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Advisory board recommends up to $150,000 to support Central City CRA build‑out
Summary
The advisory board voted to recommend up to $150,000 from Central City CRA funds toward a $750,000 retail shell build‑out; Northwest CRA will contribute $600,000 and the advisory board will forward the recommendation to the CRA board and city commission.
The Central City advisory board recommended that the CRA board consider contributing up to $150,000 toward the build‑out of a 4,000‑square‑foot retail/office shell space in a new development.
Staff summarized the proposed investment: a total build‑out cost of $750,000, with Northwest CRA contributing $600,000 and a Central City recommendation of $150,000. The site was presented in the LOI stage as a 4,000 sq. ft. shell available at $10 per square foot; staff estimated an initial annual rent of roughly $40,000 at that rate and projected a 69‑month payback on the build‑out investment under the assumptions provided.
Board members questioned how the $150,000 figure was derived, whether Central City would utilize the space for meetings or staff, and how rent and ongoing costs would be budgeted. Staff said the figure was a recommendation intended to advance the project to the CRA board; lease and security agreements remained under negotiation.
A motion to recommend allocating up to $150,000 to the build‑out was made, seconded and approved by roll call. Individual members were called and recorded as supportive, and the motion was declared carried. Staff said it will forward the recommendation to the CRA board and city commission for formal approval.
The advisory board noted that any overages beyond the recommended amount would be the responsibility of the project sponsor unless otherwise agreed.
