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CRA OKs up to $14.34M incremental rebate for downtown hotel public amenities tied to convention support
Summary
The Fort Myers CRA approved an increment rebate agreement for FTM Downtown Hotel LLC for eligible public-facing hotel improvements that support a convention center; the rebate is capped at $14,341,500 over 18 years and is limited to specified public amenities, not guest rooms.
The Fort Myers Community Redevelopment Agency voted to approve an increment rebate agreement with FTM Downtown Hotel, LLC that authorizes a rebate not to exceed $14,341,500 over an 18-year period for eligible public-facing hotel improvements that the agreement and statute identify as supporting a convention center.
CRA legal counsel Clifford Shepherd explained that the…
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