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 Oxford Towers, Inc. For On-Site Improvements To The Property Located At 1501 S. Ocean Drive In A Total Grant Amount Up To $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. Michael Rea, as a duly authorized representative of Oxford Towers, Inc. has submitted an application in accordance with the PIP requirements.
Oxford Towers, Inc. intends to improve the appearance of the building located at 1501 S. Ocean Drive, within the Beach District of the CRA. The scope of work is as follows: new exterior painting and stucco, new marine turtle friendly lighting throughout the property, complete resurfacing, restoration, and restriping of the parking areas adjacent to the property.
CRA staff has reviewed the applications in accordance with the PIP guidelines and has determined that the applications submitted by the Oxford Towers, Inc. meets the eligibility criteria for grants under the PIP Program.
The total project cost for the 1501 S. Ocean Drive building is estimated at $4,477,414.43, and the grant amount for this project will not exceed $75,000.00, making the CRA's contribution approximately 2% of the total cost
Oxford Towers, Inc. will expend these monies on the project, and the grants will be distributed upon completion of improvements.
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