Subject:
Title
Titusville Tax Increment Funds (TIF) for the Redevelopment of Former Searstown Mall Property in Titusville
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Fiscal Impact:
Funds for this economic redevelopment grant would come from the NBEDZ special district, under the annual TIF allocation it receives from the City of Titusville.
Dept/Office:
County Manager's Office
Requested Action:
Recommendation
It is requested that the Board of County Commissioners (BOCC) approve an economic assistance and interlocal agreement using tax increment funding from the City of Titusville (CITY), in an amount not to exceed $2,400,000, to induce the redevelopment of the former Searstown Mall property, and authorize the Board Chairman to execute all necessary documents upon approval of the County Attorney's Office and Risk Management and authorize the County Manager to execute all necessary budget change requests.
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Summary Explanation and Background:
California-based real estate developer Jesse Wright purchased the Searstown Mall property on U.S. 1 in Titusville in 2017, with plans to remove the existing shopping center and replace it with a mixed-use development, one involving residential, office, and retail components, including a five-story hotel. The enclosed mall, which was constructed in the mid-1960s, is now in disrepair, with more than half of its retail space unoccupied.
The developer has proposed redeveloping the entire 22-acre site in two phases, with the first phase to include infrastructure improvement to the property, such as utility line replacement and the construction of storm water ponds. At the time the enclosed mall was built, there were no requirements for capturing storm water on site; pre-redevelopment, all storm water falling upon the parcel drains directly into the Indian River Lagoon. Additional plans under the first phase include the construction of two residential towers, one of which would be an assisted living facility (staffed with medical personnel), and several retail ou...
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