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 new East Ocala CRA Historic Building 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 currently has two building improvement grant programs available for property owners. For residential properties, there is a paint grant of up to $2,000. For commercial properties, there is a grant for exterior improvements of up to $10,000. One particular need that is not adequately addressed by these grants involves restoration and renovation work on historic buildings.
At the present time, there is not a grant program in the City for the restoration or renovation of historic buildings. The East Ocala CRA subarea includes the Tuscawilla Park Historic District and the portion of the Ocala Historic District along and north of E. Fort King Street. Since the cost of restorations and renovations to historic properties are much higher, the East Ocala CRA Advisory Committee and staff are recommending that grant opportunities for qualified historic properties be increased. Qualified historic properties would be eligible for up to a $25,000, 50% matching grant.
As there would not be enough funding to address the needs of all buildings in the initial year of this program, the proposed program prioritizes the oldest buildings, which would typically be most in need of work. For the purpose of this grant, historic properties are defined as being built prior to 1922 (100 years or older), have retained much of their historic architectural integrity, and are or could be considered contributing historic structures. The properties are primarily commercial uses but there are also some residential. As expected, the historic properties were located near the downtown area.
FINDINGS AND CONCLUSIONS:
The East Ocala CRA Advisory Committee discussed this proposed program at their meetings from October 2021 to March 2022. A needs assessment was done by a mail out to potential eligible properties.
The new East Ocala Historic Properties Grant Program framework is intended to encourage restoration and renovation of historic properties to ensure their continued preservation. 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. Additional funding is being requested in the FY 23 budget to continue all East Ocala grant programs.
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
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ALTERNATIVE:
• Approve
• Approve with changes
• Deny
• Table