City Council Approves Grant Programs for South St. Pete
Last Thursday, St. Petersburg City Council unanimously approved ten tax increment financing (TIF) programs for the South St. Petersburg Community Redevelopment Area, which are designed to improve life and opportunity in city neighborhoods and business corridors generally between Central Ave. and 30th Ave. S and 4th to 49th St. Most of these programs will use TIF to directly support private investment, greatly expanding the community’s access to capital and encouraging private enterprise within the CRA to help revitalize it. The approved programs include grants to property and business owners to renovate commercial properties, direct incentives to developers to build or renovate affordable multifamily housing, and a loan program to assist businesses in need of capital. The city expects to officially announce the availability of funding through these programs in March and begin accepting applications in May. Funding will be awarded to eligible applicants on a “first come, first served basis.” Application materials will be available in March on the South St. Petersburg CRA webpage.