Pensacola Mayor Ashton Hayward has called a special meeting of the Pensacola City Council for next week to consider an Economic Development Ad Valorem Tax Exemption (EDATE) for Quint and Rishy Studer’s $50 million redevelopment of the former Pensacola News Journal property.
The meeting has been scheduled to take place immediately following the council’s meeting to select a new president and vice president, which will begin at 9:00 a.m. on Tuesday, November 24.
EDATEs exempt a property owner from paying ad valorem property taxes on the value of improvements to certain properties. They’re an economic development incentive typically used to help companies which are expanding and creating jobs.
Last September, the city council granted an EDATE to Daily Convo LLC, the Studer-owned company which is developing the property, which occupies the block bounded by Jefferson, Romana, Tarragona, and Intendencia Streets in downtown Pensacola. However, the council repealed the Daily Convo EDATE earlier this year amid questions about the city’s handling of EDATE requests.
At the time, the county property appraiser’s office determined that the EDATE should be issued in the year it is intended to take effect — 2017, in the case of the Daily Convo development. It’s unclear why the mayor has asked the council to consider it the issue now. Hayward was unavailable for comment Thursday evening.
|WHAT:||Special Meeting of the Pensacola City Council|
|WHEN:||Tuesday, November 24|
Immediately following the prior meeting, which begins at 9:00 a.m.
|WHERE:||City Council Chambers|
First Floor, Pensacola City Hall
222 West Main Street
Pensacola, FL 32501