TO: Chair and Members of the Board
FROM: Samuel A. May, Executive Director
DATE: May 9, 2018
Title
PROPOSED BUSINESS INCENTIVE PROGRAM
Body
BACKGROUND: The overall goal of the Margate Community Redevelopment Agency is to reduce and eliminate slum and blighted conditions, stimulate the community, encourage economic revitalization and to increase property values in the MCRA area.
According to F.S. 163.370(c)(5) a community redevelopment agency can undertake and carry out plans for a program of voluntary or compulsory repair and rehabilitation of buildings or other improvements in accordance with the community redevelopment plan.
According to the MCRA Implementation Plan from 2017:
Part 2 - Planned Activities - Business Assistance and Economic Development Programs - The CRA will continue to provide grants for landscape and exterior building improvements to private commercial and mixed use properties, as well as initiatives such as the Development Infrastructure Assistance program to attract additional private investment. It will also continue business educational and co-op marketing, and may add other innovative programs to facilitate the creation and operation of new businesses in the district.
Economic Development Incentive Initiatives - The CRA adopted the Development Infrastructure Assistance (DIA) grant program, and will consider other incentive programs to attract new businesses and retain existing businesses, to promote job growth and economic development within the district. These initiatives may include the establishment of a business incubator, farmer's market, makerspace or similar programs to facilitate the creation and operation of new businesses in the district.
Further, the Plan establishes the following in Part 3 - Plan Goals and Objectives:
C. Economic Development
Goal I - Establish a diverse, identifiable character for the City within the Redevelopment area while promoting economic vitality through private sector investment. Object...
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