Board members reviewed a draft economic‑development agreement for Lake City 47 LLC, described in staff materials as the cornerstone development at “47.” The agreement reflects terms previously approved at a special meeting in August and includes specific, year‑by‑year incentive language.

A board member asked for clarification about a provision that requires infrastructure to be in place within 18 months of completion of public utilities to the parcel line. Staff explained the clause refers to water and sewer work the city and county agreed to run under the project; the provision was intended to ensure the next phase of utilities would be completed in a timely manner if grant funding did not arrive on schedule. “Because the initial agreement was if it was not grant funded by a certain time, then the county would… supplement the city,” a staff member said, describing how the county had previously agreed to provide funds to move utility pipes under site 47.

Staff said the draft mirrors the terms the board previously approved and that the County Commission will consider the agreement at its meeting later that day. Board members were asked to review the highlighted sections and provide any feedback before commissioners vote.

No formal action on the draft agreement was taken by the board during this discussion; staff sought input and confirmed the commissioners will vote on the agreement that evening.