CRA Incentives
Façade and Business Site Improvement Program
- To enhance existing commercial business sites
- Must be substantial improvement projects with visual impact
- Eligible expenses: windows, doors, paint, design elements, etc.
- CRA provides 80% of project costs up to a maximum contribution of $20,000 per property address
To apply contact CRAIncentives@citynmb.com
Example
Strategic Investment Program
- For rehabilitation or renovation of commercial properties, tenant improvements, etc.
- Uses a formula that considers the amount of tax increment generated from each project
- Bonus for the targeted industries (breweries, microdistilleries, micro-wineries) in replacement of the existing Targeted Industry Attraction Program
- The maximum grant amount is $150,000 for commercial projects and $250,000 for targeted industries'
To apply contact CRAIncentives@citynmb.com
Examples
Strategic Investment Streetscape Program
- Works in concert with proposed public infrastructure upgrades
- Eligible expenses: sidewalk and streetscape improvements or other streetscape elements in a project
- Matching maximum grant amount is $35,000
To apply contact CRAIncentives@citynmb.com
Example
Capital Improvement Grant Program
- An “interest-only” program that works in conjunction with the lenders and provides 50% of the interest on a loan amortized over a five-year period
- Maximum loan amount the incentive will apply against is $350,000
- The interest payment amount is intended to reduce the upfront costs of renovation to buildings
To apply contact CRAIncentives@citynmb.com
Real Estate Development Accelerator (REDA)
- For major (usually) ground-up development projects with minimum of $5 million in construction
- Funds for the REDA Program come from new taxes that are generated by the new projects
- Funding based on the development phase, costs covered include: Land Cost Mark-down, Development Costs, Relocation Assistance, Demolition, Site-Prep, Remediation, Infrastructure Assistance, Assembly Assistance
To apply contact CRAIncentives@citynmb.com
Example
Old Town Square Pompano Beach, FL
- $63 million in total investment
- Cumulative TIF projection $7.8 million over 20 years
- Economic Impact estimated $17 million/year
Paint, Plant, and Pave Program
- For residential owner-occupied single-family and up to 4-unit multi-family properties
- To enhance the aesthetics through curb appeal within the residential neighborhoods
- Eligible expenses: Painting, landscaping, awnings, sidewalks, etc.
- $7,500 to $10,000 grant
To apply contact CRAIncentives@citynmb.com
Example
Incentive Program Policies
- All programs contain an application form and a list of items needed from the applicant
- Target Areas: North of the Canal, South of the Canal, NE 19 Ave. and in SIP & REDA, Dixie Hwy.
- Need 2 estimates from contractors
- Non-profit organizations and tax-exempt properties are not eligible
- Payment is made on a reimbursement basis in most programs
- Properties cannot be sold within 24-months
To Apply contact CRAIncentives@citynmb.com