The Community Redevelopment Agency (CRA) Board voted today to approve $8.49 million in commercial grant funding through the end of fiscal year 2024. The grant funding will benefit commercial property and business owners in 10 CRA areas. In addition, long-time commercial property owners can benefit from a new “legacy credit” that rewards long-time property owners who make improvements by reducing their upfront out-of-pocket costs.
Four grants are available to people looking to make eligible improvements within CRA areas, including:
Commercial Exterior Grant: Used to enhance the exterior of a commercial building or property. Up to $75,000*, matched by 50 percent of the owner's funds. Commercial Interior Grant: Used to enhance the interior of a commercial building and property. Up to $75,000*, matched by 50 percent of the owner's funds. Pre-Development Grant: Allows commercial or business owners to reduce upfront development costs by providing fully funded design and engineering services. Special Project Grant: Available for certain limited projects that meet the CRA's goals and objectives but do not fall under the parameters of another CRA grant.
In addition to these grants, commercial property owners may be able to avoid significant upfront costs with the passage of a new “Legacy Credit.” This credit will be used in conjunction with the Commercial Exterior and Interior Grants. While those grants require a 50 percent owner contribution and are offered as a refund based on the length of ownership, the Legacy Credit can reduce the contribution from 35 percent to zero.
Percentage of years of ownership and responsibility
Less than 4 (no legacy credits) 50% (1:1)
5 35%
10 25%
15 15%
20 years old or older 0%
Property owners can qualify for the legacy credit starting in the fifth year, but the greatest benefit goes to owners who have owned the property for more than 20 years.
For example, an owner who has owned a property for 20 years wants to complete $50,000 of qualified improvements in a CRA area with a subsidy of up to $50,000, the owner qualifies for the Legacy Credit with a 0 percent owner contribution and no upfront costs if he or she chooses to pay the subsidy directly to the contractor.
To apply for a grant, property owners must be located within the Tampa CRA boundaries and schedule a pre-application meeting. Applications will be made during pre-application meetings beginning July 1, 2024.
*Prize caps vary by region.
CRA consultation form: https://www.tampa.gov/form/request-for-cra-consultation