According to the proposed interlocal agreement, the grant will “pay the cost for certain infrastructure improvements which may include, but are not limited to, improvements to roads, water, sewer and drainage systems.”The City of Titusville will obtain “a loan or line of credit” to provide the cash assistance to EXXCEL Project Management, LLC. The primary source to settle the loan will come from NBEDZ tax increment revenues. The city will also use non-ad valorem tax revenues as collateral for the loan/credit line.
The NBEDZ was created in July 2011 as a Special Dependent District to facilitate job growth and economic development in North Brevard.The developer has “entered into a real estate option to purchase the mall property; that group’s plan calls for razing the structure and constructing on the premises a “lifestyle” shopping center, containing approximately four to five tenants occupying 20,000 to 40,000 square feet,” according to a county commission agenda report. “It would also use specialty retail stores to infill a number of smaller spaces in the shopping center.”
The report adds that the NBEDZ and the developer estimate that the project will create “an estimated 856 jobs, which could produce an economic multiplier effect creating another 428 jobs in the community.”As well, the estimate predicts an “ad valorem tax impact of $1.4 million annually for the city and county, an estimated sales tax impact of $1.8 million for the county and state, and approximately $51 million in private sector funds to be invested in the community.”
The NBEDZ outlined its purpose in a May 2012 plan to the county commission. Focus areas in the plan include: High Wage Business Attraction and Retention, Redevelopment of Commercial/Industrial Sites, Development of Pad Ready/Spec Building Sites, and Small Business Attraction, Creation, Retention, and Expansion.In that report, the NBEDZ stated that a strategy for redevelopment “may consist of public roads and stormwater infrastructure improvements that will provide a determined number of qualified full time permanent jobs.”
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