Economic Development has been working on a development agreement to complete the Main Street Landing Redevelopment Complex started in June 2004. The purpose of this redevelopment project is to allow for new, upgraded residential building stock within the urban core and to serve as an economic support for city businesses.

A synopsis of the agreement is as follows:

• Completion of the Main Street Landing complex to include up to 93 residential units.
• The Developer shall submit a building plan which shall include a description of all fixtures, finishes, and amenities which will be included in the project, and shall be subject to the approval of the City’s Land Development Review Board. 
• The Developer shall provide a $5 million performance bond.
• The Developer shall invest a minimum of $8 million in capital improvements.
• The City shall issue the Developer a credit toward water and sewer impact and city permit fees.
• The CRA shall pay a $1,475,000 tax increment payment to the Developer, contingent upon the Developer receiving Certificate of Occupancy on 90% of the units within 3 1/2 years of the effective date.
• The City shall pay the Developer $118,793 for reconstruction of the seawall as per the requirements of a prior agreement.

The design of this project is to provide quality, modern residential housing for a target market of individuals seeking to live in a walkable community where residents can easily access an abundance of city parks, recreation outlets, restaurants, businesses, library and community services. As indicated and supported in the Zimmerman/Volk Study there is an annual residential new housing demand of 100 units within the urban core. These individuals, for which the project is designed,  have an annual household income of $50,000+.