After a sometimes tense, more than an hour-long discussion Thursday night, the Pensacola City Council unanimously approved advertising two key parcels under the West Main Master Plan calling for a parking garage on the site.
The city needs to advertise that it is open to proposals to lease the two properties under the West Main Master plan after Silver Hills Development Inc. walked away from its lease option agreement for the two parcels last month.
Promoters of the West Main Master Plan have said that getting some type of parking garage built on the two parcels, called parcels No. 4 and No. 5, is key to making the rest of the West Main Master Plan financially and logistically feasible.
The Pensacola City Council on Monday night unanimously approved a new tax incentive program under the city s Community Redevelopment Agency for development projects in the city s Waterfront Redevelopment District.
The new program allows developers to claim a tax rebate on new property tax revenue generated by a project that meets the program s criteria.
To qualify, a development has to create $40 million in taxable value to a property and meet other financial requirements, including having 10% of the value of the project committed to affordable or workforce housing, before it could be considered by the CRA.
The tax rebates under the program would be limited to 10% of any project s total development cost.
Pensacola city council should not derail progress at Maritime Park pnj.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pnj.com Daily Mail and Mail on Sunday newspapers.