Tallahassee Reports has learned that the new owners of the Florida Homebuilders Association property, located on the southeast corner of Park and Monroe, is seeking $525,000 in tax money through the Community Redevelopment Agency to help fund a proposed development.
The property was purchased by Brian Ballard, CEO of Ballard Partners, and his wife for $3 million back in the summer of 2015.
The parameters provided to CRA staff indicate the project will be a multi-use structure of approximately 57,000 square feet with an estimated value of $20 million.
The project includes a 150-seat upscale dining establishment with an all-season patio and views of the Park Avenue Chain of Parks and an updated, attractive parking garage featuring 82 parking spaces.
The demolition of the existing structure is slated for February 2016, with project completion estimated in September 2017.
The owners, Park Monroe LLC, are requesting grant funds from the CRA in the amount of $525,000.
The applicants informed the City staff that the grant “would help bridge the gap between the appraisal value and total cost for the project. Additionally, it would assist the restaurant’s economic viability by allowing the applicant to subsidize the restaurant lease’s rental terms. Without such subsidy, the economic viability of the first floor restaurant would likely be untenable.”
The request has not yet been set for a vote.
Downtown Development Seeks $525,000 in CRA Money to Help with Restaurant added by Staff on
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What a great use of tax payer dollars, give it to multimillionaire lobbyists and developers to use for their pet projects.
It began with the Edison. Ballard is only seeking fairness and how can the CRA say no?
Once again taxpayers pay so we can dine in style. It would be nice if our city leaders could look at a budget,fund needs and rebate the excess.
We have a public safety crisis over the summer so they raise our taxes. When surpluses show up a month after the increase and unknown federal grants appear……nothing changes.
We have an inept and corrupt city government. We need to rise up and take our government back!
Bars, restaurants, tobacco stores? What’s next, a brothel?
Who will be in charge of disseminating that $90M Curtis speaks of?
Is it someone with a record of ethical performance?
If you enjoy hearing about the latest news from the CRA, wait until you hear what the county does when it gets its hands on $90 million in infrastructure sales tax they are planning to use for “economic development.”
Edward you must be smoking something very strong.MD must stand for mentality deprived.
Thanks Shakey
Meanwhile the CRA subsidizes with tax money from the South Side tobacco sales at a soon to be built Piggly Wiggly right down the road from FAMU High.
Are Roxanne Manning and the CRA purposely trying to kill off black folks with tobacco?
Edward, if you’re concerned about tobacco products being sold at a store just down from FAMU High, you’ll probably love to learn about “asbestos reinforced concrete water pipe” that the City has 93 miles of, now deteriorating. Where is it deteriorating a lot?……yep, South Tallahassee
Terry@thetrakker.com
I will bet that the usual suspects are getting a kickback.
If an appraisal by a qualified liscenced professionally endorsed appraiser does not support the economic viability of this proposed project, then the CRA has absolutely no business subsidizing it with taxpayers money. Where in the world do we get these folks from , anyway?
The CRA has no business subsidizing this project regardless. This is EXACTLY why the Edison, Piggly Wiggly, and all of the other “insider” deals should never have been done…there was no basis to say “yes”, therefore there is no basis to say “no”.
That’s right Preston. But nobody will admit it.
Way to go Tallahassee leaders. You started this mess using CRA for private business, so good luck determining the winner and losers.
Just my personal opinion, but if the economic projections are not viable then the developer should consider adjusting their costs and plans. Why should taxpayers help subsidize “private developers” with the profits going to developer and the rest of us taking all the risks?
Isn’t “Crony Capitalism” an offshoot of a “pay to play, and corrupt political system? And, when taxpayers $$$ fund private “for profit” businesses, isn’t this really an example of “socialism” for the very well connected?
Well said, my friend.
Agree 100%
Agreed.