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 Hollywood 26, LLC For On-Site Improvements To The Property Located At 2024 & 2026 Hollywood Boulevard In A Total Grant Amount Not To Exceed $75,000.00.
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 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.
Yaniv Sananes, as a duly authorized representative of Hollywood 26, LLC (“HWD 26”) has submitted an application in accordance with the PIP requirements.
HWD 26 intends to improve the appearance of the commercial building located at 2024 & 2026 Hollywood Blvd, within the Downtown District of the CRA. The scope of work is as follows: new exterior painting and stucco, new impact windows and doors, complete resurfacing, restoration, and restriping of the parking areas adjacent to the property, New Awning, Lighting, Signage, New AC, Structural repairs & reinforcements to accept new storefronts.
CRA staff has reviewed the applications in accordance with the PIP guidelines and has determined that the applications submitted by the HWD 26 meets the eligibility criteria for grants under the PIP Program.
The total project cost for the 2024 & 2026 Hollywood Blvd building is estimated at $168,475.00 the grant amount for this project will not exceed $75,000.00, making the CRA’s contribution approximately 45% of the total cost.
HWD 26 will expend these monies on the project, and the grants will be distributed upon completion of improvements.
Fiscal Impact:
Funding for this PIP agreement has been appropriated and exists in the Downtown CRA operating budget, account number 166.668602.55200.548640.000000.000.000 (Property Improvement Program).
Recommended for inclusion on the agenda by:
Jorge Camejo, CRA Executive Director