The owner of the strip of downtown shops at 223-231 Magnolia Avenue (MAP) will receive $20,000 from the City as part of its Downtown Façade and Building Stabilization Program. Funding will be used for a storefront system with frontage on Magnolia Avenue. The committee made this recommendation the City Council will vote on on June 19th.
The applicant's capital investment for the proposed improvements is estimated at $86,000, based upon three contractor estimates provided for the above referenced improvements, thus they were eligible for funding assistance of up to $20,000.00.
The Downtown Façade and Building Stabilization Program offers a three-year, interest-free deferred loan for façade and/or building stabilization improvements to existing properties within the Downtown Community Redevelopment Area ("Downtown CRA"). The Program, which was approved by the CRA on July 30, 2012, provides assistance with costs related to exterior physical improvements throughout the entire Downtown CRA, as well as building stabilization improvements within the Parramore Heritage Area of the Downtown CRA. The Program offers matching funds to off-set the costs of eligible improvements.
The applicant's capital investment for the proposed improvements is estimated at $86,000, based upon three contractor estimates provided for the above referenced improvements, thus they were eligible for funding assistance of up to $20,000.00.
The Downtown Façade and Building Stabilization Program offers a three-year, interest-free deferred loan for façade and/or building stabilization improvements to existing properties within the Downtown Community Redevelopment Area ("Downtown CRA"). The Program, which was approved by the CRA on July 30, 2012, provides assistance with costs related to exterior physical improvements throughout the entire Downtown CRA, as well as building stabilization improvements within the Parramore Heritage Area of the Downtown CRA. The Program offers matching funds to off-set the costs of eligible improvements.
