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Tampa May Offer Business Grants For Improvements

By CHRISTIAN M. WADE | The Tampa Tribune

Published: October 28, 2008

TAMPA - Own a business and want to add a new sign or spruce up your storefront?

If you're in one of Tampa's community redevelopment areas, the city would be willing to pay half the cost of the facade improvements under a new program being discussed.

The proposed fix-up grants would be available to commercial and retail property owners in Ybor City, Drew Park and East Tampa redevelopment areas. The matching grants would cover the cost of improvements up to $50,000 for adding new awnings, windows, lighting and signs, landscaping and putting a new coat of paint on the building's exterior.

The city must approve an application for the grants. Some of the conditions include:

• Taxes and insurance on the property must be current.

• No outstanding liens or code violations on the property.

• Grants could not be used to buy properties.

• Adult businesses would not be eligible to participate in the program.

The program would have to be approved by the city council, which is expected to vote on the measure at Thursday's meeting of the Community Redevelopment Agency.

If approved by the CRA board, the program would go into affect sometime next spring.

City officials are planning to print brochures explaining the requirements and limitations of the grant programs. Those will consist of residency, time limit and other stipulations.

CRAs use a funding mechanism called tax increment financing, which allocates a portion of the tax money generated from increasing property values within the designated area.

The benefit to the city from a grant program is that it boosts property values in the area, which in turn generates additional tax dollars that can be used for redevelopment.

The programs have proven highly successful in other Tampa Bay area municipalities.

Reporter Christian M. Wade can be reached at (813) 259-7679

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