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IDA approves $350,000 reimbursement agreement for West Main Lofts project
Summary
The board approved a $350,000 reimbursement agreement for West Main Lofts, specifying a six-unit apartment configuration and a 12-month timeline from building permit issuance (with a six-month force-majeure extension); reimbursement is invoice-based.
The Hardee County Industrial Development Authority approved a reimbursement agreement with West Main 1923 LLC to support the conversion of downtown property into six apartment units.
Staff described the agreement as a $350,000 reimbursement tied to deliverables; Exhibit A contains conceptual plans showing four two-bedroom/one-bath units and two one-bedroom/one-bath units. The agreement requires completion within 12 months of building permit issuance and allows a six-month extension for acts of God. Reimbursement will be paid upon receipt of invoices documenting eligible expenses.
Board members asked about minor plan revisions; an architect identified a modest change to a bathroom window and staff noted that the contract is aligned to conceptual plans so those adjustments do not change the project's eligibility for the incentive. The developer said structural elements and utilities are largely in place and that the project is farther along in design than others presented.
The board moved, seconded and voted to authorize the chair or vice chair to sign the agreement. The motion passed with no public opposition recorded.
