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Council approves Enclave of Bahamas PID and related reimbursement, 380 agreements with Megatel
Summary
Council approved creation of the Enclave of Bahamas Public Improvement District and separately approved a PID reimbursement agreement and a Chapter 380 agreement to reimburse Megatel for eligible public improvements and sales-tax incentives.
Mayor Chris Davies opened a public hearing on the proposed Enclave of Bahamas Public Improvement District (the Megatel project); no members of the public spoke. City Attorney Susan Thomas described the project as the "Megatel project" and told council it was ready to start within the next couple of months.
Council subsequently approved a resolution to create the PID, approved the associated PID reimbursement agreement that defines how the developer will be reimbursed, and approved a Chapter 380 agreement under which the developer may receive sales-tax related incentives. Each item was approved by unanimous vote during the meeting.
