Daytona Beach, FL - Daytona Beach City Commissioners are giving the go-ahead to Framework Group's proposal to build an apartment building and parking garage on a six-acre site on Ridgewood Avenue just north of International Speedway Boulevard.
The approval comes after the clauses that mandate Framework Group provide 30 affordable housing units were removed. The commissioners instead reduced the amount of property tax dollars the company will be reimbursed for over the next 15-20 years.
The original proposal had called for the developer to receive up to $10.5 million of the new property tax revenue the project will create on that site, which had been the previous home of First Baptist Church. The final decision was to reimburse Framework Group for up to $10.2 million. The city will put the $300,000 difference into an affordable housing trust that has yet to be created.
The agreement requires Framework Group to adhere to a promise to "use its best efforts" to build the apartment complex and parking facility within five years of all required permits being issued. They are also required to document that the construction value is at least $60 million.
