TO: CRA Board of Commissioners
FROM: Ashlyn Darden, Legal Advisor
THROUGH: Renée A. Jadusingh, Esq., Executive Director
DATE: May 30, 2024
Title
SITE DEVELOPMENT ASSISTANCE FUNDING - THE ATLANTIC CURRENT LLC (98 NW 5TH AVE.) FOR AN AMOUNT NOT TO EXCEED $8,614.74
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Recommended Action:
Recommendation
Approve a Site Development Assistance Funding Agreement with The Atlantic Current LLC for the proposed improvement project located at 98 NW 5th Avenue, CRA sub-area #3, for an amount not to exceed $8,614.74.
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Background:
On April 24, 2023, the CRA Board approved the Notice of Intent to Lease the five (5) first floor tenant bays at 98 NW 5th Ave (“Notice of Intent”) and a Manual for Notice of Intent to Lease for Tenants at 98 NW 5th Avenue. Each bay is approximately 600 square feet, including one (1) bathroom and a janitorial closet and will be leased at an affordable rate of approximately $18-23 per square foot, depending on the bay.
After the Board meeting, on May 1, 2023, CRA staff issued the Notice of Intent for applicants to apply for the open bays, with a submission deadline of July 10, 2023. The applications were reviewed by the review committee which was made up of 1 City staff, 3 CRA staff and 1 community partner.
The CRA received fifteen (15) submissions by the application deadline. Subsequently, the review committee held 3 committee meetings where they reviewed all completed proposals per the guidelines contained in the Notice of Intent. The committee recommended three (3) of the fifteen (15) applicants proceed to negotiations for lease agreements: Touch of Posh, LLC; Rabbit Hole, LLC; and The Atlantic Current, LLC.
CRA Staff provided an update on the tenant selection process at the January 23, 2024 Board meeting.
The Atlantic Current, LLC:
The Atlantic Current signed a lease with the CRA on March 8, 2024 for Suite 105 on the first floor of 98 NW 5th Avenue.
The Atlantic Current was established in 2012 in Delray Beach by ...
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