AGENDA ITEM REPORT
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A RESOLUTION AUTHORIZING THE USE OF ECONOMIC DEVELOPMENT FUNDS IN THE AMOUNT OF $250,000 FOR AN EMERGENCY ECONOMIC DEVELOPMENT INCENTIVE GRANT PROGRAM RELATED TO THE COVID-19 EMERGENCY TO AID THE CITY'S LOCAL BUSINESS COMMUNITY; AND ADOPTING EMERGENCY ECONOMIC DEVELOPMENT INCENTIVE GRANT PROGRAM GUIDELINES.
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BACKGROUND:
The City Commission of the City of Coconut Creek originally established the Economic Development Program in 2012 in an effort to aid the City's local business community by providing a range of grant opportunities. The primary purpose of the program is the stabilization of the existing business community; to facilitate the establishment of new businesses; aid in job retention, job creation, and business expansion; and improve the overall community appearance and sustainability. Originally, the City offered a Rent Subsidy Program and a Commercial Rehabilitation Program, both of which were successful. However, given the needs of our local business community today during this unprecedented pandemic, staff is recommending that the City Commission establish programs that are intended to ensure that our local businesses are able to continue to function during and after this pandemic.
DISCUSSION:
The emergency programs provided are intended to be complementary to those offered by the State and Federal Governments. The primary purpose of these recommended programs is to ensure the businesses that are deemed essential are able to continue to function during this time and that the businesses that have been forced to close or radically change their business models to survive during this period are supported. Coconut Creek is fortunate to have a level of expertise in fostering our business community with and through our Chamber of Commerce, and for that reason, the strategies listed below will be developed and implemented in conjunction with the Coral Springs Coconut Creek Regional Chamber of Commerce.
The Prog...
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