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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 as a CRE grant, tax increment financing (TIF) payments, facilitation of parking and streetscape or right-of-way improvements along North Magnolia Avenue. "Developer is requesting 10 maximum 10% of that amount in city incentives," Ellis said during staff comments.
Ellis said initial staff calculations indicate a payback period of approximately five years when accounting for projected ad valorem and electric revenue increases after project completion. The CRE board will review the formal Hotel Marion agreement at its Nov. 4 meeting, where staff will present details and the CRE board will vote on whether to recommend incentives and/or an agreement.
Ellis also told the board staff is reviewing four applicants to fill one vacancy on the CRE board; the CRE board will vote on an appointment at the upcoming CRE meeting.
No formal incentive approvals were taken at the Oct. 13 meeting; Ellis presented the preliminary terms as part of staff’s preview of the Nov. 4 agenda.
