TO: Chair and Members of the Board
FROM: Diane Colonna, Executive Director
DATE: August 23, 2016
Title
RESOLUTION APPROVING A DEVELOPMENT INFRASTRUCTURE ASSISTANCE PROGRAM AGREEMENT BETWEEN MARGATE COMMUNITY REDEVELOPMENT AGENCY AND RT2P&B CORPORATION (RISING TIDE CAR WASH MARGATE) FOR THE PROPERTY LOCATED AT 2970 N STATE ROAD 7 IN MARGATE, FLORIDA.
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BACKGROUND:
At the June meeting, the Board approved the Development Infrastructure Assistance Program ("Program'), for new, for- profit businesses investing $1 million or more in new construction and/or renovations on private or public land and/or public right of way. Targeted projects are office and commercial space, including new and/or existing commercial buildings, hotel projects, and mixed-use buildings. Auto oriented uses are not eligible unless they address a specific need (i.e., providing jobs for hard-to-employ persons, filling a gap in a particular service, or otherwise meeting a need identified in the Margate Community Redevelopment Plan.)
The CRA received an application from RT2P&B Corporation (d/b/a Rising Tide Car Wash Margate), a ground up construction project on the vacant parcel located at 2970 N. State Road 7. RT2P&B Corporation meets the objectives of the program and will specifically provide employment opportunities for autistic individuals. The new car wash location in the city of Margate will provide employment for 50 employees, 40 of whom they anticipate will have autism. The total cost of construction is estimated at $1,850,000.
Reimbursement under the grant is based on 50% of the costs of eligible site improvements up to an amount not to exceed 75% of the projected Tax Increment Funds ("TIF") generated by the improvements over a three year period following project completion. The maximum total possible grant under this program is $250,000.
Eligible costs considered under the Rising Tide application include build out of storm drainage, sidewalks and curbing, landscape...
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