Cape Coral to abandon incentive program aimed at businesses

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CAPE CORAL, Fla. – A 2014 program intended to incentivize business owners to take part in beautifying the streets of South Cape Coral could be cut short because no one has participated.

The Streetscape Incentive & Loan Program put the brunt of project costs on private business owners. If they wanted to pitch a streetscaping project, these business owners were required to pay for the costs upfront, though the city said it could offer loans.

Once the beautifying project was completed, business owners would have to apply for reimbursement through the community redevelopment agency, which would reimburse 25 percent of project costs up to $50,000. The program gave business owners five years to pay back city-issued loans but left 75 percent of a project’s costs — which could be as much as $250,000 — on the shoulders of interested business owners.

CRA chairman, Don Puleio, said not a single business owner has taken up the agency on its offer.

“It was to motivate business owners, primarily on 47th Terrace, although it was available to the whole CRA, to do some things on their own with a little help from the CRA. But it never really took off,” he said. “No, none that I — I don’t believe any took advantage of it. A few considered it.”

The program is not funded, according to a city request for its discontinuation. Puleio said scrapping it could make way for a new initiative to renew S.E. 47th Terrace.

“I think doing the whole area is a better idea, that would have been a piecemeal approach and perhaps that’s one of the reasons why it never took hold,” he said.

The South Cape Redevelopment Advisory Board will discuss the program on Tuesday at 3 p.m. at 4816 Chester Street.

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