CRA discussion to include demolition grant, $1 million for street
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This week’s South Cape Redevelopment Agency agenda includes discussion for a private-owner demolition grant, $1 million for street lights, and a first glance at next year’s proposed budget.
Cape Coral City Council, sitting as the South Cape Redevelopment Agency Commission board, is expected to vote on a demolition grant to Nautilus Equity Group, LLC.
The structure, at 4528 SE 15th Ave., is a vacant 4-unit building the property’s owner says is full of mold and asbestos.
Nautilus Equity Group, LLC wants to demolish the structure with the anticipation of developing an apartment building.
The funding amount, for which staff is recommending approval, is for a not-to-exceed amount of $30,750.
According to agenda documents, "the four-unit building is significantly deteriorated due to age and located in an AE8 flood zone. Any renovation would likely be subject to the FEMA 50% rule, severely limiting the extent of repairs that can be made before requiring full compliance with current floodplain regulations. Additionally, the structure has become vulnerable to unauthorized occupancy, particularly by homeless individuals, and contains mold and asbestos, posing serious environmental and safety risks."
In other business:
• Wednesday's CRA agenda also includes proposed approval of a purchase order not to exceed $1,000,000 for the replacement of streetlights at the Community Redevelopment Agency. The approval would standardize streetlights in the CRA to minimize maintenance costs and to have uniform streetlight specifications.
• Proposed 2026 budget, $7,001,947
The proposed overview includes a reduction in full-time positions to four and the code compliance officer being removed and now budgeted for the services in operating.
The proposed Economic Development Incentive is $545,000, enhanced code enforcement and policing services, and central services for $631,086 and project manager services for $150,000.
Proposed projects include Palm Tree median beautification for $757,658. Other expenses include a loan payment for The Cove parking garage of $1,122,294 and annual debt for Southeast 47th Terrace streetscape of $460,741 and Bimini Basin for $2,600,000.
• Topics of discussion, for information only, include a CRA code of compliance update, CRA project report, CRA maintenance report, Bimini East update and Cape Coral Parkway six-laning.
The meeting will take place at 9 a.m. Wednesday, May 14, in City Council chambers, 1015 Cultural Park Blvd.
The meeting is open to the public.