ACTION REQUESTED:
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Communication from the City Manager with a Request to APPROVE a FAÇADE IMPROVEMENT PROGRAM GRANT for 1009 WASHINGTON, LLC, in an Amount Not to Exceed $5,000.00. (Council District 1)
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BACKGROUND: THE BLOCK is a new commercial redevelopment project at 1009 SW Washington that consists of five building with approximately 74,000 sf of rentable space, 17,000 sf of event space, and a parking lot of 40 stalls. A requested façade improvement grant of $5,000 is being requested for Building 5 at 1001 SW Washington in preparation to attract a tenant. The grant will be applied to replace 12 window openings on the second floor amounting to $48,620 with commercial grade windows. The overall façade improvement is estimated at $72,000 which includes new entryway door and windows on the first floor.
Façade grants are provided on the condition that: a) funds are available, b) proposed improvements are eligible, c) the project is approved by City Council, d) improvements are completed according to an agreement, and e) receipts are verified for reimbursement.
Council has approved a Façade Improvement Program to assist with the revitalization of commercial buildings and neighborhoods. Grants reimbursements for 50% of eligible project cost up to $5,000 per property are made available for façade improvements. The Program is intended to encourage owners and business tenants of existing properties to restore or renovate their buildings, in order to improve the area’s physical character and enhance the aesthetics of the commercial environment.
FINANCIAL IMPACT: If approved, the City will reimburse 50% of eligible project cost up to $5,000 and will utilize funds from the Warehouse District Façade Improvement CIP Project T14004.
NEIGHBORHOOD CONCERNS: Not applicable.
IMPACT IF APPROVED: 1009 Washington LLC will have the funds to make the façade improvements and visual enhance the building and improve the overall look of the block and the Warehouse District.
IMPACT IF DENIED: The project may be delayed, reduced, or cancelled.
ALTERNATIVES: None
EEO CERTIFICATION NUMBER: To Be Issued prior to Reimbursement.
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Grow Peoria: Businesses, Jobs, and Population
2. Attractive Neighborhoods with Character: Safe and Livable
3. Vibrant Downtown: Riverfront/ Central Business District/ Warehouse District
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Grow employers and jobs.
2. Reinvest in neighborhoods.
DEPARTMENT: City Manager's Office