At the January 25th, 2018 Community Redevelopment Agency (CRA) meeting, the Board voted to approve changes to the North American Properties (NAP) Cascades project which will result in an additional $1.9 million in tax incentives.
The CRA had previously approved tax incentives totaling $13.8 million for the downtown project. The change was due to the addition of a hotel to the project.
Based on CRA staff, NAP did not include the value of the hotel in their initial analysis because they were still working to identify a hotel developer for the site. NAP had planned to capture 90 percent of the tax increment generated from the value of the entire project (hotel, apartments, condominiums, retail and office spaces, etc.).
Prior to the CRA meeting, staff recommended that the estimated value of the hotel – $18 million – be included in the project value. The inclusion raised the total projected taxable value of the project from $132.0 million to $150.0 million
This change increased the amount of tax incentive for NAP by a projected $1.9 million, from $13.8 million to $15.7 million.
While some elected officials questioned the addition of the hotel, the measure passed 4-2 with County Commissioner Bill Proctor and City Commissioner Scott Maddox voting against.