TO: Urban Renewal Agency Board
THROUGH: Steve Powers, Executive Director
FROM: Kristin Retherford, Director, Urban Development Director
SUBJECT:
title
Riverfront Downtown Urban Renewal Area (RDURA) Capital Improvement Grant Program Exception Criteria
Ward(s): Ward 1
Board Member(s): Board Member Kaser
Neighborhood(s): CANDO, GRANT
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ISSUE:
Shall the Agency Board approve the RDURA Capital Improvement Grant Program Exception Criteria?
RECOMMENDATION:
recommendation
Approve RDURA Capital Improvement Grant Program Exception Criteria.
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SUMMARY AND BACKGROUND:
In May 2014, the Agency Board approved the Capital Improvement Grant Program for the Riverfront Downtown Urban Renewal Area. This program replaced the former Toolbox Program (Building and Rehabilitation Interior and Exterior Grant Program) that had been developed in May 2003. The significant changes to the grant program were: 1) minimum project size requirement of $10,000; 2) maximum grant amount increased to $300,000 based on eligible project costs; and 3) inclusion of objectives as a criteria for qualifying a grant. Qualified grant requests under $300,000 are administratively approved by the Director of Urban Development. All funding requests over that amount are exceptions to the Capital Improvement Grant Program Guidelines and require Urban Renewal Agency Board approval.
In order to provide parameters for the Agency Board to apply when exception requests come before them for consideration, a sub-committee of the Downtown Advisory Board (DAB) developed the following exception criteria that was presented to the full DAB at their February 9, 2017, meeting.
CAPITAL IMPROVEMENT GRANT PROGRAM EXCEPTION CRITERIA
Mandatory Requirements
1) Project must meet a minimum of two Capital Improvement Grant Program Objectives listed below:
• New construction
• Mixed-use, including housing
• Alley improvements
• Historic preservation projects that require Historic Landmarks Review
• Expansion of existing business, retention or recruitment of new business that results in creating new jobs
• Upper floor renovations - improvements that make currently un-leasable space to a level it can be occupied.
2) 4:1 Leverage of Private/Public Funds; and
3) Project must meet one of the following “Other” criteria,
Other Criteria:
• Grant pay back analysis of increased tax increment reflects payback over 7-10 year period or sooner, or
• Project is characterized as blight due to obsolescence, deterioration, dilapidation, mixed character or shifting of uses, or
• Affordable Housing
In determining this criteria, sub-committee members reviewed Council Goals, Capital Improvement Grant Program Guidelines, Downtown Strategic Action Plan Goals, URA Blight Definitions, and criteria approved by the Agency Board on April 11, 2016, for Opportunity Acquisitions. RDURA Capital Improvement Grant Program Exception Criteria supports multiple goals and provides transparency to potential grant applicants, DAB, and Agency Board members when grant exceptions are requested for consideration.
FACTS AND FINDINGS:
Grant programs are an eligible project in the Riverfront Downtown Urban Renewal Area Plan - Section 1105 - Core Area Redevelopment.
On February 9, 2017, the Downtown Advisory Board unanimously approved recommending to the Agency Board the RDURA Capital Improvement Program Grant Exception Criteria.
Sheri Wahrgren
Downtown Revitalization Manager
Attachments:
1. None