Sebring CRA discusses rental-incentive program to attract retail to downtown

The Sebring Community Redevelopment Agency on March 24 opened a broad discussion about a proposed commercial rental incentive grant program designed to attract retail and specialty stores to downtown Sebring.

Staff presented a preliminary concept that would subsidize part of a tenant’s rent through a grant paid to the landlord for a defined initial period. Christie (staff) said the program would likely target “boutique specialty stores, markets” rather than professional offices, and that the agency would need to decide whether landlords or tenants would apply and what lease and reporting conditions would be required.

The proposal discussed several design options the board may consider: (1) landlord-applied subsidies that pay a percentage of rent directly to the landlord for year one (staff used a 50% example in discussion), (2) declining multi-year incentives (for example, 50% the…