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 project, subject to documentation and final agreements: facade and building improvement grants (staff cited a $50,000 amount for one area and $75,000 for another), a potential rebate of up to 50% of transportation impact fees (staff estimated transportation impact fees for a 105-room hotel at just over $39,000), utility connection capital charges (final number not yet available), and security-improvement and sign grants (amounts were not finalized during the meeting). Staff said, depending on documentation and final costs, the project could qualify for a package of grants and reimbursements; the exact totals will depend on final costs and negotiated terms.

On tax-increment financing (TIF) rebates, staff presented a framework for how the CRA might return part of the increment generated by the property’s post‑improvement taxable value. Staff said an initial illustrative rebate level is 75% of the increment; the board could elect 100% or another percentage, and could set annual or cumulative maximums. Staff recommended focusing incentive eligibility on new construction or demolition-and-rebuild projects. Attorney Jimmy Gooding and developer Saju urged the board to use TIF rebates and targeted grants to make the project financially viable, citing higher site-development costs tied to CRA design standards and local site conditions.

Board members also discussed the CRA’s remaining duration and the possibility of seeking an extension. Staff and outside counsel advised that legislation could make extensions more difficult in the future, and that applying for an extension earlier would preserve the option; the CRA currently is scheduled to expire in 2045 unless extended. Several commissioners expressed support for moving forward with negotiations on this project while staff develops broader program guidelines for future applicants.

No formal TIF rebate or grant agreement was adopted at the meeting. Instead the board provided direction: staff was asked to work with the developer and the county’s legal and planning staff to return a proposed, detailed agreement that would include a maximum dollar cap, performance requirements (for example, minimum investment and room count), timelines, and enforcement provisions (for example, requirements that the hotel remain open and taxes be paid to retain payments). Commissioners also asked staff to consider program guidelines that would make any future incentives more predictable for other prospective developers.

Votes at the meeting included two routine approvals earlier in the agenda: approval of minutes from the June 17, 2025 meeting and approval of a correction to a September 3 budget amendment resolution. Both motions passed unanimously.

The board asked staff to return with a written draft agreement and with recommendations on a possible CRA extension and on a longer-term incentive program template. The CRA chair adjourned the meeting after the board gave staff direction.