Even with a record deficit of $23 million showing on the books nine months ago, elected officials have signed off on an unprecedented incentive package to developers that includes cash, tax breaks and loans.

The city is already seeing progress in the start of developer Cameron Kuhn's $140-million, mixed-use Plaza venture on the three-acre Jaymont Block at Church Street and Orange Avenue. Kuhn, a former carpenter's helper from Chicago, is receiving a total $22.2 million in incentives. According to the city's Community Redevelopment Agency which is paying out the incentives, Kuhn is getting $3.5 million in cash up front; another $3.5 million spread over 10 years; 12-year-tax breaks worth an estimated $1.2 million; and a $14-million loan for a 1,000-space parking garage to be paid back over five years.

The second largest recipient is Tampa, FL-based Euro-American Advisors Inc., receiving incentives valued at $14.2 million. Euro-American will be breaking ground in the first quarter on 55 West, a planned $100-million, 306-unit, 31-story condominium-retail-restaurant complex at Church Street and the CSX railroad tracks. Euro-American is receiving a 12-year tax break worth an estimated $2.8 million; a 10-year loan with interest for a $7-million parking garage; a loan for $3 million with interest for ground-floor plaza improvements; and proceeds from the city's purchase of 100 parking spaces at the condo tower for $1.4 million.