title
A RESOLUTION OF THE POMPANO BEACH COMMUNITY REDEVELOPMENT AGENCY (CRA), APPROVING AND AUTHORIZING THE PROPER OFFICIALS TO EXECUTE A FAÇADE AND BUSINESS SITE IMPROVEMENT 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: $40,000)
staffcontact
(Staff Contact: Kimberly Vazquez)
summary
Summary Explanation/Background:
In November 2010, the CRA Board formally adopted a 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 Façade & Business Site Improvement Program (Program) offered through the CRA for the property located at 165 NE 1st Avenue. The Program is available for exterior improvements for existing commercial buildings 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 incentive program for the major improvements required to renovate the space for restaurant use.
Origin of request for this action: Staff
Fiscal impact and source of funding: $40,000 from 150-1910-539. 83.42 Incentive Programs
pagebreak1
strategicplan_emblem_field
pagebr
strategicplan_description_field