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Merritt Island CRA director details amphitheater, stormwater and redevelopment projects
Summary
Myra (Merritt Island Community Redevelopment Agency) director described redevelopment strategy, a major amphitheater and stormwater-led park project, TIF mechanics, and collaboration with state and county grants to leverage private investment.
The Merritt Island Community Redevelopment Agency (Myra) presented its redevelopment priorities, funding mechanics and current projects on March 27, telling Brevard County commissioners the agency focuses on infrastructure and beautification to attract private investment in commercial corridors.
Myra’s executive director (presented as Larry in the meeting) said the agency’s redevelopment trust receives tax increment funds captured from two millages (a general fund millage and a fire millage) and that about 86% of recent program expenditures have gone to public infrastructure projects. He said the redevelopment area covers less than 10% of Merritt Island property and is concentrated on commercial corridors such as Barge Canal, Courtney Parkway, State Road 520 and State Road 528.
Major projects discussed included an under-construction amphitheater (Myra contributing roughly $4.7 million) that the director said could be completed in November, a stormwater-lake and park project tied to redevelopment near the mall area and a planned $120 million, 300-unit residential redevelopment project adjacent to the park. The director said Myra contributed $2 million toward a $4 million infrastructure project and leveraged grants — including Florida Forever, TDC and EPA Brownfields funding — to support acquisitions and improvements such as Griffith Landing.
The director described the TIF mechanics to the board: for every $1 million of increased taxable value from redevelopment within the Myra area, approximately $2,594 flows to the Myra Redevelopment Trust Fund while the remainder flows to county taxing districts. He also described Myra’s limited role as a dependent special district that must follow chapter 163 part 3 and chapter 189 of the Florida Statutes and county procurement policies.
Commissioners asked about evacuation times and bridges in relation to future mall redevelopment; county staff and Myra’s director discussed regional evacuation planning and the role of state-owned bridges. The presentation noted Myra’s sunset date in the redevelopment plan is 2034.
Myra did not request new funding during the presentation; the director described current grant leverage, ongoing projects and the agency’s intent to use existing revenue streams rather than seek a plan extension.
