IDA approves $460,000 Bay Street land-acquisition reimbursement to spur mixed housing

The Hardee County Industrial Development Authority voted to approve a development incentive agreement with Bay Street Waterloo Holdings LLC that provides up to $460,000 reimbursable for land acquisition once specified deliverables are met.

Kristen Chapman outlined the deliverables in the agreement: adequate landscaping throughout the development (including one tree in each yard), contiguous concrete sidewalks on both sides of roadways, street lighting, and connection of homes to water and sewer when available. Staff said the deliverables must be completed within 18 months from the effective date, with a six-month extension allowed for an "act of God."

Chapman described a mix of housing types planned for the site, including units ranging from about 1,200 to 2,500 square feet and townhomes facing Bay Street that will be three-bedroom, two-bath. She said the townhome component will be built exclusively by the project's builder; other lots may be sold to multiple builders under design guidelines and deed restrictions enforced by a homeowners association.

A developer representative, Sergio Jimenez, attended to answer questions about phasing and signage. Board members discussed the balance between IDA control and private-sector expertise and directed staff to finalize the agreement; the motion to approve passed by voice vote.

The agreement ties reimbursement to inspections and a developer-submitted completion letter; staff will monitor deliverables and bring documentation to the board as milestones are met.

Ending: Staff will file the signed agreement and monitor compliance with the deliverables schedule; the board may revisit terms if permit or construction timelines change.