ACTION REQUESTED:
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Communication from the City Manager with a Request to APPROVE a FA?ADE IMPROVEMENT PROGRAM Grant to MIKAT PROPERTIES LLC for 207 VORIS STREET, in an Amount Not to Exceed $4,375.00. (Council District 1)
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BACKGROUND: Mikat Properties, LLC has requested a fa?ade improvement grant for their property at 207 Voris Street. The improvement will consist of replacing 10 windows on the second floor. The total project cost is approximately $10,500. The City's share is a maximum of $4,375, lower than the normal $5,000 limit due to limited funds available in the project account. The three story facility of 54,000 sf has 49 windows.
Mikat Properties purchased the building in November of 2014, and leased half the building to Heritage Restoration & Design. At the time of purchase Heritage Restoration employed 9 individuals, and currently they employ 10 full-time and four part-time workers.
Fa?ade 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 of code compliance, and e) receipts are verified for reimbursement.
Council has approved a Fa?ade 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 fa?ade 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 the property owner approximately $4,375 from the Old Commercial District Fa?ade Improvement CIP project E15007. This fund will be fully depleted and no more funding will be available for future projects.
NEIGHBORHOOD CONCERNS: Not ...
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