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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 LFT IRREV TR RELATING TO THE PROPERTY LOCATED AT 110 NORTH OCEAN BOULEVARD; PROVIDING AN EFFECTIVE DATE, AND FOR OTHER PURPOSES.
(Fiscal Impact: $150,000.00)
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(Staff Contact: Kimberly Vazquez)
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Summary Explanation/Background:
The CRA received an incentive program application from Grant Galuppi of LFT IRREV TR, Capalobo, Richard M Trstee, for the Strategic Investment Program (Program) offered through the CRA for the property located at 110 N Ocean Boulevard. The Program is available for site, building and tenant improvements for existing commercial buildings for restaurant, retail or commercial uses.
The improvements proposed under the Strategic Investment Program application includes interior improvements to three (3) bays (116, 118, 120 N Ocean Blvd), common area hallway, replacement or repair of the elevator and roof. Specific interior buildout improvements eligible under this program include demolition, HVAC System, flooring, electrical, plumbing, painting, mechanical, lighting, structural, drywall, fire suppression system and elevator repair or replacement. Exterior improvements include roof replacement and repair and minor landscaping.
The total estimated cost of the improvements is $1,040,000. Based on the formula, the applicant qualifies for the maximum allowed under the program of $150,000 in reimbursement cost.
Origin of request for this action: Staff
Fiscal impact and source of funding: $150,000 from Account 160-1920-539.83-42 Incentive Programs
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