APPROVAL OF THE COMMERCIAL GRANT INCENTIVE PROGRAM ROUND IV TOTALING $250,000.00 TO ASSIST LOCAL BUSINESSES AND IMPROVE PROPERTIES IN THE COMMUNITY REDEVELOPMENT AREA

STAFF RECOMMENDS APPROVAL OF THE COMMENCEMENT OF THE COMMERCIAL GRANT INCENTIVE PROGRAM ROUND IV TO PROVIDE PROPERTY IMPROVEMENT ASSISTANCE TO BUSINESS OWNERS IN THE RBCRA DISTRICT.

IN MARCH 2018, THE BOARD APPROVED SIX COMMERCIAL GRANT APPLICANTS IN ROUND I FOR A TOTAL OF $167,293.81.  ON FEBRUARY 6, 2019, THE BOARD APPROVED ROUND II OF THE PROGRAMS TO ACCEPT APPLICATIONS FOR THE REMAINING $182,706.19 NOT PREVIOUSLY ALLOCATED IN ROUND I.  ON JULY 24, 2019, THE BOARD REQUESTED THIS ITEM BE BROUGHT BACK AT THE NEXT MEETING TO ALLOW SUFFICIENT TIME FOR THE BOARD TO COMPLETE A REVIEW OF THE SUBMITTED APPLICATIONS. IN AUGUST 2019, THE BOARD PROVIDED FINAL APPROVAL FOR THE SEVEN APPLICANTS IN ROUND II.  ON SEPTEMBER 25, 2019, THE BOARD APPROVED THE FY2019/2020 BUDGET IN WHICH THE COMMERCIAL GRANT INCENTIVE PROGRAM WAS APPROVED FOR $250,000.00.  IN OCTOBER 2019 THE BOARD APPROVED ROUND III OF THE PROGRAM TO ACCEPT APPLICATIONS.  ON JANUARY 31, 2020 THE AGENCY CLOSED ACCEPTANCE OF SUBMISSIONS FROM LOCAL BUSINESS OWNERS.  IN JULY 2020, THE BOARD PROVIDE APPROVAL FOR THE HIGHEST RANKED APPLICANT AND REQUESTED THE REMAINING THREE APPLICANTS BE BROUGHT BACK.  IN SEPTEMBER 2020, THE BOARD APPROVED $250,000.00 IN FY2020/2021 BUDGET FOR THE COMMERCIAL GRANT INCENTIVE PROGRAM.