TO: Chair and Members of the Board
FROM: Jeffrey Oris, CEcD., Executive Director
DATE: November 13, 2019
Title
APPROVING THE NEW BUSINESS INCENTIVE GRANT PROGRAM GRANT AGREEMENT WITH CULVER'S OF MARGATE, LLC IN AN AMOUNT NOT TO EXCEED $147,900.
Body
BACKGROUND:
In an effort to attract new business to the Margate CRA district, the MCRA Board adopted a New Business Incentive Grant program at its July 29, 2019 meeting. The objectives of the grant program were stated as to:
? Attract new businesses
? Increase economic activity within the community.
? Promote job creation.
? Incentivize private sector investment.
? Expand the tax base.
? Preserve the quality of life for residential and corporate residents.
? Promote the objectives of the Margate Community Redevelopment Plan.
? Create positive momentum towards community development.
On August 12, 2019, the MCRA received an application to this new program from Culver's of Margate, LLC. Staff reviewed the application as to its completeness and applicability to the eligibility conditions established by the adopted program.
The conditions/with review of Culver's of Margate, LLC application
Eligible Businesses
1) Operating space must be located within the boundaries of the Margate Community Redevelopment area (map below). Residentially zoned properties, as well as properties that will be occupied by business that are exempt from ad-valorem taxes are not eligible.
The Proposed business, a Culver's restaurant, is to be located at 5510 West Copans Road in Margate which is within the geographic boundaries of the MCRA. The property is, and will continue to be a taxable property. (the grant agreement prohibits the leasing of the site or any portion thereof to a non-taxable entity without repayment of the grant)
2) The commercial business must provide proof that it is properly registered with the State of Florida's Division of Corporations at the time...
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