TO: CRA Board of Commissioners
FROM: Alexina Jeannite, Grant Manager
THROUGH: Renée A. Jadusingh, Esq., Executive Director
DATE: February 25, 2020
Title
SITE DEVELOPMENT ASSISTANCE PROGRAM FUNDING APPLICATION - APEX INSURANCE & INVESTMENT GROUP LLC (702 NE 3RD AVENUE)
Body
Recommended Action:
Recommendation
Approve the attached Site Development Assistance Program Funding Agreement with APEX Insurance & Investment Group, LLC for the proposed interior and exterior improvement project located at 702 NE 3rd Avenue, for an amount not to exceed $29,406.60.
Body
Background:
APEX Insurance & Investment Group, LLC, (APEX) is a multi-coverage insurance agency, owned by Mr. Paul Jacques (Owner), offering auto, home, life, and business insurance. APEX will be relocating to the property located at 702 NE 3rd Avenue, within CRA sub-area #6, the Del-Ida Historic District, making the City of Delray Beach its new home.
APEX has been serving personal and business insurance needs of Florida individuals and businesses since 2006. APEX is a member of the Independent Insurance Agents of Florida and is a Trusted Choice agent among other trade associations such as the Florida Professional Insurance Agents of Florida and Specialty Agent.
The Owner submitted an application for funding assistance in November 2019, requesting funding support to renovate the property, which is a historically contributing structure within the Del-Ida Historic District. The property is currently a single-family home that has been vacant for two years. The Owner recently purchased the property in September 2019, with plans to convert it into an office space. Significant improvements are needed to make it an operational office space. It should be noted that QC East Holdings, LLC is the mortgage holding company for the property at 702 NE 3rd Avenue, and APEX Insurance & Investment Group, LLC is the business operating unit. Both companies are owned by Mr. Paul Jacques (Owner).
Funding assistance is requested for interior and exterior improvements including: interior build-out materials and labor; purchase and installation of windows and doors; plumbing; AC, lighting and electrical work; interior flooring and molding; exterior paving; painting; landscaping; and related permit fees for work being completed. If approved, the Owner anticipates that the project will be fully completed by April 2020.
All estimated eligible expenses are listed in the attached Funding Detail Sheet and are in alignment with the program guidelines.
|
TABLE 1 |
AMOUNT |
|
Estimated total capital investment |
$580,000.00 |
|
|
|
|
Estimated eligible expenses |
$ 73,516.50 |
|
|
|
|
Recommended funding assistance (up to) |
$ 29,406.60 |
If approved, funding would be disbursed accordingly:
|
TABLE 2 |
AWARD AMOUNT |
|
Maximum Progress Payment (75% of award) |
$22,054.95 |
|
Withheld Payment (25% of award) |
$ 7,351.65 |
|
TOTAL MAXIMUM AWARD |
$29,406.60 |
As stated in the funding program guidelines, no more than 75% of the approved award may be disbursed prior to the receipt of a Temporary Certificate of Occupancy, Certificate of Occupancy, or receipt of all necessary and satisfactory inspection notices. Additionally, the remaining 25% of funding withheld will not be released until CRA staff verifies that there are no active liens or code enforcement violations on the property, and that the improvements have been sufficiently completed to the satisfaction of the terms of the approved award. Funds may be disbursed to the applicant by reimbursement or may be paid directly to contractors/vendors for eligible and pre-approved expenses.
A Site Development Assistance award to APEX Insurance & Investment Group, LLC will help further advance the CRA’s mission by supporting a commercial improvement project that will result in the renovation of an existing commercial space within the CRA District as well as preserve Delray’s cultural heritage. Assisting businesses with the cost of interior and exterior improvements helps to eliminate blighted conditions and promote new business activity in Sub-Area #6 of the CRA District.
Attachments: Exhibit A - Location Map; Exhibit B - Photos of Existing Conditions; Exhibit C - Renderings & Floor Plans; Exhibit D - Funding Assistance Detail Sheet; Exhibit E - Application Form; Exhibit F - Project Narrative; Exhibit G - Business Plan & Financial Projections; Exhibit H - Site Development Assistance Program Guidelines.
CRA Attorney Review:
N/A
Finance Review:
Reviewed by Lori Hayward, CRA Finance & Operation Director.
Funding Source/Financial Impact:
$29,406.60 allocated from General Ledger #7306 - Grant Programs - Site Assistance Grant.