Submitted By: Roberto Ellis
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Presentation By: Roberto Ellis
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Department: Growth Management
STAFF RECOMMENDATION (Motion Ready):
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Approve revisions to the Community Redevelopment Agency West Ocala subarea commercial property improvement 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: One of the statutory functions of a Community Redevelopment Agency (CRA) is to undertake activities that facilitate the redevelopment and improvement of properties. CRA commercial grant programs intend to encourage business owners to make improvements that add value to the CRA, increase business activity, and reverse deteriorating trends along key corridors and target areas.
Staff proposes the following changes to the West Ocala Commercial Property Improvement Grant Program (Program):
1. Increasing the maximum grant from $15,000 to $50,000.
2. Adding new construction on vacant property as an eligible work element.
The revised framework reflects the increased scope of work and maximum grant that will be available, pending approval. These changes will enable the CRA to utilize its funding to attract additional investment from property owners or applicants for individual projects.
FINDINGS AND CONCLUSIONS:
* This commercial grant was created in February 2018 to encourage business owners to improve building facades and sites. 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 blighted West Ocala properties.
* Property owners interested in undertaking projects that may not qualify as catalytic would be encouraged to develop vacant properties within the subarea. Currently, the framework only considers improvements to existing buildings. Per Goal 1 of the West Ocala Community R...
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