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Downtown plan: South State Bank to build five-story office with TIF rebates proposed
Summary
A developer agreement with South State Bank would bring a five-story office building to Central Avenue (about 125 employees) with TIF rebate terms and up to $484,023 in connection-fee reimbursements; staff recommended approval following CRA action.
City staff briefed the commission on a developer agreement with South State Bank to construct a five-story Class A office building on Central Avenue and recommended approval following CRA board action.
Eric (speaker 13) said the project would house roughly 125 full-time employees and estimated total project cost at just over $17 million. Under terms presented, tax-increment-financing rebates would be 90 percent for years 1–10 and 60 percent for years 10–20; the agreement also provides reimbursement of projected water and wastewater connection fees not to exceed $484,023.
Staff displayed renderings and noted the building footprint will incorporate adjacent property (including a recently purchased parcel that includes the El Olivo building) and that the applicant is aware of pending DOT right-of-way work on State Road 544 and will coordinate access and permits.
Staff characterized the project as an economic win for downtown and recommended it move forward to the commission for formal action.
