The Community Redevelopment Agency approved a fourth amendment to the utility and off-site improvement agreement related to the Daytona Grand convention hotel and condominiums, changing the definition of the project "completion" that triggers CRA reimbursement.

Rob Merrill, attorney representing the applicant, told the CRA the amendment does not change the cap or the measure of reimbursement but instead changes the trigger so reimbursement relates to completion of the specific improvements for which the developer seeks credit rather than full construction of an additional tower that may or may not be built.

Merrill said the public improvements at issue — water, sewer and beach-access improvements — have been completed and that the amendment would allow reimbursement after the finished-building elements required under the agreement are in place. He said the owners had recently pulled permits and planned site work the week after the July 4 holiday and estimated roughly six months for construction of the finished building, subject to weather.

Staff and the developer described the reimbursement cap as limited to 50% of ad valorem tax increment generated for the period defined in the agreement. Merrill said the itemized list of reimbursable public improvements was provided to staff shortly before the meeting and that staff will confirm eligible items against the agreement before any payment is made.

Several commissioners pressed for clarity about the connection between condo sales and the public benefit; staff and counsel explained the reimbursement relates to public improvements installed to benefit the convention hotel and the pedestrian beach access, not directly to condominium unit sales. The amendment was adopted by voice vote with no recorded opposition.