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 North Magnolia 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. 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 ...
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