Subject:
Title
Resolution and Amendment to Declaration of Restrictions on Property in County-owned Spaceport Commerce Park in Titusville
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Fiscal Impact:
Estimated $96,574 in new annual tax revenue for Brevard County; see Summary Explanation and Background and attached EDC Letter of Support and Economic Impact Analysis for further fiscal impact and job creation analysis.
Dept/Office:
Planning and Development / County Attorney's Office
Requested Action:
Recommendation
North American Properties requests that the Board of County Commissioners approve and adopt a resolution allowing for the amendment of the recorded Declaration of Restrictions for property owned by a related entity, NAP Commerce A LLC, in the County-owned Spaceport Commerce Park, to remove a requirement that a future tenant at the property create 50 jobs; authorize the Chair to sign the Amended Declaration of Restrictions; and authorize the Chair or County Manager to execute other documents in connection therewith as approved by the County Attorney.
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Summary Explanation and Background:
North American Properties (NAP) is an Ohio-based real estate development firm that maintains real estate holdings throughout the nation. In 2023, the company exercised an option contract approved by the Board in 2021 to purchase an approximately 11-acre lot in the County-owned Spaceport Commerce Park with the intent of building upon the land a structure to attract a tenant in the aerospace or advanced manufacturing sector. This was considered a "speculative building" project, because NAP planned to carry out certain activities at the site (site preparation and building construction) without a tenant secured for the space. To date, the company has spent approximately $3.4 million on site-related activities, including the construction of storm water detention areas and a 50,000 sq. ft. building pad.
Since the company wanted to begin site preparation activities immediately in 2023, the typical clawback on com...
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