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Developers working on certain projects will now have to enter a community benefits agreement.
On Thursday, the St. Pete City Council unanimously passed a community benefits agreement program following a public hearing. CBAs are used by many cities as a tool for economic equity. It creates a process that takes into account the social and community impact of a real estate development plan. The program was first introduced earlier this year.
The proposed program for St. Pete establishes a series of community benefits for projects that involve public-private partnerships. Under the plan, it would affect projects that receive more than 20% of public assistance, which can be in the form of incentives, for the overall construction cost of the project, or $10 million in assistance, regardless of construction costs.
For more information, read the full article on the St. Pete Catalyst.
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