Developer Ryan Burke told the Port Richey City Council on Nov. 12 that his team expects to invest roughly $52 million on a 19th Street property and about $78 million on an adjacent waterfront parcel to create mixed-use housing, restaurants and retail. "Our plan is 2027. We have people living in it," Burke said, outlining a phased approach that would stage construction so contractors and pilings move efficiently between sites.

Burke said the team completed required environmental checks, including a gopher tortoise and an asbestos study, and reported neither issue was found. He also said the project is pursuing HUD financing; per his description, HUD’s interview process triggers formal restrictions that prevent site changes until loan approval. Burke told council the development currently shows an equity gap of roughly $4.5 million, which he and partners are trying to close.

Council members asked detailed questions about schedule, environmental limitations and financing options. Mayor John Eric Hubert framed the choice for the city as whether to remain a passive regulator or to create a formal, consistent policy to evaluate incentive requests. City staff said they would draw on examples used by nearby municipalities — staff mentioned Bradenton as a possible template — and would coordinate with the city attorney and CRA/resilience staff to draft a policy that can be applied to this project and others.

Councilmember comments ranged from caution about taxpayer risk to support for a careful, time-limited city role to attract transformative projects. Council discussed options such as fee waivers, impact-fee deferrals, tax-increment-type mechanisms and targeted use of CRA tools, but agreed no specific incentive is approved tonight. Council directed staff to compile options, show likely fiscal impacts, and return with a draft policy and a factual packet the council can use to evaluate any specific requests from Burke’s team.

The council discussion also stressed transparency: members asked staff to present the developer’s current financing summary and any consultant analyses so council can evaluate the exact size of any request and the expected tax-revenue benefit. The city manager committed to bringing a staff memo and timeline for policy drafting; council asked that outreach to county tourism or economic-development partners be coordinated through the mayor’s office.

Next steps: staff will work with legal and CRA staff to prepare an incentives policy template and a briefing on possible tools and fiscal impacts; the developer may return with additional financial detail for council review.