TO: Chair and Members of the Board
FROM: Samuel A. May, Executive Director
DATE: March 13, 2019
Title
APPROVING AN EXISTING COMMERCIAL AND INDUSTRIAL PROPERTY IMPROVEMENT LOAN IN AN AMOUNT NOT TO EXCEED $146,572 WITH THE TRUONG PROPERTY MANAGEMENT LLC.
Body
BACKGROUND:
Mr. Phong Truong, on behalf of Truong Property Management, LLC submitted an application for the Existing Commercial and Industrial Property Improvement Program to the MCRA Office requesting $146,572 for exterior improvements of the commercial property located 1821 N. State Road 7.
On July 31, 2018, Mr. Truong under Truong Property Management, LLC purchased the subject commercial property, which consist of 23,487 SF of land and a commercial building of 2,894 SF. The exterior of the property is outdated and can greatly benefit from a comprehensive improvement. The property is currently leased to the Vo An Vietnamese Restaurant, which is in the process of renovating the interior of the property. It is important to mention that Mr. Truong owns the commercial property as well as the business that will operate on the site.
The table below indicates the Broward County Property Assessment Values:
Year: 2019
Land: $234,870
Building/Improvement: $470,500
Just/ Market value: $705,370
Property taxes and City utilities on this property are current. Also, the property does not have any open Code violations or pending fees.
The applicant is Truong Property Management, LLC, which is owned solely by Mr. Phong Truong.
The applicant is requesting to participate in the Existing Commercial and Industrial Property Improvement Program. The exterior improvement of this property meets the objectives of the MCRA Program by encouraging private investment on improving property aesthetics, enhancement of the property's curb appeal to help new businesses succeed, reduction of blighted conditions and reduction of a vacant commercial space.
The purpose of the project is to signi...
Click here for full text