Approve Business Improvement Grant (BIG Grant) in an amount not to exceed $15,000.
Submitted For:
Kristin Edwards, Economic Development
Submitted By:
Kristin Edwards, Economic Development
Department:
Economic Development
ACTION REQUEST (Brief Summary)
Approve Business Improvement Grant (BIG Grant) in an amount not to exceed $15,000.
BACKGROUND
In October 2023, the Texas City Economic Development Corporation established the Business Improvement Grant (BIG Grant) to assist local businesses with a range of improvements. Staff has received a completed application from James Kelly II for his property located at 917 and 921 5th Avenue N. The applicant is requesting assistance for exterior renovations to the two buildings, including installation of impact-resistant windows, replacement of exterior brick, metal awnings, exterior lighting, fencing, façade preparation/painting/sealing, and more.
Per the attached estimates, the total cost of these exterior repairs is estimated to be $81,000. As this amount exceeds $30,000, Mr. Kelly would request the full $15,000 match per the program guidelines.
Funds are available in the City of Texas City's FY2024-25 annual budget from the Texas City Economic Development Corporation, Fund 801.
ANALYSIS
Approve the Business Improvement Grant (BIG Grant) for repairs to 917 and 921 5th Avenue N in an amount not to exceed $15,000.