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CRA approves TIF rebate for Tolles Garden 141-unit homeownership project, contingent on county funding
Summary
The Fort Myers CRA approved a tax-increment financing (TIF) rebate request for Tolles Garden to support a 141-unit affordable homeownership development, contingent on a pending $19.5 million county Community Development Block Grant—Disaster Recovery (CDBG-DR) award.
The Fort Myers Community Redevelopment Agency voted to approve a tax-increment financing rebate request for Tolles Garden Lender Asset SPV, LLC to support development of 141 affordable townhome units, pending the award of county CDBG-DR funds.
The motion to approve the request for a TIF rebate of $5,662,906 (requested as a 95% increment rebate) carried after a motion by Commissioner Geraldo and a second by Commissioner Watson. Commissioners expressed interest in advancing homeownership opportunities in historically under-resourced neighborhoods.
The project team said Tolles Garden would deliver 141 units with a mix of one-, two- and three-bedroom homes. Developers told the CRA that 73 units (about 51%) would be restricted to buyers at 80% of area median income (AMI), and the remainder…
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