Curious about EDATEs?

The proposed $50 million development project on the site of the former Pensacola News Journal building has applied for and is eligible for an Economic Development Ad Valorem Property Tax Exemption.

EDATEs are tax exemptions for economic development projects that allow up to 100 percent of the assessed value of real property improvements and new tangible property acquisitions for up to 10 years.

The project, planned by Quint and Rishy Studer through their Daily Convo LLC, would create high-density residential apartments priced to appeal to the workforce marketplace; retail space; office space; public open space; a new YMCA and public parking.

It also will create construction related jobs and long-term jobs in the businesses and shops that populate the development.

The Studers bought the property in 2013 for $3.4 million.

The new development includes 48,000 square feet of class A office space, 33,000 square feet of ground floor retail space and up to 300 apartments at various sizes.

EDATEs are not just handed out.

Projects that wish to apply for EDATEs are rated on an evaluation system that includes: industry type, amount of capital investment, number of current and proposed employees, project location and design.

The Daily Convo project earned 125 out of 175 possible points on the EDATE scoring scale.

To see the form, click here. The EDATE proposal goes to Pensacola City Council Thursday for a vote.

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