TO: Margate CRA Chair and Members of the Board
FROM: Cale Curtis, CRA Executive Director
DATE: May 14, 2025
Title
APPROVING A GRANT AGREEMENT WITH ATLANTIC CENTER, LLC. FOR FUNDING IN AN AMOUNT NOT TO EXCEED $600,000 FOR THE PROPERTY LOCATED AT 6828-6896 WEST ATLANTIC BOULEVARD
Body
BACKGROUND: At the April 9, 2025, the MCRA Board reviewed a proposal from Current Capital Real Estate Group, owner of the Atlantic Center, requesting MCRA grant assistance to make exterior renovations to the shopping plaza located at 6828-6896 West Atlantic Boulevard (copy attached). The proposal presented at the April 9th meeting outlined improvements totaling $1,205,586 for which grant funding in an amount not to exceed $600,000 is being requested. It is a reimbursement grant that will be paid out upon project completion. The Board authorized the Executive Director and the City Attorney to draft a grant agreement to be brought back for Board approval.
Since the April meeting, Cale Curtis and Todd Nepola, President of Current Capital Real Estate Group and owner of the Atlantic Center, have been in regular communication about the proposed grant project. Last week Mr. Nepola submitted a revised proposal for inclusion in the meeting backup for the May 14th MCRA meeting that details the planned exterior improvements, totaling $1,234,370, as follows:
• Exterior Improvements - $372,161
• Dumpster - $12,220
• ADA Ramps - $26,788
• Monument sign - $18,000
• Landscaping - $9,200
• Door and windows - $261,495
• Architectural Plans - $36,500
• Civil Plans -$6,800
• Landscaping Plans - $5,900
• Roof Replacement - $320,000
• Roof A/C Brought Up to Code - $50,450
• Parking Lot Improvement-Asphalt - $114,856
The revised proposal includes: photos of existing property and general conditions; photos of 7th Avenue Village in Hallandale after which Atlantic Center will be modeled; conceptual renderings of the site; proposed budget for the project; and copies of proposals from each contractor working on the project.
Mr, Nepola does not have final design plans to present at this time; however, the Grant Agreement and specifically Section 3-Use of Grant stipulates, “The Grantee shall submit the Project site plan with renderings, which will be substantially similar to the Project as provided in Exhibit A to the MCRA Board for approval no later than 180 days after the Effective Date”.
RECOMMENDATION: Approval
FISCAL IMPACT: In an amount not to exceed $600,000. Budgeted funds are available in account #140-0510-512.83-35 - Property Improvement Grants
CONTACT PERSON: Cale Curtis, CRA Executive Director