SANFORD, Fla. -- The city of Sanford is working to encourage businesses to open in its downtown area by paying for at least a third of the renovation costs of the buildings.

Alex and Cindy Acosta are the first to take advantage of the program. They're opening a dance studio in an old opera house at 2nd St. and Magnolia.

"We felt like being in downtown Sanford was the place to be for us, and this building was a great facility for us," said Alex Acosta.

Acosta said without the help, he and his wife would not have been able to afford the expense of opening the business.

The city will pay about 35 percent of renovation expenses for certain downtown businesses in its latest attempt to renew the area.

"We've put the public infrastructure in, but the private investment hasn't followed," said Bob Tunis of the city of Sanford. "This is a way for a win-win situation.

To be eligible for this new city funding, business owners have to be ready to renovate a vacant retail space. But those renovations must also increase property values and employment. The businesses must stay in their new space for at least ten years and hopefully add to the vibrancy of the area that city leaders and business owners hope will feed off itself.

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APPLY: Downtown Sanford Rehabilitation Interest Subsidy Program (PDF)

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"This was very much a dream, and they've made it a reality for us, to be very honest," said Alex Acosta.

The new program is funded by taxes collected from other downtown businesses and there's enough cash on hand to help at least eight or nine businesses.