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 installments tied to performance metrics, and reimbursement of water and sewer connection fees. Staff described the overall project as approximately $20 million to rehab four downtown buildings and recommended the commission approve the developer's agreement.

Staff clarified that the preservation payments are reimbursement-based and contingent on documented construction expenses and compliance with specific metrics. The agreement requires a half-million dollars of qualifying construction expenses for the first payment and contains language giving the city manager authority to confirm material compliance. Staff said payments 3 6 would be withheld until the exterior rehab of all four buildings is completed.

Commissioners discussed oversight and whether the commission should review reimbursement requests before staff disburses funds. The city manager and staff said the agreement delegates review authority to staff (building division, CRA staff and city manager) but that the commission could request periodic reports; staff offered to provide updates when reimbursements are requested.

No formal vote was recorded at the workshop; staff recommended the agreement for the commission's consideration at the meeting.