ORLANDO, Fla. – Downtown Orlando’s Community Redevelopment Agency voted to approve changes to the city’s Downtown Restaurant and Retail Stimulus Program on Wednesday.
The changes would now allow for franchises to cash in on financial incentives should they choose to open up shop in Downtown Orlando.
Prior to Wednesday’s meeting, franchises were not eligible for the stimulus program.
News 6 caught up with Executive Director of Downtown Development David Barilla on Wednesday and asked why the city decided to include franchises in the program.
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“What we found in these first couple months we’ve seen so much interest is that we want to make sure that, especially those franchises that are more regional in nature and local in nature but not just limiting to those, you can think of things like Foxtail,” Barilla said. “We don’t want to penalize them. We want them in downtown, too, and we want to create those opportunities.”
The Downtown Orlando Restaurant and Retail programs allow for restaurants to receive up to $475,000 in funding, and retail establishments can receive up to $200,000.
But under the expanded stimulus programs, franchises could receive up to $75,000 for tenant improvement reimbursements and $50,000 for rental assistance.
News 6 spoke to people out on their lunch break in Downtown Orlando on Wednesday. Some said they wouldn’t mind more franchises, but others said they want to see more small businesses in downtown Orlando.
“There could always be more choices. This is a very popular place, so why not, you know?” said Orlando resident Charles Williams.
“I think for me, I would prefer small businesses because I can get franchises in the malls and the surrounding areas, but downtown is so unique I think I’d rather see small businesses grow more here like Gitto’s or something like that,” said Persys Fernandez.
Even though the CRA has approved the changes, they still have to go through one more vote before it is official at the next city council meeting on Feb. 5.
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