Submitted By: Roberto Ellis
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Presentation By: Aubrey Hale
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Department: Growth Management
STAFF RECOMMENDATION (Motion Ready):
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Approve revisions to the East Ocala Community Redevelopment Agency subarea and North Magnolia Community Redevelopment Agency subarea residential grant programs
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OCALA'S RELEVANT STRATEGIC GOALS:
Quality of Place, Economic Hub
PROOF OF PUBLICATION:
N/A
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BACKGROUND: One of the statutory functions of a Community Redevelopment Agency (CRA) is to undertake activities that facilitate the redevelopment and improvement of properties. Incentive programs aimed at encouraging private investment into properties have proven to be a successful activity to carry out this redevelopment function. The intent of the CRA residential grant programs is to encourage homeowners to make improvements that add value to the CRA, increase safety, and reverse deteriorating trends in certain neighborhoods. Preserving and increasing the supply of appropriately maintained housing is an important element in improving affordability while curbing blight.
FINDINGS AND CONCLUSIONS: The respective frameworks for the Residential Property Improvement Grant in the North Magnolia subarea and East Ocala subarea are attached. Property owners are faced with higher project costs due to a significant increase in building materials and construction costs in recent times.
The revised frameworks reflect the increased scope of work and intended impact of available incentives. The frameworks set out the proposed eligible work elements to be added and maximum grant that will be offered. The CRA will use its funding to leverage more investments from the property owner/applicant on a single project with these changes.
The North Magnolia Advisory Committee met on February 13, 2024, and recommended approval of the revised framework. The East Ocala Advisory Committee met on February 28, 2024, and recommended approval of the revised framework.
FISCA...
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