Submitted By: Tye Chighizola
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Presentation By: Tye Chighizola
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Department: Growth Management
STAFF RECOMMENDATION (Motion Ready):
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Approve revisions to the East Ocala Community Redevelopment Area (CRA) Residential Paint Grant Program
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OCALA’S RELEVANT STRATEGIC GOALS:
Quality of Place, Economic Hub
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
The East Ocala CRA Residential Paint Grant program was initiated in November 2019. The purpose of the grant program is to encourage owner-occupants of single-family homes within the East Ocala Community Redevelopment Area (CRA) to improve the exterior of their properties, thereby reducing blighted conditions and improving the aesthetics of the neighborhood. The maximum grant is $1,000, $500 for materials if the owner paints the home, with a required 50% match.
For various reasons, there has been limited participation in the program. Five applications were submitted but only two projects were completed. Therefore, the program did not have the impact that was expected. The Advisory Committee finds there is still a need for the program and as such recommends the grant program be revised to make the terms more appealing and available to more property owners. The revisions involve: (1) making the program available to rental properties, (2) increasing the maximum grant amount from $1,000 to $2,000, (3) reducing the applicant match requirement from 50% to 25%.
FINDINGS AND CONCLUSIONS:
The East Ocala CRA Advisory Committee recommended approval of the proposed revisions at their October 27, 2021 meeting. The revisions to East Ocala Residential Paint Grant Program framework are intended to encourage improvements to the exteriors of residential properties to increase their visual appeal to consumers, investors, and visitors. It aims to increase ad valorem revenues through incentivizing further investment, thereby increasing property values. Just as disinvestment tends to depress property values and discourage further investment in the area, investment in tangible exterior improvements increases property values and prospects for future development.
FISCAL IMPACT:
There is no fiscal impact at this time, as the program will be funded from the grant account, 620-016-559-559-55-82010, which currently has a balance of $133,832. This balance includes $50,000 in the FY 22 budget and $83,832 rollover from the FY 21 budget. Twenty thousand ($20,000) of the $133,832 will be set aside for this program.
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
N/A
ALTERNATIVE:
• Approve
• Approve with changes
• Deny
• Table