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Ocala CRA approves redevelopment agreement for proposed AC/Marriott hotel with incentives capped at $5.6 million
Summary
The CRA board approved a redevelopment agreement for a proposed 176-room AC/Marriott hotel in downtown Ocala, authorizing a package of incentives capped at roughly $5.6 million (about 10% of a roughly $56 million proposed investment) and a related separate parking agreement to be considered by City Council.
The City of Ocala Community Redevelopment Area Agency Board voted to approve a redevelopment agreement for a proposed AC/Marriott hotel in downtown Ocala that the developer says would total about $56 million in private investment and add roughly $20 million in taxable value to the downtown CRA.
Staff described the incentive package as not to exceed approximately 10% of the development cost — about $5,600,000 — and said the package includes credits for building permits and impact fees, a three-year CRA cash grant, an elevator cost share, city infrastructure and streetscape improvements, parking incentives and tax-increment financing (TIF) payments. James Haines, Director of Community Development Services, presented the proposal and recommended approval to the board.
Pete (staff) said the hotel would be roughly 133,000 square feet with 176 rooms in a six-story…
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