Fort Walton Beach Council agenda — 06-12-2012 regular — reading text

106  F14 .4.c APPLICATION FOR NUISANCE ABATEMENT PROGRAM ADDRESS: Applicant NAME: ADDRESS: PHONE: EMAIL: Property Owner NAME: Property Owner ADDRESS: Tax Parcel ID Number(s): Legal Description: Attach separate sheet if necessary) Exterior painting Window glass and screens List Repairs Needed: Stairs and railings El Rafter, soffit, and fascia repair Porches Derelict structure demolition Yard Maintenance and debris removal ( done in association with other building repairs) Other Packet Pg. 107  F14 .4.c Note: Please attach a minimum of two ( 2) photographs of the property. Have you ever received a Grant or Loan through the Yes El No CRA and /or the City of Fort Walton Beach? Total Project Cost: List current code enforcement violations for this property and status: Required Documents: Written estimate for necessary improvements /repairs. Proof of property ownership or, if a tenant, a written approval letter from the property owner verifying that the property owner approves the proposed enhancements. 2 PaGret:.Pg. 108  14.4. c OWNER' S CONSENT AND DESIGNATION OF AGENCY I certify that I have examined the application and that all statements submitted are true and accurate to the best of my knowledge. I understand that the Nuisance Abatement program benefits are contingent upon CRA approval and funding availability and are not to be construed as an entitlement or right of a property owner or applicant. I further understand that I am responsible for providing permits and /or any construction documents required for any work. Further, I under stand this application; attachments and fees become part of the official records of the City of Fort Walton Beach, Florida, and are not returnable. Owner' s Signature) The foregoing instrument was acknowledged before me this day of , 20— by who is personally known to me or has produced as Identification and who did take an oath. Printed Name of Notary Public) ( Signature of Notary Public) Commission # . My commission expires Notary' s Seal) Pecket.Pg. 109  14. 5 City Council of Fort Walton Beach 0 To: ENGINEERING & UTILITY SERVICES MEMORANDUM Michael D. Beedie, Acting City Manager From: Michael Beedie, Engineering & Utility Services Director Date: June 12, 2012 Subject: CRA Commercial Revolving Loan Fund Program 1. BACKGROUND: LL On April 10, 2012, the CRA Board recommended unanimously to approve moving forward with four prioritized economic incentive programs, including the CRA Commercial Revolving Loan Fund Program. 2. DISCUSSION: 2. 1. The Commercial Revolving Loan Fund Program is designed to encourage private investment by providing up to $ 100, 000 to qualified new and expanding businesses that create new jobs in the area. 2. 2. The program functions as a revolving loan whereby funds are ` loaned" out, and then paid back through a short -term, low -interest payback plan. The program would be administered through a partnership between the CRA and local banks. 2. 3. Upon approval by City Council, Staff would begin coordinating with local banks to determine the " best practice" for administering this program. 3. FINANCIAL INFORMATION: 3. 1. In the FY 2011 - 12 CRA budget, a total of $217, 936 was allocated towards Economic Incentive Programs. This is in addition to $ 500, 000 that was allocated in the FY 2010- 11 CRA budget. 4. RECOMMENDATION: 4. 1. Staff respectfully recommends City Council approval of the CRA Commercial Revolving Loan Fund Program and authorization for Staff to begin coordinating with local banks to administer the program and finalize application procedures and criteria. ATTACHMENTS: CRA Commercial Revolving Loan Fund Program Guidelines ( PDT) CRA Commercial Revolving Loan Fund Program Application ( PDF) SIGNATURE BLOCK: Christopher Frassetti Completed 06/ 01/ 2012 10: 20 AM Stella Jones Completed 06/ 01/ 2012 10: 23 AM Tim Bolduc Completed 06/ 01/ 2012 3: 23 PM Michael Beedie Skipped 06 /01/ 2012 3: 10 PM Packet Pg. 110  14. 5 City ENGINEERING Council of Fort Walton Beach 0 & UTILITY SERVICES MEMORANDUM To: Michael D. Beedie, Acting City Manager From: Michael Beedie, Engineering & Utility Services Director Date: June 12, 2012 Subject: CRA Commercial Revolving Loan Fund Program Carole Jones Completed 06/ 01/ 2012 3: 39 PM Finance Completed 06/ 04/ 2012 5: 09 PM 06/ 05/ 2012 8: 07 AM City Manager Completed City Council Pending packet Pg. 111 Purpose & Overview The Fort Walton Beach Community Redevelopment Agency Revolving Loan Fund Program is an incentive program available for new and expanding businesses located within the boundaries of the Community Redevelopment Area ( CRA). The purpose of the program is to contribute to the overall goal of eliminating blight in the CRA by enhancing the appearance and condition of commercial structures in the City as well as providing a funding mechanism to overcome the financial hurdles facing small business located in an urban core when looking to expand. The program is further intended to encourage private investment through public private partnerships and to provide an attractive environment for business activity, growth, and retention. mM0 Program Description The Revolving Loan Fund Program may offer new or expanding businesses in the CRA between 10, 000 and 5100,000 for qualifying expenses towards obtaining conventional financing. The loans are typically offered at an interest rate below or well below the prime rate with short-term 2 - 5 year) flexible payback terms. The loan program will be administered by local banks through a partnership with the CRA. The funds will be provided by the CRA on an annual basis and will be dependent on annual TIE revenues. All loan applications must be jointly approved by the administering bank and the City of Fort Walton Beach Community Redevelopment Agency. Loan applications in excess of $20,000 must be approved by the City of Fort Walton Beach City Council. Eligibility Properties must be located within the boundaries of the Community Redevelopment Area. Eligible businesses include commercial, light manufacturing /industrial, and technology industries. Businesses must submit an application along with a business plan and demonstrate how the business will create new jobs for the area. The business must invest a minimum 15% developer equity. Prioritization of projects will be based on number of jobs created by the project, among other economic development objectives and community impacts. The property may be sold during the loan period; however, if this occurs, the remaining balance on the loan will either become due and payable at the property sale closing or may transfer to the new owner, on the decision of both parties of the sale and approval by the bank and the CRA. Applications will be evaluated to ensure consistency with the goals and objectives of the CRA Plan and conformance with the City' s Land Development Code, and based on the available budget. Submittal Requirements Program applicants must submit the following documents and materials: Revolving Loan Fund Program application; Business plan; Proof of 15% equity; Any information required by the administering bank to obtain financing. Exclusions and Conditions The applicant shall be responsible for obtaining all necessary permits for the improvements to be installed. Program funds cannot be used to pay for permit fees, routine maintenance and labor performed by a non -licensed contractor. Program funds will not be awarded if subject property has any outstanding or pending code violations or liens. Issues must be addressed and fully corrected prior to the start of the project. All improvements must conform to the city' s Land Development Code and be consistent with the goals and objectives ofthe CRA Plan. The City reserves the right to amend the program guidelines and application process from time to time as needed. Process 1. Contact City staff to set up a pre -application meeting with City staff and bank representatives ( if necessary) to review the project. 2. Submit the revolving loan application and required documentation. 3. City staff will review the application for compliance with the LDC and CRA Plan and render a decision to the bank within 20 business days. 4. An agreement will be drafted and the loan closing process will begin. 5. Project begins. 6. Applicant repays loan over period specified in executed agreement. 2  14. 5. b Engineering Services 105 Miracle Strip Pkwy. SW Department Fort Walton Beach, FL 32548 P:( 850) 833 -9697 F: ( 850) 833 -9926 Community Redevelopment Agency APPLICATION FOR REVOLVING LOAN FUND PROGRAM Project/Business Name: ADDRESS: R- 1 U R -1 E L R -2 LJ 7 V a rviA- i s -- CTP CF CG PUD Zoning District: MX -2 MS Yes No Are there any liens or existing code violations on the property?