Goals/Objectives:This program seeks to eliminate slum and blight by attracting new businesses to the CRA or existing businesses to expand within the CRA. DIP is a custom designed incentive to meet the appropriate needs of a specific development project in the CRA that represents an investment / total project cost of five ($5,000,000) million dollars or more and creates a significant economic engine or destination project in the CRA. This program will allow the CRA to use any of its incentive programs and options, including tax abatement, fee waivers, land donation and/or purchase, etc.
In order to be eligible for the DIP, the business/property owner must invest at a minimum, a dollar-for-dollar match of the CRA investment within the project. The CRA’s project contribution cannot exceed the documented contribution of the business/project owner.
Eligible Area: All properties within the CRA. There is a designated Focus Area defined as Sistrunk Boulevard between NW 24 Avenue and the FEC Railway, including one block north and south of Sistrunk Boulevard; as well as, 9th Avenue (between Sunrise Boulevard and Broward Boulevard), and 7th Avenue (between Sunrise Boulevard and Broward Boulevard).
Eligible Properties: Commercial and/or mixed-use projects in the CRA with uses permitted by applicable land use codes or approved conditional uses.
Eligible Project Costs: Generally, all costs associated with the CRA desired redevelopment project (Project), including costs and fee’s associated with acquisition, rehabilitation and fines. The proposed Project must comply with the Plan, CRA urban design guidelines, applicable land use regulations, and current code requirements, subject to review/approval by the City of Fort Lauderdale Planning Division, Code Compliance Division, and CRA staff.
Job Creation and Retention Requirements: Job creation and/or job retention or another approved performance indicator may be a requirement for assistance provided through this program.
Basis/Limits of Benefits: Throughout the CRA, a DIP award (with no minimum or maximum amount) will provide a forgivable loan or low interest loan to assist the eligible project. The CRA Staff will review the project and recommend a funding plan/strategy and amount to the CRA Advisory Board and CRA Board.
Terms and Obligations: The program award will have ongoing obligations/covenants, which may include, but is not limited to a lien on the applicant’s property.
Special Conditions: Where possible, the developer will use best efforts to hire Fort Lauderdale contractors to work on approved projects. If a HCD/CRA approved contractor is awarded work, it will be for the portion of the project that is funded through the CRA.