Property Revitalization Programs City of Lakewood Division of - - PowerPoint PPT Presentation

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Aug 30, 2023 22 likes •303 views

Commercial Property Revitalization Programs City of Lakewood Division of Community Development Commercial Property Revitalization Programs Overview Lakewood was built out as a streetcar suburb. Many small, mixed-use buildings

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Commercial Property Revitalization Programs

City of Lakewood Division of Community Development

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Overview

▪ Lakewood was built out as a “streetcar suburb.” Many small, mixed-use buildings line our commercial corridors. ▪ Many of these structures are approaching 100 years of age. ▪ CPR Program makes re-use of these historic storefronts more economically feasible ▪ The program outcomes include higher-quality exterior renovations and more capacity to make interior code improvements

Commercial Property Revitalization Programs

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▪ Financial incentive for commercial property and business owners to make high quality building improvements. ▪ Rebates up to 40% of eligible costs. Maximum $30,000. ▪ 0% loans for 80% of eligible costs. Maximum $50,000. ▪ Tenants and property owners are both eligible to apply.

Commercial Property Revitalization Programs

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Eligible Expenses

Commercial Property Revitalization Programs

Exterior ▪ Door and window replacement ▪ Paving / Streetscape / Parking Lot Improvements ▪ Accessibility upgrades to meet ADA requirements ▪ Signage / Awnings ▪ Brick re-pointing and cleaning ▪ Exterior painting ▪ Architect fees Code Improvements ▪ Electrical ▪ Plumbing (especially ADA bathrooms) ▪ Structural Repairs

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Benefits

▪ Spurs significant additional private investment ▪ Incentivizes high-quality exterior renovations & compliance with historic preservation standards ▪ Strengthens relationships with business owners ▪ Maintains Lakewood’s streetcar heritage

Commercial Property Revitalization Programs

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Commercial Property Revitalization Programs

Signage, Lighting, Landscaping & Awnings Grants

▪ Exterior improvement grants for smaller, less-resourced businesses ▪ Encourages high-quality, innovative signs & other upgrades ▪ Rebates up to 50% of eligible costs. ▪ Maximum $2,500

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Commercial Property Revitalization Programs

▪ Signage ▪ Lighting ▪ Landscaping ▪ Awnings

Eligible Expenses

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Accomplishments & Community Impact

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Year Apps Compl Projects CDBG Investment Private $ Leveraged Total Investment 2011 6 4 $95,079 $514,920 $609,999 2012 4 3 $83,356 $155,850 $239,206 2013 23 18 $404,394 $2,347,805 $2,752,199 2014 11 6 $98,492 $198,252 $296,744 2015 16 20 $362,147 $695,000 $1,057,147 2016 14 14 $232,816 $1,255,690 $1,488,506 2017 10 12 $269,504 $2,976,870 $3,246,374 2018 5 8 $210,198 $976,100 $1,186,298 2019 (ytd) 11 2 $22,270 $31,763 $54,033 Total (2011-2018)* 89 85 $1,755,986 $9,120,487 $10,876,473 Annual Avg (2011-2018)* 11.1 10.6 $219,498 $1,140,061 $1,359,559 Storefront Renovation Program Performance (2011-2019) *2019 not included in total & annual average calculations

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Challenges

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Mars Bar Approved November 2017 $30,000 Historic Preservation Compliance

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Brennan’s Floral Approved September 2016 $20,000 Expired

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15528 Madison Approved July 2017 $5,000 Expired

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Bottlehouse Approved May 2017 $20,000 Expired

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Moving Forward

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Commercial Property Revitalization Programs

2020 Storefront Program Pipeline

Business Address Investment Victoria Medical Building 15000 Madison

$30,000

Thai Thai 13415 Madison

$30,000

Allstate / Tost / EuroGyro 13425 Madison

$30,000

Buehl Building 17006 Madison

$30,000

Ohio Inn 11822 Detroit

$30,000

Rose & Rose Realty 11822 Detroit

$30,000

Ohio City Burrito 11822 Detroit

$30,000

Bi-Rite Building 12503 Madison

$30,000

Gina’s Wigs Building 17303 Detroit

$30,000

Aji Noodle Bar 13603 Madison

$30,000 Total $300,000

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Victoria Medical Building 15000 Madison $30,000

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Thai Thai / Vibe 13415 Madison $30,000

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Allstate / Tost / EuroGyro 13425 Madison $30,000

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Buehl Building 17006 Madison $30,000

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Ohio Inn 11824 Detroit $30,000

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Rose & Rose Realty 11817 Detroit $30,000

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Ohio City Burrito 14412 Detroit $30,000

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Bi-Rite Building 12503 Madison $30,000

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Gina’s Wigs Building 17303 Detroit $30,000

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Aji Noodle Bar 13603 Madison $30,000

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Challenges

▪ Insufficient project pipeline ▪ Slow, stalled & expired projects ▪ Failure to meet reimbursement documentation requirements ▪ Historic preservation compliance

Commercial Property Revitalization Programs

▪ Aggressive, targeted marketing & outreach ▪ Enhanced, hands-on project monitoring & tracking ▪ Up-front project feasibility analysis ▪ Require Architectural Board of Review approval prior to committing funds

Solutions

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FY20 Funding Request

FY20 Funding Request $175,000 FY19 Year-End Balance $300,000 FY20 Budget $475,000 FY20 Project Pipeline $300,000 (10 Projects) New 2020 Projects $175,000 (5-6 Projects) Total Investment $475,000