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Council approves $2.4M economic incentive agreement for Titus Landing redevelopment; county approval required
Summary
Council voted to approve up to $2.4 million in economic incentives for the Titus Landing redevelopment project, structured as three $800,000 performance-based payments for infrastructure, hotel completion and an ALF or apartment, with county approval required because the total exceeds $500,000.
The council approved an economic-incentive agreement in the amount of up to $2,400,000 to support infrastructure and redevelopment at the Titus Landing / Titusville redevelopment project. The vote carried 3-2 (Mayor Andrew Connors, Vice Mayor Cole and Member Nelson voted yes; Member Stochel and Member Muscosa voted no). Because the award exceeds the city's $500,000 threshold for standalone action, the agreement must also receive Brevard County Commission approval as part of the multi-jurisdiction economic-development zone process.
Troy Post (county economic-development staff) and project supporters described the agreement as performance-based and structured in three installments: (1) up to $800,000 when key infrastructure elements for phase 1 are completed (utility line replacement, stormwater detention, road base and construction pads), (2) up to $800,000 after the hotel completes construction, obtains a certificate of occupancy and operates for six months, and (3) up to $800,000 upon completion of either the assisted-living facility (ALF) or the apartment complex (the developer may complete one or both). The agreement contains clawback protections, including a minimum capital-investment threshold (a stated minimum of roughly $32 million total investment) and restrictions on rapid resale; penalties or recoveries apply if milestones or investment benchmarks are not met.
Supporters at the meeting said the project will create construction and permanent jobs, remove an aging mall-era structure and improve stormwater and utility infrastructure near the Indian River Lagoon. Opponents and some councilmembers said the portion of the incentive that would support hotel or ALF construction is an unusually large subsidy and urged restricting the funding to the public-infrastructure portion.
Council approved sending the agreement to the Brevard County Commission for its action; county approval is required before final execution of the multi-jurisdiction incentive.
Ending: The council's approval sends the $2.4 million, three-tiered performance-based agreement forward to the county; city staff and the developer will proceed with required milestones and reporting, and staff will bring the executed grant back if the county approves its share.
