Senate Community Budget Issue Requests - Tracking Id #243 ONE STOP CAPITAL CENTER
Requester:	Chloe Coney		Organization:		CORPORATION TO DEVELOP COMMUNITIES OF TAMPA, INC.
Project Title:	ONE STOP CAPITAL CENTER		Date Submitted:		01/31/2000 10:43:19 AM
District Member:	James Hargrett		Service Area:		Neighborhood/Community
Counties Affected:	Hillsborough
Recipient:	CDC OF TAMPA, INC.		Contact:		Chloe Coney
	1920 E. HILLSBOROUGH AVE.		Contact Phone:		(813) 232-1419
	Tampa 33610
Project Description:
TAMPA EMPOWERMENT ONE STOP CAPITAL CENTER
Services Provided/Benefit to State:
"PROMOTING ECONOMIC EMPOWERMENT" The Tampa Empowerment One Stop Capital Center will offer a wide array of services as a "One Stop Shop Concept" designed to help under-served and minority small business owners and residents build upon their economic futures and improve their lives. The services will be offered together in one location to bring job training, placement and counseling, small business development and assistance to the residents of the Tampa Empowerment Zone (EZ). February 3, 1999, NationsBank donated their former Branch building (24,000 sq. ft.) valued at $400,000 located at 1920 E. Hillsborough Ave. to CDC of Tampa, Inc. as a 'One Stop Capital Center'. Commercial Real Estate Women (CREW Tampa Bay) adopted the CDC of Tampa, Inc. project and its renovation, including surveying, appraisals, environmental assessment, asbestos removal and giving legal advise. CREW raised $50,000 in donations for the first floor to house our administrative office and economic development and housing assistance programs. CREW members are now involved in leasing the building's second floor for an office suite Incubator. The City of Tampa donated $100,000 CDBG for removal of asbestos on the second floor. The building is ready for build-out for the tenants that will be housed at the One Stop Capital Center. CDC of Tampa, Inc. is requesting the $650,000 for the rehab of the second floor to be used as an Office Suite Incubator. The strategy is to create wealth and attract investments for Tampa's poorest census districts through increased access to jobs and job training, and by providing capital and assistance for new and developing businesses. Co-locating all programs will help EZ residents find a job, start a business, grow a business, buy a house and, ultimately build upon their economic futures. The main objectives of the One Stop Capital Center are: economic development, technical assistance for small and micro-business, increasing small business access to capital, job creation and providing affordable lease to businesses and organizations. CDC of Tampa will serve as the lead coordinating agency for the Tampa Empowerment One Stop Shop Center. CDC of Tampa will assign three full-time personnel to provide overall leadership and assignments to the project. CDC of Tampa, Inc. will provide the services with assistance from the following partners: City of Tampa Department of Business and Community Services, Services Corps of Retired Executives (SCORE), University of South Florida Small Business Development Center (SBDC) and Tampa Bay Black Business Investment Corporation (TBBBIC). East Tampa While the Tampa region booms, East Tampa is generally regarded as one of the area?s ? more disadvantaged neighborhoods?. Per capita income within a radius of 3 miles from the CDC of Tampa is $9,190, in contrast to per capita income of $14,203 for Hillsborough County as a whole. Within the same 3 mile radius, the population is 42.8% black, compared to 13.2% in all of Hillsborough County. Check cashing outfits, adult entertainment venues, and pawn shops dot the landscape of Hillsborough Avenue, East Tampa's main thoroughfare. From a business standpoint, however, a number of factors create the potential for competitive advantage in East Tampa. Geographically, the community sits near the confluence of several major roadways, including I-275 and I-4. These highways ? along with Hillsborough Avenue?s east-west expanse- provide for easy access to and from the Tampa International Airport, the University of South Florida, and Tampa?s booming I-4 corridor, home to more than one-half of Florida?s information retrieval companies, and one third of the state?s computer services and software firms. Furthermore, as vacancy rates drop and real estate prices rise throughout the Tampa region, companies may pursue projects that encroach upon East Tampa?s previously untapped resources and vacant buildings. Less than three miles from CDC of Tampa?s offices, Virginia-based David National LLC has turned an 800,000 square foot retail mall into a high-tech office campus. Netp@rk Tampa Bay ? formerly the Eastlake Square Mall ? is now home to SITEL Corporation, a 500-station national call center for General Motors; WFS Financial, a savings and loan with assets of $4.3 billion; New Horizons Computer Learning Center, part of the largest network of authorized training centers in the world; and Eurest Dining Services, an 18000 square foot upscale ?open-market? dining area. Opened in 1997, Netp@ark Tampa Bay also leases space to Hillsborough County Building Services and a fitness center for office park employees.
Measurable Outcome Anticipated:
"FOR WHAT PURPOSE IS FUNDING REQUESTED?" CDC of Tampa, Inc. sees an urgent need to establish an Office Suite Incubator project on the second floor To serve the East Tampa area. CDC of Tampa, Inc. recognizes that the incubator will immeasurable enhance the current job placement, loan assistance, technical assistance and entrepreneurial programs administered at the One Stop Capital Center. CDC of Tampa, Inc. has received inquiries from non-profit organizations, lawyers, accountants, etc., to lease space. With the funds to build out the space for the businesses or organizations the lease space will be made affordable. The Office Suite Incubator will allow CDC of Tampa, Inc. to expand its Business Resource Center (BRC). It will include business development program that provides a supportive environment access to capital and critical tools for development of successful entrepreneurs. Community Benefit "According to a recent study of the National Incubator Association, on average, each incubator in the United States created 468 new jobs". The Community will benefit from creation of livable wage jobs, access to the new information based economy, and training facilities. The City will benefit from improved tax base, reduction of crime and the revitalization of a blighted area. The business community will benefit from better access to urban markets to generate revenues. The CDC of Tampa Office Suite Incubator at our One Stop Capital Center (second floor 12,500 sq. ft. of leasing space) will offer: * Central Reception * Conference Rooms * Secretarial Assistance * Technical Assistance * Computer, Copy and facsimile services * Entrepreneurial Training * Business Planning * Loan Services and Job Training Placement Services * Housing Assistance STATE PROGRAM GOALS, OBJECTIVES AND HOW RESULTS WILL BE MEASURED: "A comprehensive approach to community revitalization". Our corporate mission is to stimulate an economic and residential resurgence in communities plagued by deinvestment through creating opportunities for individual and community self-sufficiency. Specific goals include: * To improve the quality of neighborhood housing stock and increase opportunities for 25 home ownership by low-income persons. * To remove blight and create economic opportunities through business and commercial development that fulfills unmet community needs for goods and services, offer new jobs with sustainable wages, and strengthens the community economic tax base. * To create opportunities for 50 emerging entrepreneurs by identifying , promoting and supporting minority business enterprise development. * To build broad-based alliances to stimulate financial investment in the community by establishing strong faith-based, community, private and public partners. * To provide businesses or organizations access to rental space and flexible leases, shared basic services and equipment. * The City of Tampa would benefit from improved tax base in distressed areas as a mean to create jobs and strengthen local economy.
Amount requested from the State for this project this year:				$532,500
Total cost of the project:		$800,000

Request has been made to fund:			Operations
Is there Local Government or Private match for this request?						Yes
	Cash Amount:	$100,000		In-Kind Amount:		$400,000
Was this project previously funded by the State?						No
Is future-year funding likely to be requested?						Yes
	Amount:	$100,000
	Purpose for future year funding:				Recurring Operations
	Will this be an annual request?					Yes
Was this project included in an Agency's Budget Request?						No
Was this project included in the Governor's Recommended Budget?						No
Is there a documented need for this project?						Yes
	Documentation:	Comprehensive Plan
Was this project request heard before a publicly noticed meeting of a body of elected officials (municipal, county, or state)?						No