Commercial Property Revitalization Programs City of Lakewood Department of Community Development.

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Presentation transcript:

Commercial Property Revitalization Programs City of Lakewood Department of Community Development

Overview Mission, Goals, Benefits Successes Community Impact Madison on the Move Continued Focus

Overview

Overview The City of Lakewood is an excellent example of a streetcar suburb, featuring mixed use building fronting our main corridors. Many of these structures are approaching 100 years of age. Age complicates rehabilitation of these structures often making projects fiscally unfeasible. Commercial Property Revitalization Programs

SRP provides financial incentive for commercial building and business owners to make much-needed improvements. SRP assistance can be utilized for exterior facade and certain interior improvements 0% loans for 80% of eligible costs. Maximum of $50,000. Rebates of up to 40% of eligible costs. Maximum of $30,000 per property. Commercial Property Revitalization Programs Storefront Renovation Program

Eligible Expenses Commercial Property Revitalization Programs Brick re-pointing and cleaning Replacement of bulkhead and tile work Roof repair/replacement Carpentry Masonry Door and window replacement Exterior accessibility improvements (ADA) Parking lot aesthetic site improvements, Signage and sidewalk/streetscape improvements Interior code improvements when completed in conjunction with exterior façade improvements shall include: electrical, plumbing and structural repairs/renovations.

Benefits Tenants and Property owners are eligible to apply. CPR funding spurs additional private investment. Lakewood maintains its streetcar heritage. Commercial Property Revitalization Programs

FIP provides financial incentive for commercial building and business owners to make much-needed façade improvements. FIP assistance can only be utilized for some exterior facade improvements Rebates of up to 50% of eligible costs. Maximum of $2,500 per applicant. Commercial Property Revitalization Programs Façade Improvement Program

Eligible Expenses Commercial Property Revitalization Programs Signage Lighting Landscaping Awnings

Successes

Commercial Property Revitalization Programs YearApplications Completed Projects Total Funds Disbursed $269, $156, $185, Total Detroit75517 Madison Other1001 Program Activity Distribution

Commercial Property Revitalization Programs Financial Impact Year Total Funds Disbursed Total Project CostLeverage % 2013$269,082$960,03528% 2014$156,981$437,89636% 2015$185,009$444,94042%

Moving Forward

The program continues to garner considerable interest. There are currently 8 outstanding projects from 2014 and Our current account balance is less than $100,000. We need to continue to replenish this fund to support business and property owners. Each of the last three years, we have disbursed more funds than we received. Commercial Property Revitalization Programs Continued Investment Funding Request: $195,000

Commercial Property Revitalization Program City of Lakewood Department of Community Development