Special CRA Meeting: Grant Approval for Margo Ventures Banquet Hall (March 3, 2026)
Special CRA Meeting: Grant Approval for Margo Ventures Banquet Hall (March 3, 2026)
Note: The agenda, minutes, and transcript all indicate the meeting occurred on March 2, 2026, starting at 9:25 a.m. (agenda listed 9:00 a.m.). The user-provided date (March 3, 2026, 3:45 p.m.) conflicts with the source material. The following summary reflects the actual meeting date of March 2, 2026.
The Sarasota Community Redevelopment Agency (CRA) Board held a special meeting to consider a $250,000 grant agreement for the Margo's @ 2700 banquet hall renovation project at Dr. Martin Luther King Jr. Way and Leon Avenue. The board approved the grant unanimously with amendments.
Consent Calendar
- Approval of Minutes (CRA-1): The minutes of the January 5, 2026, Special CRA Meeting were approved by a 5-0 vote (motion by Ahearn-Koch, second by Battie). No public comments were permitted.
Public Comments & Testimony
- Martin Hyde (public speaker): Expressed strong support for investing in Newtown but raised concerns about the 3-0 advisory board vote, potential conflict of interest (referencing the contractor's role in the failed Ms. Susie's project), and lack of oversight. He urged the commission to spend the $250,000 appropriately.
Discussion Items
- Presentation by Newtown CRA Advisory Board (NCRAAB): Economic Development Manager Wayne Applebee, Vice Chair Carlos Yancy, and Member Danny Preston presented the project. The NCRAAB had voted 3-0 to recommend approval. Key points: the project is shovel-ready, permitted, and will increase the tax base (estimated $6,000/year in new ad valorem taxes). The owner has already spent $80,000 of personal funds; the CRA funds will be the last money in, after the owner spends $263,000. The project will create 7 part-time jobs and provide a needed community venue.
- Commissioner Battie: Emphasized the need for transparency and accountability, discussed the CRA's growth from $50,000 in 2018 to $476,000 in upcoming year, and noted a larger vision for mixed-use development along the corridor. He questioned the 3-member board vote and potential redundancy with the African American Cultural Center across the street.
- Terrill Salem (contractor/representative for Margo Ventures): Clarified the project history (three years in the making), zoning hurdles, and that the owner has already invested $80,000. He stated the project is unique and revenue-generating, unlike past nonprofit grants. He addressed concerns about the Ms. Susie's project, explaining that funding ceased after the owner's death, not due to his performance.
- Commissioner Ahearn-Koch: Asked about definitions of local hiring (no legal requirement, but good faith), project name (confirmed as "Margo's @ 2700"), and value engineering (deemed redundant since plans are already permitted). She proposed adding the City of Sarasota to Article Eight publicity language.
- Vice Chair Ohlrich: Expressed concern about the 3-0 vote and encouraged filling board vacancies. Asked about market analysis; staff noted a business plan was provided but assumptions are subjective.
- Commissioner Alpert: Inquired about current use of the building (nonprofit meeting space, no revenue), timeline (construction start May 2026, operational by January 2027), and confirmed no revenue loss during renovation.
- Pastor Danny Preston (NCRAAB member): Addressed concerns about redundancy with other venues, stating the Leonard Reed House is not suitable for large events and the SAC project is years away. He supported the project as a first accomplishment on the corridor.
- Carlos Yancy (NCRAAB Vice Chair): Clarified that the SAC banquet hall project is at least six years out and SAC is a nonprofit, so this project will not be duplicative.
Key Outcomes
- Motion: Commissioner Ahearn-Koch moved to approve the grant agreement for $250,000 to the Margo's @ 2700 project, with the inclusion of stressing local hiring and adding the City of Sarasota to Article Eight: Project Publicity (to read "Any news release or other type of publicity pertaining to the project as stated herein must recognize the Community Redevelopment Agency (CRA) and the City."). Seconded by Commissioner Battie.
- Vote: The motion carried unanimously (5-0).
- Conditions: The grant agreement is structured so that CRA funds are not expended until the owner has spent their matching funds ($263,000) and the project is substantially started. The owner must also provide proof of non-CRA matching funds and actual costs.
Meeting Transcript
The next item on the agenda. At this time, the City Commission will recess as the City Commission and convene into a special session of the community redevelopment agency. We're not going anywhere though. So I then will open the I believe special session of the community redevelopment agency. And the first item on the agenda is to approve the minutes of the special Sarasota Community Redevelopment Agency meeting of January 5th. And may I have a motion? Move approval of the minutes for for the CRA for January 5th, 2026. Second. Move by Commissioner A. Hearn Kutch, seconded by Commissioner Batti to approve the minutes of the January 5th special CRA. And may we have your votes, please. And that passed unanimously. So now we move into item number two. That the report that the Newtown Community Redevelopment Agency Advisory Board is seeking a grant agreement approval for a redevelopment project located at Dr. Martin Luther King Jr. Way and Leon Avenue for Margot Ventures LLC in the amount of $250,000. And I will call upon Newtown CRA Advisory Board, Vice Chair Yancey, Member Preston, and Economic Development Manager Appleby to make a presentation. Welcome, gentlemen. Thank you. Okay. Good morning. Wayne Appleby, economic development manager and staff liaison to the Newtown CRA advisory board. We're here today. If I could have the day to provide a board report, which I'm primarily going to let uh Mr. Yancey talk about in regards to our initiative titled the Dr. MLK redevelopment initiatives. Last year, the CRA created uh this initiative and placed $900,000 into a fund for redevelopment opportunities to support redevelopment opportunities along the corridor. Uh and the CRA at every meeting monitors what's happening with with developments and development opportunities along the corridor so that they can position themselves to be supportive when they see projects that meet some of their goals, you know, such as increasing the tax revenue, their primary purpose uh for the Newtown CRA, increasing job opportunities, uh revitalizing the corridor, trying to identify catalyst projects that will lead to reinvestments uh along the corridor, and when projects also meet a community service or need. And so over the last uh uh several meetings uh they have been discussing a project called uh 2700 Margos. It's a banquet hall uh renovation project at the corner of MLK and we on Avenue, uh and it is uh of all of the developments that or renovations that we're talking about along the corridor. It's the one that's uh kind of shovel ready and further furthest down the path. And so I'm gonna turn it over to Mr. Yancey to talk about the project and the board's vote. Good morning. Good morning. Right on coup. Good morning. I'm here today to present um, like Mr. Appleby explained, um, the Marco Venure project. Um I'm here to present the project. The actual owners will uh promote the project, and you'll have um Apple opportunity to participate in the project. So let's get started. Um as Mr. Appleby mentioned the project is at the corner of MLK and Leon Avenue is um the project type is a renovation. It will be a banquet hall. The project owner is a newtown CRA resident. The project contractor is also a newtown CRA resident, and the project cost is $513,000. Newtown CRA recommendations, how we arrived at the decision. How we arrived at the decision? Recommendations to award additional $250,000.
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