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IDA reallocates $600,000 LOI to Bay Street project and approves West Main Lofts incentives
Summary
The IDA voted to withdraw a $600,000 letter of intent for Barkdoll Estates and reallocate $460,000 toward the Bay Street residential project, and approved a $350,000 reimbursement agreement for West Main Lofts.
The Hardee County Industrial Development Authority voted to shift housing support on Wednesday, withdrawing an existing letter of intent (LOI) for part of the Barkdoll (Parkdoll) Estates project and reallocating funds to a smaller Bay Street residential development.
Board member Lee Michael moved to withdraw the $600,000 LOI for Barkdoll and instruct staff to prepare a new LOI for the Bay Street developers at $460,000; the motion was seconded by Mr. Cherry and passed by voice vote. Staff clarified the remaining funds from the original LOI would return to the IDA’s housing allocation line for future projects.
Developers John Raymond and Sergio Jimenez told the board Bay Street — a 15‑acre site at Highway 17 and Bay Street — already has site plan and planning/zoning approvals from the city and will offer a mix of roughly 42 single‑family homes and about 16 townhomes. Jimenez said the Bay Street townhomes will include garages and rear driveways so there will be no on‑street parking on Bay Street itself.
The board also approved incentives for West Main Lofts, a project that includes four apartment units (two two‑bedroom/one‑bath and two one‑bedroom/one‑bath units). The IDA’s agreement is a $350,000 reimbursement based on invoices with deliverables and a 12‑month timeline from building permit issuance (with a six‑month extension for acts of God). Ms. Chapman said reimbursements will be paid based on the receipt of invoices.
Board members and public commenters asked about dependencies that might delay projects — especially a planned regional lift station that affects the larger Barkdoll/Bridal Estates designs — and staff said the lift station design and permitting are the critical path for several developments. Developers said they expect some permits (including the SWFWMD drainage approvals) and a final lift station timeline to determine when full construction can proceed.
The motions approved at the meeting direct staff to prepare the new Bay Street LOI and bring a contract back to the board next month for formal approval. The West Main Lofts agreement was authorized for the board chair or vice chair to sign.
