Fort Walton Beach Council agenda — 02-14-12 cra — reading text

Land Value Investment Program returns previously undesirable property to the market and places it back on the tax roll. 2. Implement a commercial revolving loan fund program. Revolving Loan Funds are used by many local, state, and regional government agencies to offer incentives for businesses to locate in their area. A CRA Revolving Loan Fund may offer new or expanding businesses in the CRA funding for qualifying expenses to close the gap between conventional financing. 2012 City of Fort Walton Beach PackiN Ag. 55  7. 1. a 2012 Community Redevelopment Plan The loans are typically offered at an interest rate below or well below the prime rate with a short- term ( two to five years) flexible payback period. Eligible businesses may include general commercial, retail, light manufacturing /industrial, and service industries. Non -profit organizations would not be eligible for the loan. Businesses would be required to submit an application along with a business plan, and invest a minimum of 15% developer equity into the business, as well as create new jobs for the area. The CRA would typically partner with a financial institution to implement such a program. ctive businesses. The 3. Maintain a database database should of aninformation include needed inventory of vacantbyand existing an4pe 0s for sale or lease, an available and other statistical inventory of labor force characteristics for the area, de information, a record of utility capacity, and a targeted infi; . 4. Implement a more streamlined permitting process foblopment in t 5. Implement a flexible mixed use land use care mixe se category pr ` for a wide al for divers; in physical variety of uses which is an important can development that is supportive of the economy Successful economic development is depe o[ rowth off sting businesses. Therefore, the CRA should promote business expansi thrq, ,.: US echanisms such as grant and incentive programs. ,;. : y: 11V I. Create a site busAss expansion grant. Existing businesses, ssistance with remodeling, inventory, or other oan provide funds to support and assist businesses 2. Imple a mixed use) , egoryk allow a mix of uses in one building. The mixed use land use - ate' should all ` inot only mixed uses on one parcel or lot but also within one building. ents must address building and site design, access, and amenities 3. to support or V.. a building. Promote the HUB31te area surrounding Hollywood Boulevard. Objective Small businesses may lack information or financial resources needed to grow. The CRA can promote small business growth and expansion by providing information on incentive programs, grants, loans, and property availability. The CRA may also coordinate with merchant associations and the Chamber of Commerce to ensure that small businesses have knowledge of 2012 of Fort Walton Beach Packet Pg. 58':  7. 1. a 2012 Community Redevelopment Plan and access to support services, including such programs as SCORE or training through local higher education institutions. Existing businesses may also be failing due to a number of reasons. It is important to listen to those reasons and be able to tailor programs to help retain existing businesses in the CRA. Some of the businesses that have recently left the CRA noted lack of visibility/ awareness of the general location as a primary reason sales may have been down. Aesthetic improvements to buildings and specific marketing strategies can go a long way to promote an area and the businesses operating in that area. 1. Conduct annual business surveys to determine the contribute to the success of businesses and failure of businesses in the to offer . e¢ ses a 1: 1 2. Create a paint -up program and/ or fagade i vi matching grant to improve the appearance of 3. Consider creation of a business assistance grant that assistance with rental fees for businesses that demonstrate a tempo financial ha s:. 4. Implement a Downtown Design Overty - t allow ' ixible uses in Downtown such as street parties, art festivals, and tdoo'"' a and v dine that can attract crowds and new customers to Downtown. ... for the CRA, geared towards 5. implement an a '" 1 p and bringing visitorg ar 6. Implement ogram td ii61s at the Fort Walton Landing for farmer' s to customers to the area. marked r . 7. C} ? e public impr" The forego ; SCCtions of plan have outlined objectives and strategics for items such economic dev'' ii ent, quay housing, and transportation safety. In order to put these strategies into aetioq the wing tion outlines special projects for consideration. The following projects integrate ca "" ideas to achieve common objectives. 2012 City of Fort Walton Beach Packiat Pg. 57  7. 1. a 2012 Community Redevelopment Plan Special Projects Contents: Promote Development and Redevelopment Along Hollywood Boulevard Comprehensive Improvement District— Pilot Project Brooks Street Facade Improvement ..,,' The preceding sections identified objectives for redev pm t ihroughouT* CRA in terms of land use, infrastructure improvements, transpolwdn, appearance, houAl' nd economic development. In order to implement these obje " pecific trategies arc iAs:', d to guide ev _ ent. In adgion to these decision- making, capital improvements, and prog' „ strategies, three projects that involve several redevelop ", jectives — transportation, design, economic development, and infrastrue - are proposed to lly developed and implemented f to help achieve the goal of redevelopmen " Hollywood Boulevard a ", mial to be me a hub` of economic activity. Hollywood Boulevard intersects,,, , Eglin' way and Be Parkway, which are both state highways, and is bounded by a restdcd eigh end and a co " Ercial corridor. The current properties are underutilized and lack ac ede ans and potential business proprietors. The is he within Zone designation. Given that the east side of south side oj: Eglin Pa 6y has isibe fo` new development, the west side of Eglin Parkway should reeeivQ >: eused redeve " n[ aI ' to complete the development node. The Qualified Tar try Tax Refu TI) cai a used as a potential incentive from the State of Florida. In additio eetfic prope in t location could be included on the CRA' s Target Infill Developmen ;;;,:_ and priorit d to receive grant funding for redevelopment and job creation. This project si be c dinated with the commercial property inventory, land value investment, publicE -'z r, ments ( specifically sidewalks and landscaping), and £ made improvement pro grari1i'maximum benefit. In combination with the •pilot project to establish an alley extension between Chestnut Avenue SE and Chicago Avenue SE near Oak Street SE and extended north to Ferry Street SE and south to First Street SE, the entire two -block area should be targeted for a comprehensive range of improvements. February 2012 City of Fort Walton Beach Packet P9•. 58  7. 1. a 2012 Community Redevelopment Plan In addition to vacating excess right -of w- ay on Chicago Avenue SE, all sidewalk deficiencies within the area should be programmed for correction at the time of the alley extension. The area should also be targeted for appearance improvements to ensure that existing and new businesses are attractive and enhance the area. To complete the comprehensive approach, this area should be prioritized for business expansion, new business recruitment, and other economic development grants and loans. Through coordination with the commercial property inventory and fagade improvement grants, the entire area can be upgraded in one focused project for maximum benefit in a short period of time. Many properties on Brooks Street have frontage on Miracle.: way as well as Brooks Street and often treat the Miracle Strip Parkway frontage the . entrance, leaving the i ften in that trash cans are Brooks Street frontage with a " back door" appearanc