St. Petersburg awards $468K to 6 local businesses

Six businesses in St. Petersburg are getting a leg up.
 
On Thursday, Aug. 11, the St. Petersburg City Council gave its approval for more than $468,000 to be divided among the businesses: Delores M. Smith Academy, Imagination Station, Florida Brake and Tire, Power Sports, Advantage Solutions and Chief's Creole Café.
 
St. Petersburg Mayor Rick Kriseman says he appreciates the council's support for the measure.
 
"I believe our business community is part of the fabric of St. Petersburg," he says.
 
The money comes from a 2016 Tax Increment Financing (TIF) Grant from the South St. Petersburg Community Redevelopment Area (CRA) and is a component of a 30-year revitalization plan for the area, which is generally located between Fourth Street and 49th Street, from Second Avenue North to 30th Avenue South.
 
This is the first year the CRA has had a competitive grant program. It's designed to help boost private investment by property owns and businesses in commercial and multifamily residential development in South St. Petersburg.
 
"It represents a turning point for not just those in our business community, but for everyone in Florida's best city," Kriseman says. "We are investing not just in buildings and places, but in people as well, because we want to be an innovative, creative and competitive community that helps businesses not just survive but thrive."
 
Kriseman also encourages this year's grant applicants to consider reapplying for additional funding in next year's TIF cycle, which will begin in the first quarter of 2017. An estimated $1.2 million will be available, according to a statement from the City of St. Petersburg.

Read more articles by Ashley Reams Mistretta.

Ashley Reams Mistretta is a writer and editor for 83 Degrees Media in the Tampa Bay region of Florida.
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