AGENDA REPORT
DATE: January 27, 2025
TO: Community Redevelopment Agency of the City of Plant City
FROM: Bill McDaniel, Executive Director
SUBJECT: Revision to the Incentive Grant Guidelines for the Community Redevelopment Agency
EXECUTIVE SUMMARY:
On May 22, 2017, the Community Redevelopment Agency (CRA) approved revisions to the CRA Incentive Grant Program Guidelines, which included an Interior Build-Out Assistance $10,000 Matching Grant; Homeowner Down Payment Assistance $5,000 Matching Grant; and Homeowner Façade and Site Improvement $5,000 Matching Grant. On April 8, 2019, the CRA adopted a Food-Related Business $15,000 Matching Grant to be used in the Central Business District (Downtown Core). To date, the CRA has awarded $1,197,286 in financial incentives.
Due to the continued needs of the CRA and the success of the program, staff is recommending the following revisions to our Incentive Grant Program.
The focus of the incentive grant program is to stimulate investments, reduce vacancies, provide for expansion and improvements to existing commercial property, create job opportunities, and provide a business-friendly environment within the community redevelopment area. The proposed revision to the guidelines would continue this focus, expand and increase the incentive grant amounts, and act as a resource for administration guidance of the program.
RECOMMENDATION:
That the Community Redevelopment Agency adopt a resolution approving a revision to the Incentive Grant Program Guidelines for the Community Redevelopment Agency.
FISCAL IMPACT:
Funds are available in the CRA Fund, Org # 37050559, Object # 482610 - 482613 for the incentive grant purposes outlined above.
Prepared by: Denise McDaniel, Community Services Manager