HomeMy WebLinkAboutCRA-R-05-0049 Cover Memo•
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
SEOPW & Omni Board of Directors Meeting
September 26, 2005
item # 7
To:
Chairman Johnny L. Winton
and Members of the CRA Board
411
From: Frank K. Rolla
Executive Director
Date: 9/15/05 File: 05-00963
Subject: Overtown Small Business
Grant Initiative
References:
Enclosures: Supporting Documentation;
Legislation
RECOMMENDATION:
It is recommended that the Southeast Overtown Park West Community Redevelopment Agency (SEOPW
CRA) Board of Directors approve and adopt the attached Resolution establishing the Overtown Small
Business Grant Initiative, in a total amount not to exceed $200,000, to provide financial assistance to
businesses in the general vicinity of the CRA's 3`I Avenue Business Corridor. The program would be
administered by the Executive Director, with no individual grant exceeding $50,000, and would provide
grants for capital improvements, major equipment purchases, and strengthening of the asset or inventory
base for long-time small businesses that employ Overtown residents. Grants in excess of $4,500 would be
presented to the Board for approval or ratification.
JUSTIFICATION:
At the July 25, 2005 SEOPW Board of Director's meeting, Vice Chairman Jeffery Allen directed the
Executive Director to "locate funds to assist businesses along the 3rd Avenue Corridor in the Overtown area
of the CRA to strengthen their asset base and their inventory, and to also employ Overtown residents, and
to bring back a recommendation at the CRA meeting currently scheduled for September 26, 2005." I have
met with Commissioner Allen's staff and developed the initiative recommended above which would permit
the Executive Director to solicit applications for financial grants from appropriate small businesses in the
Overtown area of the CRA. These grants would not be for start-up businesses, but rather for those
businesses with a long-time presence in Overtown that need financial assistance to reach the "next level."
The Executive Director would review and approve the applications; provided, however, that any grant in
excess of $4,500 would be presented to the Board for approval or ratification. No individual grant would
exceed $50,000 and each grantee would be required to demonstrate a reasonable expectation that the
grant will provide significant assistance to a long-time Overtown business. Typical uses would include:
keeping pace with new technology, improving equipment, strengthening the business' asset or inventory
base, or enhancing physical plant in order to remain competitive in today's market.
FUNDING SOURCE: $200,000 from FY'06 SEOPW TIF Account No. 689001.550108.6.940 entitled Other
Grant and Aids.
FKR/eh