Façade and Exterior Improvement Program
This grant is available to all businesses in the Northwood/Pleasant City CRA for aesthetic improvements to the exterior of a commercial buildings and site. The grant provides 80% of the project cost up to a maximum CRA grant of $10,000. If property is located in the Broadway corridor, a maximum grant of $20,000 is allowed.
Real Estate Development Accelerator (REDA)
Primarily for large scale development projects greater than $5 million, this incentive can be utilized in the form of land mark-down, infrastructure improvements, Tax Increment Financing or similar type of assistance. Each project is negotiated on an individual basis based on a gap in a development pro forma.
Strategic Investment Program
Based on a formula that considers the amount of tax increment generated from each project, commercial and mixed-use projects up to $5 million may be eligible for funding for interior and exterior improvements to the property or structure.
Capital Improvement Grant Program
Calculated on 50% of the “interest only” portion on the principle amount of a loan obtained for rehabilitation or renovation of a project located in a designated area. Loans from participating lenders are based on prime rate with no points or closing costs are charged. The maximum principal loan amount allowed and obtained is $350,000.
Strategic Investment Streetscape Program
Development projects costing up to $5 million can be eligible for funds for streetscape improvements. Depending on the scope of the project, up to 50% of the cost of the streetscape construction within the public right-of-way may be funded.
Relocation and Development Assistance
The CRA may assist with relocation and development of certain uses to allow for a more desirable or upgraded use. This program provides the incentives necessary for redevelopment including tenant relocation, acquisition, build out and rehabilitation or renovation of existing properties.
Housing Investment Program (HIP)
Developers of new construction of for-sale/for rent residential projects investing up to $5 million may be eligible for development assistance. Based on a formula, projects may qualify for a $5,000 per unit incentive. An additional $5,000 incentive may be provided for each affordable unit set aside with a maximum number of units not to exceed 25% of the overall project. Pleasant City (Spruce Avenue, Blum Park) and Broadway
Beautify Northwood Program
This program is an opportunity for business located along Broadway, North Dixie Hwy. and in Northwood Village to request assistance with minor cosmetic improvements such as painting, lighting, landscaping and signage. The CRA will provide funding in an amount not to exceed qualifying project costs up to $3,500.
Grand Opening Assistance
The CRA will assist in coordinating and publicizing grand opening events and fund up to $500 of qualifying expenses.
For more information on these CRA Incentive programs, contact Sarah Blake at (561) 822-1552 or via email.