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Hotel Marion developer seeks up to 10% city incentives for $28M downtown project, staff says
Summary
At the Oct. 13 CRE meeting, staff previewed a Hotel Marion redevelopment proposal with an approximately $28 million investment and a developer request for up to 10% in city incentives, including a CRE grant, TIF payments and parking facilitation; staff estimates a roughly five-year payback under current calculations.
Roberta Ellis, economic development manager for the City of Ocala, told the CRE board on Oct. 13 that a developer is proposing a roughly $28,000,000 redevelopment of the historic Hotel Marion and is requesting up to 10% of the project cost in city incentives.
Ellis identified components of the requested incentive package…
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