consideration the criteria set forth and have recommended approval of the matching grant. 

Additionally, besides the benefit of another new restaurant and a menu different from nearby establishments, The Social has created 32 new jobs. This is significant in that younger residents, looking for their first job, or students earning after school or weekends wages, do not have to leave town to work. Additionally, The Social, will serve to introduce our city to people throughout the Tampa Bay area.