Submitted By: Roberto Ellis
presenter
Presentation By: Aubrey Hale
end
Department: Growth Management
STAFF RECOMMENDATION (Motion Ready):
title
Approve a New Construction Incentive Program grant (CRA24-45676) to Eunus Enterprises, LLC for the construction of a 16-unit residential development in the West Ocala Community Redevelopment Agency subarea in the amount of $165,000
end
OCALA'S RELEVANT STRATEGIC GOALS:
Quality of Place, Economic Hub
PROOF OF PUBLICATION:
N/A
body
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 successful in carrying out this redevelopment function. The New Construction Incentive Program (Program) is intended to support projects within the CRA subareas that have the potential for catalytic impact. This program encourages new construction and major redevelopment, applying to the various facets of development.
The program, approved by the CRA Board on August 15, 2023, is flexible in how the funds are disbursed to the applicants, with options for disbursement over three consecutive fiscal years. To be considered for a grant award, the applicant should attain a minimum score of 80 points. The score is determined by the West Ocala CRA Advisory Committee (Advisory Committee).
On April 19, 2024, Eunus Enterprises, LLC (Applicant) applied to the West Ocala CRA New Construction Incentive Program. The grant request was made to support the construction of 16 residential units on a vacant 1-acre portion a property located at 2650 NW 2nd Street. The multifamily units will be available for rent at rates within the workforce and affordable thresholds. The project will contribute to addressing a significant housing deficit across the city.
FINDINGS AND CONCLUSIONS: The project will be constructed at 2650 NW 2nd Street, (Pa...
Click here for full text