Published: Apr 25, 2014 3:25 PM EDT

CAPE CORAL, Fla.- The Community Redevelopment Agency has established a “Streetscape Incentive Program Revolving Loan” to encourage private investment to improve the streetscape in the South Cape.

The CRA will pay 25 percent of the project cost for eligible streetscape improvements within the South Cape Downtown zoning district designation. The maximum CRA share is $50,000.

The revolving loan will assist participants with upfront funding and allow up to five years for repayment of the 75 percent share of the cost (with interest). The revolving loan provides an incentive for businesses to participate in the Streetscape Incentive Program and support the following goals:

• Private investment within the public right of way

• Encourage new investment within the CRA

• Increase the tax base within the CRA

• Assist with retention and/or expansion of existing area businesses

• Create a sense of pride in the community

Projects must be in areas with non-residential uses or mixed-use development. The applicant must be the property owner or a tenant within a building immediately adjacent to the streetscape project. The CRA’s Streetscape Incentive Program Revolving Loan encourages businesses to install landscaping, concrete pavers, bulb-outs, lighting, and/or other streetscape amenities. All applications will be evaluated to ensure consistency with the goals and objectives of the CRA Plan and conformance with the City’s Land Use and Development Code.

The initial amount in the Revolving Loan Fund will be $100,000. With the adoption of the 2015 fiscal year budget, an additional $100,000 will be added for a total of $200,000. Loans will be secured and the loan repayment terms will include interest and any other conditions.

Businesses interested in the Streetscape Incentive Program should contact Helen Ramey in the CRA Office for more information, by calling (239) 242-3737 or emailing hramey@capecoral.net.