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.
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.