Daytona City Commission OK’s Hard Rock Reimbursement Plan

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Daytona Beach, FL - A packed room with some of Daytona Beach’s most prominent citizens saw their City Commission inch closer towards making the Hard Rock Cafe & Hotel on beachside a reality.

By a unanimous 7-0 vote during Wednesday night’s Community Redevelopment Agency and the regular City Commission meetings, Daytona Beach commissioners approved a resolution offering nearly $5 million dollars in reimbursements to Bayshore Capital LLC, the developer behind the Hard Rock project.

Bayshore Chairman Henry Wolfond was in attendance as the commission agreed to cover public infrastructure improvements that Bayshore plans to make as part of the proposed 9-figure project.

A host of other local leaders also were in attendance to throw their weight behind the Hard Rock plan, including International Speedway Chief Executive Office Lesa France-Kennedy, Brown & Brown Insurance Chairman J. Hyatt Brown, Root Company President Phil Maroney, Volusia County Council member Josh Wagner and Bethune-Cookman University Provost Makola Abdullah.

That money would only have to be paid by the city should the Hard Rock project and the corresponding public improvements become reality.

Among those infrastructure improvements are upgrades to the water and sewer lines, the creation of a pedestrian beach access from State Road A1A to help make up for the loss of the Lenox Avenue beach approach and street-scaping along the 800 and 900 blocks of South Atlantic Avenue, which is where the Hard Rock project is to be built.

The reimbursements would take 2 forms, the first of which is around $850,000 to cover all water & sewer impact fees for Phase 1 of the 3-phase project.

The second reimbursement to Bayshore will come from the Daytona Beach C.R.A.’s Tax Increment Revenue fund (T.I.F.) and has a maximum cap of $4 million dollars.

According to the agenda item, that money is the maximum the city would have to pay in order for the Hard Rock to become reality.

There is no public investments being asked for by Bayshore Capitol for Phases 2 or 3.

Also during the meeting, the city unanimously approved the second reading of an ordinance to re-zone the 11 or so acres of land the Hard Rock will be built on.

Copyright 2013 Southern Stone Communications.

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