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IDA to negotiate contract with sole respondent for Gardens At Midtown townhomes
Summary
The IDA's evaluation committee recommended and the board approved staff authorization to negotiate a contract with the single RFQ respondent for Gardens At Midtown, a proposed 12–15-unit townhome development in downtown funded in part by IDA housing allocations and state grants.
The Hardee County IDA authorized staff to negotiate a contract with the sole respondent to the Gardens At Midtown RFQ: National Development of America in partnership with Bridal Land Development and Rhino Construction. The proposal calls for 12 to 15 townhomes ranging from about 1,200 to 2,000 square feet, with front porches, yards, rear garage access where feasible, and governance by a homeowners association.
Staff and the evaluation committee recommended negotiating a land-acquisition-reimbursement approach with staged performance milestones. One suggested structure would split the parcel into two lots: the developer would acquire and construct half the units, receive reimbursement for that portion after completion, and hold a right of first refusal on the second parcel to develop the remainder under the same staged process. Staff noted the IDA has budgeted $1,000,000 for the downtown housing element and is leveraging a RIF grant for a related parking-lot improvement adjacent to the project.
Board members asked staff to confirm parcel acquisition accounting because the IDA currently owns the land and did not purchase it using housing grant dollars; staff said they would provide the combined acquisition cost and use an appraisal to set purchase price if the IDA conveys land to the developer. The board approved authorization for staff to negotiate the contract and return the final agreement for approval.
