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CRA amends reimbursement trigger for Daytona Grand utility and off-site improvements
Summary
The CRA approved a fourth amendment to the Daytona Beach Convention Hotel and Condominiums utility and off-site improvement agreement that redefines the completion trigger for developer reimbursement; staff said payments remain capped by tax-increment limits and would not occur until the finished building criteria are met.
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…
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