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<br />AGENCY BOARD MEETING DATE. <br />MAY 16, 2011 <br />TITLE <br />MODIFICATIONS TO DOWNTOWN <br />FACADE IMPROVEMENT REBATE <br />PROGRAM <br />~,~' a ~~ y...-i <br />AGENCY SECRETARY USE ONLY: <br />APPROVED <br />^ As Recommended <br />^ As Amended <br />^ Ordinance on 1St Reading <br />^ Ordinance on 2~d Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />INTERIM E CUTIVE DIRECTOR <br />RECOMMENDED ACTION <br />Approve and authorize Agency staff to implement the proposed modifications to the Downtown <br />Facade Improvement Rebate Program. <br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION ACTION <br />At its regular meeting on May 3, 2011, by a vote of 5:0 (Walters absent), the Community <br />Redevelopment and Housing Commission approved the recommended action. <br />DISCUSSION <br />In July 2008, the Redevelopment Agency Board approved the Downtown Facade Improvement <br />Rebate Program to encourage the revitalization and activation of key storefronts in an effort to <br />stimulate private investment and customer patronage. The rebate program provides assistance to <br />the commercial property owners within the designated Downtown target area, which incorporates <br />the Downtown Historic District, as well as other blocks and buildings vital to the downtown core <br />(Exhibit 1). <br />Since program approval in 2008, there have been seven applications approved, with one building <br />completed, five projects currently under construction, and one application pending Agency <br />approval. <br />The recommended changes to the current program would include: <br />• Redevelopment Agency Board approval of all Downtown Facade Improvement rebates. <br />• Rebate limited to 50% of total project cost, not to exceed $75,000 per building, as <br />opposed to the current $75,000 pei- storefront. Rebate can exceed the rebate limits only <br />at the discretion and approval of the~gQn~y Board. <br />