Community Budget Issue Requests - Tracking Id #1210FY0102
Urban Business Economic Development Program (UBED)
Requester:		Thomas Bonfield			Organization:		City of Pensacola
Project Title:		Urban Business Economic Development Program (UBED)			Date Submitted:		1/18/2002 4:48:01 PM
Sponsors:		Holly Benson
Statewide Interest:
Urban economic development, job creation and community revitalization.
Recipient:		City of Pensacola			Contact:		Thomas Bonfield
		180 Governmental Center, PO Box 12910			Contact Phone:		(850) 435-1603
		Pensacola 32521
Counties:		Escambia
Gov't Entity:		Yes	Private Organization (Profit/Not for Profit):
Project Description:
The proposed UBED initiative will support revitalization efforts within the City of Pensacola by attracting businesses into the city, specifically into the designated redevelopment and revitalization areas, by providing financing for improvements to commercial and or industrial properties to offset the existing cost disincentive of bringing these deteriorated and/or obsolete properties up to current standards. The UBED program will provide forgiveable loans to eligible commercial and/or industrial rehabilitation projects. Business or property owners will be required to match program funds on at least a dollar for dollar basis (100% match). Owners of businesses interested in either expanding an existing business or relocating into the City of Pensacola's designated redevelopment or revitalization areas will be eligible for funding.
Measurable Outcome Anticipated:
This program will promote the economic vitality of the City's urban core and will encourage badly needed renovation and productive reuse of many deteriorated and vacant or underutilized commercial properties. As these urban businesses thrive and grow the City will also gain new employment opportunities for its residents.
Amount requested from the State for this project this year:						$50,000
Identify items(s) in the FY 2002-03 Appropriations Bill to be reduced:
Specific Appropriation #:			1597B
Specific Appropriation Title:
Amount to be reduced:			$50,000
Total cost of the project:			$100,000
Request has been made to fund:				Construction
What type of match exists for this project?					Local, Private, Federal
	Cash Amount:		$50,000
Was this project previously funded by the State?							No
Is future-year funding likely to be requested?							Unknown
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:		There is a "gap" in the city's ability to retain, attract and assist new businesses.
Was this project request heard before a publicly noticed meeting of a body of elected officials (municipal, county, or state)?							No