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Marion County CRA probes TIF rebate and grants for proposed Silver Springs hotel; staff to return with draft agreement
Summary
At its Oct. 27 meeting the Marion County Community Redevelopment Agency discussed proposed tax-increment financing (TIF) rebates and county grant support for a new hotel in Silver Springs. Staff and the developer were directed to continue negotiations and bring a written proposal back to the CRA board; no funding commitment was made.
Marion County Community Redevelopment Agency members on Oct. 27 discussed potential tax-increment rebates and county grant support for a proposed hotel in the Silver Springs area and asked staff and the developer to return with a draft agreement for the board to consider.
The proposal represents a private hotel project that staff described as having a gross projected cost of approximately $26,000,000, while the developer, Navroz Saju of HTG Legacy, said the project is a roughly $25,000,000 investment. The hotel would comprise about 105–106 rooms, according to materials and presentations at the meeting. Agency staff said the developer has applied for the required building permit and that any CRA grants discussed would be reimbursement grants paid after documented expenditures.
The developer and his attorney outlined the incentive package the project is seeking and the board discussed program design. Staff described possible grant components that could be available to the…
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