Fort Walton Beach Resolution — 2012-20--2012 CRA Plan Update — reading text

provide important support to area residents who need shopping, personal services, and medical services. While one important focus of economic development is the attraction and retention of large, often high -tech businesses, the focus must actually be two -fold to include a balanced approach that includes support businesses as well. The CRA can help facilitate and provide businesses with needed support, whether employee training, assistance with business plans, or financial assistance to grow and maintain the business. Grant and loan programs can be especially effective. Combining local programs with state and federal programs may give start- up businesses the incentive they need. A detailed list of Federal, State, and non -governmental incentives, grants, and loans programs with links to websites is provided in the appendix. In order to best provide these services, a recommended special project is to locate a storefront office in the CRA, staffed by a CRA professional who can provide information and assistance to businesses seeking funding for physical improvements, job creation, or business expansion. The storefront may also contain enough office space to serve as a business start- up center for qualified small businesses that need a storefront to get started. Additionally, the CRA has available land and buildings that are vacant and underutilized, but are well -served by water, sewer, transportation, and other infrastructure. The proximity to Eglin Air Force Base and Hudburt Field means there is need for continued and increased focus on high - tech jobs and businesses. Fort Walton Beach is a good location to focus business recruitment and expansion efforts to cluster high technology businesses, continuing job growth in this industry sector. Combining a commercial property inventory with a land value investment program and other economic incentives cam create a synergy leading to economic success. 1. Implement a Land Value Investment Program. A Land Value Investment Program coordinated by the CRA allows vacant, underutilized, or contaminated parcel(s) to be purchased by the CRA, possibly below market rates, and prepared for development. The parcels may then be sold at a reasonable market rate, or below, through an RFP ( request for proposal) process. The program may be combined with other grant or incentive programs, and may include specific development criteria, such as number of jobs created, specific industry, and/or certain additional design standards. Lots may be combined or split to meet the needs of the developer. Ultimately, a 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 Of Fort Walton Beach  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. 3. Maintain a database of information needed by existing and prospective businesses. The database should include an inventory of vacant and available properties for sale or lease, an inventory of labor force characteristics for the area, demographic and other statistical information, a record of utility capacity, and a targeted infill list. 4. Implement a more streamlined permitting process for development in the CPA. 5. Implement a flexible mixed use land use category. A mixed use category provides for a wide variety of uses which is an important means of allowing for diversity in physical development that is supportive of the economy Objective 6. 2 — Promote Business Expansion in the CRA Successful economic development is dependent on the growth of existing businesses. Therefore, the CRA should promote business expansion through various mechanisms such as grant and incentive programs. 1. Create a site development assistance / business expansion grant. Existing businesses, especially small businesses, can benefit from assistance with remodeling, inventory, or other aspects of expansion. A grant program can provide funds to support and assist businesses with expansion and expansion plans. 2. Implement a mixed use category to allow a mix of uses in one building. The mixed use land use category should allow not only mixed uses on one parcel or lot but also within one building. Specific requirements must address building and site design, access, and amenities to support mixing uses with a building. 3. Promote the HUBZone area surrounding Hollywood Boulevard. Objective 6. 3 — Promote Business Retention in the CRA 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 City of Fort Walton Beach  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. L Conduct annual business surveys to determine the primary factors that contribute to the success of businesses and failure of businesses in the CPA. 2. Create a paint -up program and/ or fagade improvement grant to offer businesses a 1: 1 matching grant to improve the appearance of their building. 3. Consider creation of a business assistance grant that may offer assistance with rental fees for businesses that demonstrate a temporary financial hardship. 4. Implement a Downtown Design Overlay District to allow for Flexible uses in Downtown such as street parties, art festivals, and outdoor dining and vending that can attract crowds and new customers to Downtown. 5. Implement an annual promotional program and funding for the CRA, geared towards bringing visitors to the area and area businesses. 6. Implement a program to provide weekend rentals at the Fort Walton Landing for farmer' s markets, festivals, etc. to bring new crowds of customers to the area. 7. Continue public improvements in the CRA. The foregoing sections of this plan have outlined objectives and strategies for items such economic development, quality housing, and transportation safety. In order to put these strategies into action, the following section outlines special projects for consideration. The following projects integrate categorical ideas to achieve common objectives. 2012 City of Fort Walton Beach  2012 Community Redevelopment Plan Special Projects Contents: Promote Development and Redevelopment Along Hollywood Boulevard Comprehensive Improvement District —Pilot Project Brooks Street Fagade Improvement Introduction The preceding sections identified objectives for redevelopment throughout the CRA in terms of land use, infrastructure improvements, transportation, appearance, housing, and economic development. In order to implement these objectives, specific strategies are identified to guide decision -making, capital improvements, and program development. In addition to these strategies, throe projects that involve several redevelopment objectives — transportation, design, economic development, and infrastructure are proposed to be fully developed and implemented to help achieve the goal of redevelopment. Hollywood Boulevard has the potential to become a hub of economic activity. Hollywood Boulevard intersects with Eglin Parkway and Beal Parkway, which are both state highways, and is bounded by a residential neighborhood and a commercial corridor. The current properties are underutilized and lack aesthetic appeal for pedestrians and potential business proprietors. The south side of this area is located within the HUBZone designation. Given that the east side of Eglin Parkway has been the focus of new development, the west side of Eglin Parkway should receive focused redevelopment attention to complete the development node. The Qualified Target Industry Tax Refund ( QTI) can be used as a potential incentive from the State of Florida. In addition, specific properties in this location could be included on the CRA' s Target Infill Development list and prioritized to receive grant funding for redevelopment and job creation. This project should be coordinated with the commercial property inventory, land value investment, public improvements ( specifically sidewalks and landscaping), and fagade improvement programs for 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. 2012 City of Fort Walton Beach  2012 Community Redevelopment Plan In addition to vacating excess right -of -way 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. Special Project 3 — Brooks Street Facade Improvement Many properties on Brooks Street have frontage on Miracle Strip Parkway as well as Brooks Street and often treat the Miracle Strip Parkway frontage as the front entrance, leaving the Brooks Street frontage with a " back door" appearance. This often