Submitted By: Roberto Ellis
presenter
Presentation By: Roberto Ellis
end
Department: Growth Management
STAFF RECOMMENDATION (Motion Ready):
title
Approve revisions to the Community Redevelopment Agency North Magnolia subarea commercial property improvement grant program
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. The intent of the North Magnolia Commercial Property Improvement Grant Program aligns with Goal 4 of the North Magnolia Redevelopment Plan, which aims to maintain an economically sound industrial and business area. A key objective of this goal is to enhance the commercial tax base, promote business development, and increase employment opportunities by encouraging and facilitating the reuse of vacant and underutilized commercial buildings for viable businesses.
Staff proposes the following changes to the North Magnolia Commercial Property Improvement Grant Program (Program):
1. Increasing the maximum grant from $10,000 to $20,000.
The revised framework reflects the maximum grant that will be available, pending approval. Please refer to the attached documents.
FINDINGS AND CONCLUSIONS:
• Since 2014, the CRA has offered grants to encourage North Magnolia business owners to improve building facades and sites. Enhancing the physical appearance of buildings will attract and retain business operations, prevent property value deterioration, and foster growth.
• The commercial grant was last modified in 2016; since then, the cost burden for property improvements has increased. Staff is proposing to double the current grant of $10,000 for a new maximum grant of $20,000. According to the U.S. Bureau of Labor Statistics (2025), the prices of materials and components for construction have increased by an average of 39 percent since 2020.
• The proposed amendment to the program is a necessary component of the comprehensive revitalization strategy for the subarea. Increasing the maximum grant is expected to positively impact program demand, allowing for more comprehensive improvements to property.
• Use of the CRA funds for this grant program is appropriate and consistent with the North Magnolia Community Redevelopment Plan.
o Goal 4, Strategy 4.1.2 - Incentive programs may be developed to encourage building and property improvements. Grant programs may be established to improve building conditions, both interior and exterior, for business expansion, and for the change of use of a building.
• The North Magnolia CRA Advisory Committee met on January 30, 2025, and recommended approval of the revised framework.
• If approved, staff will make the revised grant application available to the community via the City’s website and online application platform CivicServe.
FISCAL IMPACT: There is sufficient funding in the North Magnolia CRA grant account 622-016-553-559-55-82010. Grants are paid as a reimbursement when projects are completed and the applicant’s investment is verified.
PROCUREMENT REVIEW: N/A
LEGAL REVIEW: N/A
ALTERNATIVE:
• Approve with changes.
• Table
• Deny