Council approves second amendment for convention center/hotel project; state tax rebates used to finance convention center

The City Council on July 28 approved (7‑0) a second amendment to the master development agreement with TerraViva Global, advancing a mixed hotel, retail, parking and convention center project on multiple parcels near the stadium area.

City staff (Jason Moore, speaker 23) said the amendment clarifies the parcels to be sold (including a parkland‑adjacent parcel formerly part of a park facility development corporation sale), establishes ground leases for two hotel components (required so state sales‑tax rebates apply), and adds reverter provisions to protect the city if vertical development does not occur. "We have put in new reverter provisions for each parcel," Moore said, describing the city's ability to reclaim property if projects fail to proceed.

The financing mechanism in the agreement uses state rebates: for 10 years the state portion of sales tax (6.25%) and the state hotel occupancy tax (6%) generated within a 1,000‑foot radius will be rebated and used to fund the convention center and structured parking. Moore and staff said the developer will receive the state rebates and use those funds to offset construction costs for the convention center components that benefit the district.

Council also discussed protections such as deed restrictions and a first right of refusal on certain waterfront/boardwalk property to account for floodplain and permitting uncertainties. Staff noted that individual development plans, site plans and any replatting will return to council for subsequent approvals. The motion to approve the second amendment passed unanimously.

Developer representatives attended (identified in the record) and staff said closing on five parcels would occur this week subject to final documents and title work. Council recorded direction that future vertical development and site plans will come back to council for review and approval.