Summary of Incentive Programs

Capital Improvement Grant Subsidy Program

The CRA will subsidize 50% of the "interest-only" portion on the principle amount of a loan obtained for rehabilitation or renovation of a project located in a designated area. Loans from participating lenders are based on prime rate with no points or closing costs charged. The maximum principle loan amount allowed is $350,000.

TARGET AREA: Northwood Business District, Broadway and Dixie Highway

Relocation and Development Assistance

The CRA may assist with relocation and development of certain uses to allow for a more desirable or upgraded use. This program provides the incentives necessary for redevelopment including tenant relocation, acquisition, build-out and rehabilitation or renovation of existing properties.

TARGET AREA: Northwood Business District, Broadway and Dixie Highway

Real Estate Development Accelerator (REDA)

Primarily for large-scale development projects greater than $5 million, this incentive can be utilized in the form of land mark-down, infrastructure improvements, Tax Increment Financing or similar type of assistance. Each project is negotiated on an individual basis based on a gap in a development pro forma.

TARGET AREA: Entire Northwood/Pleasant City CRA District

Housing Investment Program (HIP)

Developers of new construction, of for-sale/for-rent residential projects investing up to $5 million may be eligible for development assistance. Based on a formula, projects may qualify for a $5,000-per-unit incentive. An additional $5,000 incentive may be provided for each affordable unit set aside with a maximum number of units not to exceed 25% of the overall project.

TARGET AREA: Pleasant City (Spruce Avenue, Blum Park) and Broadway

Strategic Investment Streetscape Program

Development projects costing up to $5 million can be eligible for funds for streetscape improvements. Depending on the scope of the project, up to 50% of the cost of the streetscape construction within the public right-of-way may be funded.

TARGET AREA: Northwood Business District, Broadway and Dixie Highway

Strategic Investment Program

Based on a formula that considers the amount of tax increment generated from each project, commercial and mixed-use projects up to $5 million may be eligible for development assistance.

TARGET AREA: Northwood Business District, Broadway and Dixie Highway

Façade and Exterior Improvement Program

This grant provides 75% of a façade project up to $10,000, or, in a targeted area, provides a maximum contribution of $20,000 for a project totaling $25,000 or more. Eligible improvements include landscaping, awnings, exterior painting and any other approved exterior improvement.

TARGET AREA: Northwood Business District, Broadway and Dixie Highway and the Industrial Area focused on 25th Street, Windsor Avenue

Rebirth of Pleasant City

This program targets single family homes located west of Spruce Avenue. Eligible improvements include exterior improvements sucha as painting, paving, irrigation and sod.

TARGET AREA: Pleasant City, West of Spruce Avenue

Enterprise Zone

An Enterprise Zone is an area targeted for economic revitalization. Enterprise Zones offer financial incentives to businesses of all sizes. Tax savings are offered to businesses that invest in zones or that employ zone residents and other targeted employees. The incentives are available to businesses that pay Florida Corporate Income Tax and Sales and Use Tax.