TO: Urban Renewal Agency Board
THROUGH: Steve Powers, Executive Director
FROM: Kristin Retherford, Urban Development Director
SUBJECT:
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Funding for North Gateway Urban Renewal Area Grant Program.
Ward(s): 5
Board Member(s): Ausec
Neighborhood(s): Northgate
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ISSUE:
Shall the Agency Board authorize the use of North Gateway Urban Renewal Area (North Gateway URA) funds to add $1,000,000 to the North Gateway Interior/Exterior Grant Program for Fiscal Year 2017/2018?
RECOMMENDATION:
recommendation
Authorize the use of North Gateway URA funds to add $1,000,000 to the North Gateway Interior/Exterior Grant Program (Grant Program) for Fiscal Year 2017/2018.
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SUMMARY AND BACKGROUND:
Adoption of the recommendation will allocate an additional $1,000,000 to the North Gateway URA Grant Program. Pending Grant Program applications total $900,000 and exceed the funding available. Additional funding is needed in the Grant Program to address pending applications and respond to future inquiries.
At the March 1, 2018, meeting, the North Gateway Redevelopment Advisory Board reviewed the grant activity described and recommended the Agency Board approve the addition of $1,000,000 to the North Gateway Interior/Exterior Grant Program.
Amendments to the Grant Program policies approved by the Agency Board on June 27, 2016, increased award limits to $300,000 from $50,000 (total for interior and exterior improvements) and expanded funding eligibility. The policy changes have stimulated new interest in the Grant Program.
FACTS AND FINDINGS:
The following table summarizes the available funds and pending applications:
Currently Available Grant Funds $142,532
Pending Grant Applications
Jet Industries $ 300,000
Ochoa’s Queseria $ 300,000
Santiam Electric $ 300,000
Pending Grant Application Total $ 900,000
Balance of Grant Funds ($757,468)
Without authorization of additional funds, the Urban Renewal Agency will be unable to fund pending applications. The requested authorization will fund all current applications.
Staff continues to receive significant interest in the Grant Program from businesses and property owners in the North Gateway URA. After all pending applications are approved, a remainder of $242,532 will be available to fund new applications in Fiscal Year 2017/2018.
In FY 2015-16, staff approved four grants totaling $394,073. Since the beginning of FY 2016, a total of $2.9 million of grants have been awarded.
Renee Frazier
Financial Services Supervisor
Attachments: None