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A RESOLUTION OF THE POMPANO BEACH COMMUNITY REDEVELOPMENT AGENCY (CRA), APPROVING AND AUTHORIZING THE PROPER OFFICIALS TO EXECUTE A STRATEGIC INVESTMENT PROGRAM GRANT AGREEMENT BETWEEN THE CRA AND INNOVATE FOOD GROUP, LLC RELATING TO THE PROPERTY LOCATED AT 165 NE 1ST AVENUE; PROVIDING AN EFFECTIVE DATE, AND FOR OTHER PURPOSES.
(Fiscal Impact: $150,000)
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(Staff Contact: Kimberly Vazquez)
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Summary Explanation/Background:
In November 2010, the CRA Board formally adopted the Strategic Finance Plan for the Pompano Beach Northwest CRA district. The plan identified implementation priorities as an important component of the redevelopment strategy. As additional inducement for improvement of the visual appearance of existing structures, the CRA created incentive programs specifically crafted to address investment obstacles within the CRA district.
The CRA received an incentive program application from Mike Linder, Innovate Food Group, LLC for the Strategic Investment Program (Program) offered through the CRA for the property located at 165 NE 1st Avenue. The Program is available for exterior aesthetic and interior structural building improvements for an existing commercial building for restaurant or retail uses. The CRA Board approved a Term Sheet on May 15, 2018 which resulted in a sublease agreement with Innovate Food Group, LLC on October, 16, 2018 for restaurant use. The Sublease agreement with Innovate Food Group allowed for them to apply for this reimbursable incentive Program.
The building is currently a vacant shell and requires major renovation. The improvements under the Strategic Investment Program application is for buildout of the interior and exterior space for restaurant use and includes buildout of a kitchen, bathrooms, electrical, lighting, plumbing, HVAC, walls, flooring, bar area, parapet and aesthetic features of awnings, reclaimed wood and metal. Once completed, it will comfortably seat more than 150 customers.
Origin of request for this action: Staff
Fiscal impact and source of funding: $150,000 from 150-1910-539.83-42 - Incentive Programs
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