Board authorizes negotiation of $350,000 reimbursement for West Main historic renovation

The Hardee County IDA voted to direct staff to negotiate a $350,000 reimbursement grant to support a historic rehabilitation and mixed-use conversion of the West Main (Verizon) building in downtown. Developers Travis Maldonado and partner Jim C. presented a plan to create six apartments (four two-bedroom, two one-bedroom) above two existing storefronts and requested a reimbursement-style historic incentive. The developers reported they have invested about $150,000 to date and estimated the total project budget at roughly $700,000; they said they would assume construction risk and seek reimbursement on completion.

Board members debated the request at length. Concerns centered on the project's long payback for tax revenue — one member estimated roughly a 30-year tax payback for the IDAs $350,000 contribution — while supporters framed the award as catalytic for downtown revitalization, vacancy reduction and housing for local workers. One board member noted the IDAs share of the proposed investment would be about 27 percent with developers covering the remainder.

After discussion, the board made and approved a motion directing staff to negotiate the $350,000 reimbursement grant under the IDAs existing housing incentive options. Staff said the proposed agreement would follow Option 2 (developer-owned property with deliverables and reimbursement at completion, with a potential historic incentive uplift) and would return to the board with a contract for approval.

The board emphasized the projects potential to supply multifamily housing options that are currently limited in Hardee County and to support downtown economic activity, while recognizing the relatively long financial payback compared with other housing investments.