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Bradenton CRA approves incentives agreement for 320‑unit development with workforce housing commitment
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Summary
The Community Redevelopment Agency approved a draft incentives agreement for AMRES Investments’ proposed 320‑unit mixed‑use project at 5th Street West, including a 15‑year commitment to provide 15% workforce housing and financial incentives intended to leverage developer financing.
The Community Redevelopment Agency (CRA) of the City of Bradenton on Jan. 28 approved an incentives agreement for AMRES Investments to support a proposed 320‑unit mixed‑use development at 5th Street West.
Chris Manion, assistant director of the CRA, told the board the proposal includes a 15‑year workforce housing commitment requiring 15% of units to be set at 80–120% of area median income, which for a 320‑unit project translates to about 48 workforce units. "The proposed is a 320 unit multifamily mixed use development," Manion said, and staff estimated the project could generate "over 4 and a half million dollars" for the CRA over the next 12 years.
The draft agreement reflects a financing structure in which the CRA’s retention payments are part of the developer’s capital stack. Manion described add‑on incentives that can accelerate the developer’s return — including allowances for demolition, infrastructure work and public art — and said the conflict attorney reviewed the contract language.
Board members questioned contract safeguards: one member asked whether the CRA can terminate the agreement if the project is sold to an unaffiliated entity before substantial completion. Nancy Meyer of Transdaniel responded that the board "will have the right to terminate the agreement should the project be sold or transferred to an entity not directly affiliated with the developer if that's prior to the substantial completion date," while noting certain FHA-related exceptions in the draft language.
On public access to the waterfront element along Wares Creek, consultant Carl Callahan said the intent is "a public area out front" and that the developer would likely maintain the space to ensure long‑term upkeep while allowing public use. Callahan said the concept plan and final design will go through the city planning process and come back to the board during permitting and entitlement reviews.
A board member moved to approve the incentives agreement and to authorize the chair or vice chair to execute necessary documents; the motion passed unanimously.
The CRA staff characterized the incentives as tools to secure financing and to obtain public‑benefit elements the market might not deliver on its own. The board approved the draft agreement to allow staff and the developer to proceed with subsequent planning, permitting and financing steps.
The board did not set final design details at the meeting; staff said the development will return for planning and permitting approvals and that the CRA retains termination and change‑control rights spelled out in the agreement.
