The request of the Riverwalk developer for half, or any, of the tax revenue is just plain wrong.
The idea of directly paying any developer is wrong and not in the public interest. I can see improving the roads, water/sewer, even helping with storm water and parking. Those are all projects that can benefit the public, and any enterprise that may occupy the site or nearby.
The payment of tax revenue that would in some way be made up by general fund tax dollars or be projects never built or debt not reduced. Bottom line every dollar paid to a developer will come from the community in one way or another. Think of it this way the first phase of the Riverwalk park at the north end is estimated at 2 to 2.5 million, the developer wants the price of 5 of these parks, more than 5 times the cost of new lighted sports fields or indoor recreation facilities, 10 times the annual maintenance repaving budget.
The further issues are by funding one development, a subsidy, the city council is selecting who gets to build.
The city would also create a president, the next developer with want their share, and the ones before will want a rebate.
If the building of 170 foot tall condos cannot stand on it’s own without taxpayer funding it should not stand, lest we be the home to incomplete projects.
Yes, I support moving ahead at Riverwalk. We, the city, are building a great park and the developer is putting in a riverboat and anchor buildings, if that does not generate interest and investment nothing will. This will not be the only choice for this site, we need not give away the future financing for the rest of the CRA to get this deal that is by no means a sure thing given the results in Holly Hill and South Daytona.
BUT WAIT! There’s more.
A square foot for foot swap for the riverside grass and untouchable protected mangroves is hardly a deal. Council should hold out for the sections the city/CRA does not own on the corner of Dunlawton and Ridgewood, foot for foot. Let this pass, and see where we are when it comes time to develop the south end of Riverwalk.
[gview file=”Meeting Riverwalk.pdf”]