CRA 08/16/2012 Minutes - Laserfiche WebLink

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Administrative Policy— Economic Development Incentive Program Businesses in the CRA are not eligible for CRA funded programs when such funding conflicts with the goals expressed in the CRA Redevelopment Plan. (C)The CRA is not required to pay any additional debt beyond the terms of the Agreement. In the event of default, the CRA is not obligated to complete the Agreement. The applicant and /or financial institution must agree to notify the CRA of any default proceedings. (D) Grants or loans provided by the CRA may not be used for any purpose other than those expressed in the Program. (E) A business may be eligible for another incentive once the Agreement period has expired. (A) An applicant who wishes to participate in this Program must meet the following eligibility requirements: 1. The eligible owner or business must be located within the Casselberry Community Redevelopment Area. 2. If the applicant is a new business, the organization must add jobs at or above the full -time average area wage, within a reasonable timeframe after the execution of the Agreement. 3. A business owner must either own the property or have an executed long -term lease for the location in the eligibility area. (B) The following businesses are considered ineligible for assistance under the Program: 1. Businesses that employ less than two full -time equivalent W -2 employees or 1099 contracted employees. 2. Businesses who do not report employee's wages to the State of Florida Department of Revenue. 3. Any business prohibited under Table 2 -5.3, Land Use by District, of the City's Unified Land Development Regulations and Table C.3, Community Redevelopment District Uses, of the CRA's Design Standards. (A) If the applicant is awarded a loan from the CRA, terms must include the following conditions: 1 Full -time average area wage is $38,484, currently determined by Seminole County's Economic Development Department. Jobs average at least 30 hours per week. 2