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CRA approves up to $61,111 for renovation at 110 North Beach Street
Summary
Daytona Beach Community Redevelopment Agency approved using tax increment funds and a 0% interest loan to renovate 110 North Beach Street; staff clarified the total and loan-match requirements after a public comment urged recapture protections.
The Daytona Beach Community Redevelopment Agency on March 19 approved the expenditure of tax increment funds through its 0% interest loan commercial improvement incentive program to renovate a building at 110 North Beach Street, voting 7-0.
The resolution as presented referenced $50,000 for improvements, but Redevelopment and Neighborhood Services staff told the agency the correct total is $61,111, saying it reflects $50,000 for building improvements plus roughly $11,000 for design assistance. Staff said the resolution would be revised to reflect that figure if the board approved it.
The grant is being offered as a 0% interest loan through the CRA program and requires the recipient to provide at least 20% of the total project cost as a condition of award, Redevelopment staff said. No change to the loan program terms was adopted at the meeting.
Resident John Nicholson spoke during public comment, urging the CRA to recapture funds on transfer and to structure awards to recycle dollars back into the program. "I would like the idea of either making them 0 interest loans in the future or putting a lien so if the property is transferred or sold, at that point, it's redeemed," Nicholson said. He added broader concerns: "But if we keep giving away money, giving away, giving away money, we'll have no money in the future."
Commissioner May moved the resolution; Commissioner Strickland seconded. The motion carried 7-0.
The agency did not adopt any additional conditions or a new recapture mechanism during the meeting; staff will update the resolution language to reflect the clarified dollar amount and the program requirements already on file.
