Agenda Information Sheet
DEPARTMENT: Economic Development
DCM: Bryan Langley
Date: April 18, 2017
SUBJECT
Title
Receive a report, hold a discussion, and give staff direction regarding Downtown Reinvestment Grants for 112 W. Oak and 421 E. Oak.
Body
BACKGROUND
Under the FY 2016-17 budget, Council authorized $100,000 of expenditures from the fund balance of the Downtown Reinvestment Grant Fund. To date, $70,000 has been paid or approved for three grants, leaving expenditure authority of $30,000.
In March, the Downtown Task Force reviewed and scored two grant applications. Before the review and scoring began, staff informed the Task Force about the funds already committed and the available balance of $30,000.
Grants are scored with a 0 to 5 point range in each of the following categories:
* Economic Impact (increases property value, sales tax, jobs)
* Historic Accuracy or Design Quality
* Upgrades to Utilities/Impact Fees (increases water, sewer or electrical capacity to the immediate area)
* Increases Population (residents, day or night time users)
* Location (Proximity to Courthouse-on-the-Square or Brock Transit Center)
* Other (Shares parking/target business/promotes arts & entertainment district)
Both projects scored in the 25-30 point range, making them each eligible for a grant of $25,000. The Task Force recommended a grant in the amount of $25,000 to each applicant and requested that a budget amendment be adopted by Council to accommodate that additional $20,000 needed. The Economic Development Partnership Board concurred with the Task Force's recommendation.
Below are details about the two projects:
* 112 W. Oak (formerly Carol's Custom Draperies) - On January 10, staff received an application from the new owner of 112 W. Oak. The building is on the face of the Square and in the National Register District. The owner wants to restore the building based on a photo of it from 1943. Work will include removing the aggregate rock slipcover, expo...
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