HomeMy WebLinkAboutCRA-R-07-0051 Cover Memo•
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SEOPW & Omni Boards of Commissioners Meeting
December, 12, 2007
Item #2
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones
and Members of the CRA Board
Date: December 5. 2007 File: 07-01493
Subject: Grant for Tenant Improvements at
New Arena Square
From;: James H. Villacortat)U References:
Executive Director i
Enclosures:,Supporting Documentation;
Legislation
BACKGROUND:
The attached resolution authorizes the issuance of grants. in a total amount not to exceed S240,000. to King of
Poultry, Inc., Da Candy Shop, Inc., James Forbes, Derrick Coleman, and Milano Pasta & Pizza, Corp.. for the
interior build -out of six retail bays at New Arena Square, at 268 N.W. 11'r' Street. In July 2007, the Board
authorized funding for renovations and tenant improvements for businesses in the vicinity of the CRA's 3rd
Avenue Business Corridor. The CRA advertised this grant program and identified five businesses in need of
assistance with tenant improvements. The construction will be accomplished by the building owner, who has
signed a restrictive covenant agreeing to hold the rents to S500 per bay per month for a period of five years.
JUSTIFICATION:
This grant program advances the redevelopment plan's objective of maintaining existing businesses, attracting
new businesses, and providing better employment opportunities for residents as stated in the Redevelopment
Plan, at page 13, Section 111.B.
FUNDING: S 100,000 from SEOPW, entitled "Other Grants and Aids." Account Code No.
10050.920101.883000.0000.00000.
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