Wednesday, December 4, 2013

Big Changes To Miracle City Mall Proposal



TITUSVILLE, Florida -- Major changes at the eleventh hour have occurred to the Miracle City Mall redevelopment proposal where a developer hopes to obtain $6.5 million in Brevard County taxpayers' money through the North Brevard Economic Development Zone (NBEDZ).


The most significant change, according to documents filed with the Brevard County Commissioners on Wednesday, is that the "Minimum Qualified Investment" required by the developer has been slashed from $51.3 million to just $34.2 million.  Of that $34.2 million is an increase in the land purchase price from $6 million to $6.3 million.  


The increased land price coupled with the overall reduction on the "Minimum Qualified Investment" required means that the proposed investment amount required by the developer into improving the land has fallen 38.4% from $45.36 million to $27.94 million.


Another major change is that A.G. Development Group, Inc. has been removed as a party to the Economic Development contract with the County and replaced with Ohio-based Exxcel Project Management, Inc.


The issue of whether the County should use taxpayer money to redevelop Miracle City Mall had been scheduled for last Tuesday's Brevard County Commission meeting.  But at that meeting, Brevard County Manager Howard Tipton pulled the issue as an Agenda item citing changes that needed to be made.


The newly-filed proposal will be before the County Commission on Thursday, December 5, 2013 at 5 p.m.

Update: The County Commission voted 4-1 in favor of giving the developer the $6.5 million, with Commissioner Trudie Infantini voting no.


RELATED STORIES:

OpEd: NBEDZ Blows $6.5 million on Miracle City Mall Bailout 

NBEDZ Wants To Give $6.5 Million Grant to Developer

Letter to the Editor: Redevelopment of the Miracle City Mall 

NBEDZ Ethics In Question (VIDEO)