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Lake Wales commission approves settlement transferring downtown hotel to city control
Summary
The City Commission of Lake Wales voted unanimously to approve a settlement agreement that will transfer ownership of the downtown hotel to the city and clear the way for redevelopment, commissioners said. Supporters cited economic benefits, and city leaders signaled plans for a structured solicitation to find a developer.
The City Commission of the City of Lake Wales voted unanimously to approve a settlement agreement that will transfer ownership of a downtown hotel to the city and enable its renovation, commissioners said. The roll-call vote was 5-0 in favor.
The agreement, discussed at the commission meeting after a public comment and extended remarks from the city attorney and staff, marks the end of litigation over the property and authorizes the city and its Community Redevelopment Agency (CRA) to proceed with redevelopment planning.
The settlement matters to downtown businesses and taxpayers because, commission members and retained consultants said, a renovated hotel can generate tax-increment revenue for the redevelopment trust fund, create jobs and raise surrounding property values. Chair Gibson highlighted an economic analysis prepared during litigation and said the expected returns over a 10-year period “run into…
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