Title
A Resolution Of The Hollywood, Florida Community Redevelopment Agency ("CRA"), Approving And Authorizing The Appropriate CRA Officials To Execute A Hotel Improvement Program Grant Agreement With Reed Investment Corp. For On-Site Improvements To The Property Located At 1711 S Surf Road In A Total Grant Amount Not To Exceed $63,000.00.
Strategic Plan Focus
Economic Vitality
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
In 2006, the CRA Board passed and adopted Resolution No. R-BEACH-CRA-2006-22, established the Hollywood CRA Hotel Improvement Program ("HIP") which provides for the use of tax increment funds to induce private investment that results in quality improvements and enhancements to small lodging business-use properties located in the Beach District of the CRA.
The HIP is a comprehensive program with eligibility guidelines and specific criteria.
Eduardo Rodriguez, as a duly authorized representative of Reed Investment Corp. has submitted an application in accordance with the HIP requirements.
Reed Investment Corp. intends to improve the appearance of the commercial building located at 1711 S Surf Road, within the Beach District of the CRA. The scope of work is as follows: new exterior painting stucco and sealing, replacing of the tile flooring throughout the exterior stairs and corridors, new railings, new signage, new impact windows and doors, new parking lot gates, landscaping throughout the property, repair of the roof's fascia, and installation of pavers on the south parking area.
CRA staff has reviewed the applications in accordance with the HIP guidelines and has determined that the applications submitted by the Reed Investment Corp. meets the eligibility criteria for grants under the HIP Program.
The total project cost for the 1711 S Surf Road building is estimated at $189,000.00. The grant amount for this project will not exceed $63,000.00, making the CRA's contribution approximately 33% of the to...
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