Developer LaCour & Company Could Get More Than $10 million+ From City of Port Orange

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From:   “Greg Kisela” <gkisela@port-orange.org>
To:   “Lacey Mclaughlin” <lacey.mclaughlin@news-jrnl.com>
It would be half of the total TIF dollars generated.  Close to $10 million.

From: McLaughlin, Lacey [mailto:lacey.mclaughlin@news-jrnl.com] 
Sent: Friday, June 27, 2014 3:35 PM
To: Kisela, Greg
Subject: RE: Is this correct?

 
Do we know the exact amount the developer would get in TIF funds through 2036? 10 million? That part isn’t clear to me.
    

Lacey McLaughlin 
Staff Writer
901 Sixth St, Daytona Beach, FL 32117
T: 386-681-2461  

@Laceyemc
lacey.mclaughlin@news-jrnl.com
www.news-journalonline.com

  

From: Kisela, Greg [mailto:gkisela@port-orange.org] 
Sent: Friday, June 27, 2014 3:34 PM
To: McLaughlin, Lacey; Lewis, Shannon
Subject: RE: Is this correct?

 Lacey: The $1.2 million is the present value.  This is accomplished by converting future TIF dollars to present value by applying a discount rate.   Hope this helps.

 
Greg Kisela
City Manager

 

From: McLaughlin, Lacey [mailto:lacey.mclaughlin@news-jrnl.com] 
Sent: Friday, June 27, 2014 3:17 PM
To: Lewis, Shannon
Cc: Kisela, Greg
Subject: Is this correct?

 Hi Shannon and Greg,

I am writing a story about the Riverwalk meeting on Monday and I wanted to make sure I am understanding the proposal correctly. I haven’t been able to ahold of the developers so I wanted to run this by you:

 The Riverwalk project will cost a total of $129 million and is estimated to generate a tax increment of more than $20 million.

 Developers would receive about $1.2 million from the TIF? ..

 If it’s half then that doesn’t seem right. Let me know if I am reading this wrong. Thanks.