Title
A Resolution Of The Hollywood, Florida Community Redevelopment Agency (“CRA”), Approving And Authorizing The Appropriate CRA Officials To Execute A Property Improvement Program Grant Agreement With Whale Pond II, LLC For On-Site Improvements To The Property Located At 1909 Tyler Street In A Total Grant Amount Not To Exceed $150,000.00.
Strategic Plan Focus
Economic Vitality
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
On February 2, 2011, the CRA Board passed and adopted Resolution No. R-CRA-2011-08, which amended and consolidated the Property Improvement Program for the Beach and Downtown Districts into one comprehensive program. The CRA adopted the Property Improvement Program (“PIP”) to facilitate the upgrading of structures and/or eliminate slum and blighting influences within both districts of the CRA.
The PIP is a comprehensive program with eligibility guidelines and specific criteria.
James Saada, as a duly authorized representative of Whale Pond II, LLC has submitted an application in accordance with the PIP requirements.
Whale Pond II, LLC intends to improve the appearance of the commercial building located at 1909 Tyler Street, within the Downtown District of the CRA.
The scope of work is as follows: new exterior painting and stucco on the second floor, new storefront glazing, and doors, complete renovation to the second story, façade improvements to accommodate the addition of a rooftop event space, and landscaping throughout the property.
CRA staff has reviewed the applications in accordance with the PIP guidelines and has determined that the applications submitted by the Whale Pond II, LLC meets the eligibility criteria for grants under the PIP Program.
The total project cost for the 1909 Tyler Street building is estimated at $2,983,604.78. The grant amount for this project will not exceed $150,000.00, making the CRA’s contribution approximately 5% of the total cost.
Whale Pond II, LLC will expend these monies on the project, and the grants will be distributed upon completion of improvements.
Fiscal Impact:
Funding for the attached agreement have been appropriated and exists in account number 166.668602.55200.548640.000000.000.000 (Property Improvement Program).
Recommended for inclusion on the agenda by:
Jorge Camejo, CRA Executive Director