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File #: 18-0688 CRA    Version: 1 Name:
Type: CRA Funding Assistance Status: Agenda Ready
File created: 10/19/2020 In control: Community Redevelopment Agency
On agenda: 10/27/2020 Final action:
Title: REINSTATEMENT AND FIRST AMENDMENT TO SITE DEVELOPMENT ASSISTANCE FUNDING AGREEMENT - STUDIO 404, LLC
Attachments: 1. Agenda Cover Report, 2. Exhibit A - First Amendment - Funding Agreement
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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TO:                                           CRA Board of Commissioners

FROM:                       Alexina Jeannite, Grant Manager

THROUGH:                      Renée A. Jadusingh, Esq., Executive Director

DATE:                      October 27, 2020

 

Title

REINSTATEMENT AND FIRST AMENDMENT TO SITE DEVELOPMENT ASSISTANCE FUNDING AGREEMENT - STUDIO 404, LLC

 

Body

Recommended Action:

Recommendation

Reinstate and amend the terms of the funding agreement and extend the termination dates to the end of the year - December 31, 2020; and to allow the Executive Director to execute any additional amendments.

 

Body

Background:

At the November 19, 2019 CRA Board Meeting, the CRA Board approved a Site Development Assistance Funding award for Studio 404, LLC. (Studio 404).  Studio 404 is a new frozen daiquiri bar and café located at 404 West Atlantic Avenue, within CRA sub-area #3.

 

Studio 404 experienced some delays due to cash flow shortages and additional setbacks because of the unexpected COVID-19 pandemic.  The original agreement termination date for Studio 404 was September 30, 2020.  As the project is moving forward, and is close to completion, staff is requesting the agreement be reinstated and the terms of the funding agreement amended to extend the termination date to the end of the year to December 31, 2020.

 

Attachments: Exhibit A - Reinstatement and First Amendment to Site Development Assistance Funding Agreement - Studio 404

 

CRA Attorney Review:

The CRA Attorney has reviewed the Funding Agreement to form and determined it to be acceptable.

 

Finance Review:

N/A

 

Funding Source/Financial Impact:

N/A