In exchange for financial help to maintain some public parking spaces in the iPic parking garage, the luxury movie theater must hire a percentage of locals to fill jobs.
Delray Beach Holdings LLC will receive $75,000 annually from the Community Redevelopment Agency to help pay for the maintenance of the public parking spots.
The project will bring a luxury movie theatre, 43,000-square-feet of Class A office space, including iPic’s headquarters, 7,500-square feet of retail space and a 326 space parking garage. Part of the project included providing 90 parking spaces dedicated to the public to use. iPic will not receive the revenue from the parking meters on those spaces, the city will.
Agency executive director Jeff Costello said since the project reserves the spaces for public use, it was always contemplated that the agency would help pay for the maintenance of those spaces.
The city commission approved a parking agreement with the developers in Nov. 1, which states that the “Developer is required to pay the total cost of garage maintenance, but it is not prohibited from seeking reimbursement from the CRA for the cost of maintenance of the public spaces through a separate reimbursement agreement.”
The agency board agreed before approving the contract.
“We are being asked, as was contemplated, to fund what are public parking spaces,” said board member Paul Zacks. “They are going to be metered and the revenue is going to the city. It is equitable that we should maintain it. This property is going to generate $400,000 annually in additional tax dollars. That doesn’t include the jobs, the foot traffic downtown that will help the restaurants and merchants.”
iPic representatives said they are waiting on a permit before they can begin to break ground on the project that was selected to come to Delray in 2013.