5. Interlocal Agreement – Eastside Redevelopment Loan. On September 30, 2016, as

Community Redevelopment Agency Meeting · 2026-05-11 · agenda_item

This item concerns an Interlocal Agreement between the City of Pensacola and the Community Redevelopment Agency regarding a loan for the General Daniel “Chappie” James, Jr. Museum and Youth Flight Academy. The agreement, originally established in 2016 and amended in 2017, involves a $500,000 loan from the City’s Insurance Retention Fund to the Agency’s Eastside TIF District. This loan is intended to help finance the design, construction, and acquisition of the museum and academy. The loan has a 30-year term, with interest-only payments until the Eastside Redevelopment Revenue Bond matures in 20 years. Principal payments are scheduled to begin in December 2037 and conclude in December 2045. This agreement is currently under review. The project involves planning and financing for a museum and youth academy, which will eventually require design, construction, and acquisition services. Early engagement with the City and Agency could provide opportunities for contractors, suppliers, and service providers as the project moves through its planning and potential construction phases.

loan principal amount

500000 $

loan term

30 year

interest only period

20 year