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Commission approves tax‑increment incentive for Accent Daytona Beach project with 50 workforce units
Summary
The Daytona Beach Community Redevelopment Agency approved an incentive agreement with Accent Daytona Beach LP for a 300‑unit downtown development that reserves 50 workforce‑housing units in exchange for up to 80% of tax increment; commissioners emphasized design improvements and a return to the city even with abatement.
The Community Redevelopment Agency voted unanimously Dec. 4 to approve an incentive agreement with Accent Daytona Beach LP that offers tax‑increment financing in exchange for a large downtown mixed‑use development and reserved workforce housing.
City staff told commissioners the proposed project would include a minimum of 300 apartments, a projected construction value of about $70 million, and 50 units set aside for workforce housing at up to 120% of area median income, with a preference to reserve a small percentage of those units for first responders and potentially teachers. Staff said the agreement would authorize annual grant payments, permit fee waivers and impact‑fee reductions tied to performance metrics and associated public improvements (Palmetto Avenue and Bay Street) and would use the Florida Brownfield redevelopment framework for site remediation.
Jessica (staff/consultant) said the city’s property‑appraiser tool estimates post‑redevelopment taxable value at roughly $1.1 million, and that the city would receive about $150,000 per year to the general fund over the life of the CRA even with the proposed abatement structure. The presentation indicated the requested abatement would be 80% of tax increment assignable to the property, stepping down to 70% if adjacent commercial development does not materialize within a specified timeframe.
No members of the public spoke on the item. After brief questions from commissioners about timing and tax projections, the commission moved, seconded and approved the agreement. Chair Derek L. Henry praised the project as a step toward a livelier downtown and urged staff to return with contract documents and implementation details.
Next steps: final agreement execution by the mayor (as CRA chair) and city clerk, and follow‑up from staff on performance guarantees and design details referenced during the presentation.
