Share to Facebook Share to Twitter Bookmark and Share
File #: 18-0484 CRA    Version: 1 Name:
Type: CRA Funding Assistance Status: Agenda Ready
File created: 11/6/2019 In control: Community Redevelopment Agency
On agenda: 11/19/2019 Final action:
Title: SITE DEVELOPMENT ASSISTANCE PROGRAM FUNDING APPLICATION - STUDIO 404, LLC (404 W ATLANTIC AVENUE)
Attachments: 1. Agenda Cover Report, 2. Exhibit A - Location Map (404 W Atlantic Ave - Google Maps) Studio 404, 3. Exhibit B - Project Narrative Studio 404, 4. Exhibit C - Funding Assistance Detail Sheet Studio 404, 5. Exhibit D - Floor Plan Studio 404, 6. Exhibit E - Interior photos, 7. Exhibit F – Application Form Studio 404, 8. Exhibit G - Business Plan Studio 404, 9. Exhibit H - Site Development Assistance Program Guidelines 10.04.19
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
No records to display.
TO: CRA Board of Commissioners
FROM: Alexina Jeannite, Grant Manager
THROUGH: Renée A. Jadusingh, Esq., Executive Director
DATE: November 19, 2019

Title
SITE DEVELOPMENT ASSISTANCE PROGRAM FUNDING APPLICATION - STUDIO 404, LLC (404 W ATLANTIC AVENUE)

Body
Recommended Action:
Recommendation
Approve the attached Site Development Assistance Program Funding Agreement with Studio 404, LLC for the proposed interior and exterior improvement project located at 404 W Atlantic Avenue, for an amount not to exceed $66,157.25.

Body
Background:
Studio 404, LLC is a new frozen daiquiri bar and cafe, set to open at 404 W Atlantic Avenue. The company is owned by Mr. Alexius Burns and Mr. Dexter Murray (“Owners”), who envision creating a vibrant entertainment and premium frozen daiquiri venue that serves the local community and becomes a regional attraction for visitors.

The Owners secured a five-year lease on a 1,200 square foot space, which boasts an additional 3,500 square feet adjacent outdoor patio space at the westernmost section of the building. The building also features a 1,200 square foot rooftop. The space was vacant for several years and was last used as a retail space. Therefore, extensive renovations were required to convert the space into a viable restaurant. Total capital investment for the overall project will cost an estimated $300,000 and the business projects the creation of up to 14 new jobs. After securing a lease, the Owners submitted an application for funding assistance in 2017. Since then, significant improvements have been successfully completed and the final application package was submitted in October 2019, requesting funding assistance for the completed work as well as additional improvements to be made.

The Owners are requesting funding through the Site Development Assistance Program, which allows the CRA to reimburse 100% of eligible expenses for the first $10,000 and the remaining eligible funds reimbursed at 75%. Total...

Click here for full text