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Commission briefed on developer agreement: $20 million Grand Central rehab plan includes TIF rebate and preservation grants
Summary
Staff recommended approval of a developer's agreement for the "Grand Central" downtown project that would rehab four buildings using a 60% TIF rebate for 20 years plus a $2 million building-preservation reimbursement (five $400,000 payments tied to work completed) and water/sewer connection reimbursement; reimbursements are performance-based.
City staff presented a developer's agreement for the Grand Central cooperative project downtown, detailing a set of incentives and performance-based reimbursements for rehabilitating four buildings in the heart of Winter Haven.
Eric (staff) summarized the package as a tax-increment-financing (TIF) rebate of 60% for 20 years, a building-preservation reimbursement grant paid in five equal $400,000…
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