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CRA hears proposal for tax-increment rebate tied to proposed Silver Springs hotel; board asks staff to continue review
Summary
Attorney for a private developer presented a proposed tax-increment rebate program to support a new extended-stay hotel in the Silver Springs CRA. Commissioners expressed concerns about rebate size, redevelopment benefit and community amenities and asked staff to continue conversations with the developer.
The Marion County Community Redevelopment Agency discussed a proposal for a tax-increment rebate grant program that a property owner’s attorney said could support a new hotel in the Silver Springs CRA. The board did not vote on the proposal but indicated by consensus that staff should continue working with the applicant to develop details.
Jimmy Gooding, representing a developer identified in meeting materials as Navro, presented the concept to the CRA. Gooding said the program would rebate a portion of the tax increment generated by improvements to a specific property to the developer under a redevelopment agreement. “They don’t decrease taxes,” Gooding said, describing TIF rebates to the board. “They’re funded solely by the increased property…
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