Did You Know?
Did you know that the Community Redevelopment
Agency (CRA) has grant funding available for
improve-
ments to property located in the Downtown/City
Center District? In November of 2005, the CRA
Board
approved nine (9) incentive programs to attract
private sector investment to the area and
encourage
aesthetic improvements to the existing
structures and sites. The programs include:
Capital
Improvement Grant Program
This program encourages rehabilitation of
existing commercial properties and provides
funding in the
form of a grant, calculated at 50 percent of the
“interest only” portion of the principle loan
obtained
for rehabilitation or reconstruction of a
project within the
Northwest and Brelsford Park target
areas.
Maximum loan amount is $350,000 from
participating lending institutions.
Contributing
Structure Rehabilitation Grant Program
This grant provides up to $10,000 for each
primary structure and, where applicable, up to
$5,000 for each
accessory structure per parcel, for a maximum
amount of $20,000, provided the overall grant
awarded
does not exceed 85% of total project cost.
Eligibility is limited to ‘contributing’
residential properties
located within the designated
Northwest
Historic District for aesthetic
improvements to the exterior
structure.
Facade and
Exterior Improvement Program
This grant provides 75% of a facade project up
to $10,000; or in a tar-
geted area, provides a maximum contribution of
$20,000 for a project
totaling $25,000 or more. Improvements include
landscaping, awnings,
exterior painting, signage, and any other
approved exterior improve-
ments. This program is targeted to commercial or
mixed-use structures in
the
Northwest neighborhood; Brelsford
Park areas, and properties front-
ing Clematis Street, and more specifically:
Tamarind Avenue, Sapodilla
Avenue and Rosemary Avenue, north of Banyan
Boulevard; and Dixie
Highway, north of Quadrille Boulevard.
Tamarind Avenue
Facade and Exterior Improvement Program
This grant provides 80% of a facade project up
to $7,500. These smaller project improvements
include land-
scaping, awnings, signage, doors, windows, and
painting for commercial properties located on
Tamarind
Avenue, north of Banyan Boulevard.
Housing
Investment Program (HIP)
This incentive program provides development
assistance for residential
projects investing up to $5 million.
Real Estate
Development Accelerator Program (REDA)
This program provides incentives for large scale
projects over $5 million.
Incentives can be used for land markdowns,
infrastructure improve-
ments, tax increment financing, etc.
Relocation and
Development Assistance Incentive Program
This program provides funding to assist with
relocation of businesses for
certain uses and provides incentives for
development including tenant
relocation, acquisition, buildout, and
rehabilitation or renovation of
existing properties within the
Northwest and Brelsford Park target
areas.
Strategic
Investment Streetscape Program (SISP)
This incentive program can be used to assist
with streetscape improvements for
development projects up to $5 million with up to
50 percent of the cost of streetscape
construction within the public right-of-way
being funded.
Strategic
Investment Program (SIP)
This program targets commercial and mixed-use
projects and is based on a formula that
considers the
amount of tax increment generated from each
project up to $5 million.
In addition to the CRA incentive programs, most
of the District is located within the Florida
Enterprise Zone
which offers tax incentives to eligible
properties.
For more information on any of these programs,
contact the CRA at (561) 822-1550.
Tell them
where you saw this information
www.downtownwpb.net
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