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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 OLD TOWN CENTER, LLC RELATING TO THE PROPERTY LOCATED AT 120-122 N FLAGLER AVENUE; PROVIDING AN EFFECTIVE DATE, AND FOR OTHER PURPOSES.
(Fiscal Impact: $13,159.32)
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(Staff Contact: Kimberly Vazquez)
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Summary Explanation/Background:
The CRA received an incentive program application from Old Town Center, LLC, the property owner, for funding assistance through the Strategic Investment Program (Program) for the property located at 120–122 N. Flagler Avenue, Pompano Beach, Florida 33060. The Program provides financial assistance for eligible site, building, and tenant improvements to existing commercial properties within the CRA District.
The improvements proposed under the Program application consist of interior building renovations, including upgrades to the plumbing, electrical, and mechanical systems; framing to accommodate new interior layouts; installation of new flooring; and interior painting and finishes. The proposed improvements are intended to renovate and modernize the existing building, creating flexible commercial space capable of accommodating a variety of local businesses, including retail, hospitality, food and beverage, and other compatible commercial uses.
The probable cost of the proposed improvements is approximately $191,050, of which $13,159.32 is eligible for reimbursement through the Program. The proposed investment will improve the functionality and marketability of the property, facilitate its reuse for future commercial tenants, and further the CRA’s redevelopment efforts within the Old Town area.
Origin of request for this action: Staff
Fiscal impact and source of funding: $13,159.32 from Façade Improvement and Incentives 150-1910-539.83-42.
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