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CRA adopts revised CRE investment grant agreement with sale‑repayment restrictions
Summary
The CRA unanimously approved a revised CRE investment program grant agreement that places restrictive repayment terms on grantees who sell or cease occupying properties during a defined period (sliding-scale repayment; full forgiveness after three years). The board voted to forward the agreement to the Board of County Commissioners.
Susan Korres, director of the Office of Community Development, presented a reworked CRE investment program grant agreement that adds special conditions and a sliding repayment schedule if a grantee sells or ceases to occupy a property during the restrictive period following completion of improvements.
Korres explained the agreement’s mechanics: the grantee would repay an enumerated portion of grant funds if the property is sold or the grantee stops occupying it within a defined restrictive period, with a sliding scale that reduces repayment over time and full forgiveness after three years. "After 3 years, there's no repayment," Korres said. The draft also describes default scenarios and preserves improvements made under the grant so they cannot be removed when a property sells.
Board members asked how repayment would be enforced through probate and whether repayment is limited to the funds advanced; staff responded that repayment would seek the grant funds advanced and that probate collection would be pursued when relevant. Public commenter Gary Ehrler of Port Salerno urged the board to support the changes and recommend BOCC approval. The Chair moved to approve the agreement, a member seconded, and the board passed the motion unanimously by voice vote.
