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Consider approving Resolution No. 2014-056 approving Economic Development Incentives pursuant to the Commercial Facade Grant Program for the 13720 Midway Road, (Building One) Suites 100-110; 13720 Midway Road, (Building Two) Suites 200-210; and 13604 Midway Road and take appropriate action.
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BACKGROUND:
In 2012, a Commercial Facade Revitalization Program (Program) was developed and funded to encourage property owners to enhance the publicly viewed areas of their buildings. The Program is set up as a single payment reimbursement to property owners per building/business, and in some situations, tenants. Facade grants are available up to a 50/50 matching basis with a minimum project value of $2,000 and a maximum reimbursement of $50,000 per grant, unless otherwise approved by the City Council. Since the Program's inception, four grants have been approved: 12879 Josey Lane, 12895 Josey Lane, 3212 Beltline Road, and 2914-2920 Valley View Lane.
There is currently a $227,000 balance in the fiscal year 2013-2014 budget for this Program.
DISCUSSION:
BH Properties owns eleven office buildings along Midway Road between Alpha and Sigma. Three of the buildings have recently been renovated. The owner learned about the facade grant program and is applying for three buildings located at 13720 Midway, Building One and Two, as well as 13604 Midway. The 13604 Midway property is 15,369 square feet of one story office space and is currently 100% leased. A permit was filed with the Community Services Department on May 7, 2014 for renovations, pending facade grant approval, with a project value of $40,000. The facade grant application submitted in the Economic Development Department on June 4, 2014 for 13604 Midway lists the project value at $170,000. The applicant was informed the grant is typically 10% of the overall project value up to $50,000.
Additionally, two separate facade grants were submitted for 13720 Buildings One and Two. Building On...
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