DIAMOND SQUARE REDEVELOPMENT AGENCY AGENDA ITEM
Memo Date: September 9, 2024
Agenda Date: September 16, 2024
Prepared By: Ryan Browne, Redevelopment Coordinator
Through: Charlene Neuterman, Community Services Director
Requested Action:
title
Request Agency approval of updating the Commercial Façade Improvement Program (CFIP) grant amount to a maximum of $20,000 per applicant on a 1:1 match basis, Pending the Approval of the FY2025 Budget.End
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BACKGROUND:
BACKGROUND:
The Commercial Façade Improvement Program (CFIP) is a reimbursable grant program established to benefit commercial businesses within the Diamond Square Community Redevelopment Area (CRA). The CFIP offers several benefits for businesses and communities:
1. Enhanced Aesthetic Appeal: The program helps businesses improve the exterior appearance of their buildings. This can make commercial areas more attractive, which can draw more customers and improve the overall perception of the neighborhood.
2. Increased Property Value: Upgrading a building's facade can increase its market value. For property owners, this can result in higher rental income or a better resale value.
3. Economic Revitalization: By improving the look of commercial areas, CFIP can contribute to broader economic revitalization efforts. An attractive and well-maintained commercial district can stimulate local economic activity and encourage new businesses to set up shop.
4. Community Pride and Engagement: When businesses invest in their appearance, it often fosters a sense of pride within the community. Residents and business owners alike can feel more connected and engaged with their neighborhood.
5. Incentives and Financial Support: Many CFIP programs offer grants, loans, or matching funds to offset the costs of facade improvements. This financial support can make it more feasible for businesses, especially small or struggling ones, to undertake significant upgrades.
6. Improved Safety and Functionality: Facade improvements can also address safety issues, such as fixing structural problems or updating outdated designs. This can make buildings safer for occupants and more functional for business operations.
7. Increased Foot Traffic: An aesthetically pleasing facade can attract more foot traffic, which benefits not just the business receiving the improvement but also neighboring businesses and the community as a whole.
Overall, CFIP programs can be a catalyst for positive change in commercial areas, benefiting individual businesses and contributing to the vitality of entire communities.
At the August Cocoa CRA meeting, it was requested by Agency Member Goins that the maximum award be increased due to costs for improvements increasing. The same is true for the Diamond Square CRA. The current maximum award is $10,000, which is awarded as a 1:1 matching grant, meaning the applicant has to spend $20,000 or more in order to receive the maximum award. By increasing the maximum award amount, it provides an increased incentive to complete upgrades that will improve the overall appearance of the business.
Staff recommends increasing the maximum award to $20,000 and updating the policy to reflect the change. As a result of the increase to the individual awards, Staff is modifying the annual budget for the Commercial Façade Improvement Program to $20,000, pending approval of the FY 2025 Budget.
BUDGETARY IMPACT:
Budgeted Yes
PREVIOUS ACTION:
N/A.
RECOMMENDED MOTION:
Recommendation
Request Agency approval of updating the Commercial Façade Improvement Program (CFIP) grant amount to a maximum of $20,000 per applicant on a 1:1 match basis, Pending the Approval of the FY2025 Budget.