Dr. Wharton told the Bradenton Community Redevelopment Agency the board must start discussing changes to its incentive program because the CRA's available time and funds are shrinking. "We've got roughly 15 years left... we're going to have to change the incentives because we cannot pay the full amount of what we're currently advertising," Dr. Wharton said.

He described options staff will explore, including a "special-use multiplier" for priority uses (for example, a grocery store) and more flexible incentive structures that could include a grant/incentive hybrid to allow some funds to be released sooner for private-equity projects. Assistant Director Chris said staff can design a hybrid so developers receive some money earlier while preserving long-term incentives.

A board member (S3) reported hearing from private investors who said long payout schedules make it difficult to use private financing. "The incentives and the length of time that they take to get paid out work very well for typical construction financing... but when you're working with private investors and private equity, those people want to get their money turned around quicker," the member said.

Dr. Wharton said staff will hold public meetings with the board to discuss possible incentive changes and will make market analyses and summary materials available to both the board and the public. Chris committed to providing a short, public synopsis of the market analysis within a week to aid discussions.

What happens next: staff will schedule public meetings and workshops with the board, prepare proposed incentive alternatives including a hybrid grant/incentive option, and return to the CRA for further direction. No policy change was adopted at the meeting.