Widow Fletcher's LLC submitted a partial application for our Real Estate Redevelopment Grant in March of 2020 for the property located at 4927 US Highway 19 (formerly known as Leverocks).  The application contained a “Total Project Cost” amount of $2,450,000 but was missing the necessary bid documents to support the budget total.  The grant request was for a $490,000 grant.   

The total expenditures submitted at the completion of the project were $2,272,424.43.  However, this total included some expenses that were ineligible and some instances in which invoices and payments did not match.  The adjusted total is $1,961,761.89.

The New Port Richey CRA Commercial Real Estate Redevelopment Grant requires a minimum investment of $500,000.  The program provides for a reimbursement of eligible expenditures with a ratio of $1 of CRA funds for every $5 of private investment.  The program award is capped at $100,000.  

Due to the catalytic effect of this project and the significant investment of the applicants, staff feels this project warrants lifting the cap on the grant amount and award the 20% of eligible costs.  The "Jobs Creation" loan requested would be included in this total as part of the grant, rather than a loan.