CRA advisory panel recommends $5.66 million TIF rebate for Tolles Garden affordable homeownership project

The Community Redevelopment Agency advisory board unanimously recommended approval of a tax increment financing (TIF) rebate of up to $5,662,906 for the Tolles Garden Lender Asset SPV LLC’s proposed 141‑unit affordable homeownership project in the MLK redevelopment district, contingent on a Lee County award of $19,500,000 in Hurricane Ian Community Development Block Grant–Disaster Recovery (CDBG‑DR) funds and completion of required environmental review. "The request before you tonight is for a recommendation for the CRA Board to approve tax increment financing in the amount of $5,662,906," Attorney Jennifer Fisher told the advisory board.

The project would convert an 8.2‑acre site at the southwest corner of Veronica Shoemaker Boulevard and Addison Avenue into 141 for‑sale condominium units targeted to income‑qualified buyers. Developer Stylianos Vallianos of Fuse Group Investment Companies said the team intends to deliver the design originally promised to the community and to keep all units within an affordability spectrum: 73 units at or below 80 percent of area median income (AMI) and the remainder up to 120…