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CRA approves tax-increment rebate for KBP Properties redevelopment in Saint Andrews
Summary
The CRA approved a tax-increment rebate application for KBP Properties (Kevin Nguyen) for redevelopment of five single-family units in the Saint Andrews district, authorizing up to 70% of eligible project cost not to exceed $149,472.17 and a duration of up to 15 years; the motion passed 5-0.
The Panama City CRA voted unanimously to approve a tax-increment rebate application submitted June 9 by Kevin Nguyen on behalf of KBP Properties Bridal LLC for redevelopment of five single-family residential units at 4101 West 19th Street in the Saint Andrews district.
Staff reviewed the application and recommended an award equal to 70% of eligible project costs, capped at $149,472.17 and limited to a maximum duration of 15 years. During discussion a board member noted the application does not include an affordable-housing component; staff and the board observed the program guidelines as presented do not require that as an eligibility condition. The board approved the staff recommendation by roll-call vote 5-0.
