CRA Incentives

Incentive Program Goals

  • Attract Private Investment
  • Renovate Buildings
  • Increase Tax Base
  • Create Excitement about Redevelopment
  • Establish Critical Mass of Improvements
  • Provide Tools for Various Redevelopment Obstacles

Incentive Programs Currently Available

  • Façade and Business Site Improvement Program
  • Strategic Investment Program (SIP)
  • Strategic Investment Streetscape Program (SISP)
  • Capital Improvement Grant Program (CIGP)
  • Real Estate Development Accelerator (REDA)
  • Paint, Plant, and Pave Program

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

Examples of Business Facades


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

Before and After images of pompano beach

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

Strategic Investment Streetscape Program 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

Example photos of Facade Improvements

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 AssistanceREDA Building

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

Paint plant pave 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.comMap of the districts to include South of Canal, North of Canal, Civic Commons, Industrial  & 163rd