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Commissioners authorize $2.2 million catalytic loan increase for Legacy Village affordable housing
Summary
Manatee County approved a $2,221,045 increase to a catalytic loan for Castle’s Legacy Village affordable housing project after developers cited demolition, remediation and generator requirements that raised costs; the Southwest TIF balance was discussed and staff indicated roughly $6.0 million dedicated to affordable housing remained.
Manatee County’s Board of County Commissioners authorized staff on March 3 to prepare documents to modify the county’s catalytic loan to Castle (Legacy Village) by $2,221,045 from Southwest TIF funds to cover unanticipated site costs.
Tracy Adams, deputy director of Community & Veteran Services, told the board Castle had requested the increase after demolishing blighted structures and encountering hazardous materials, which reduced the property appraisal and increased project costs. Scott Eller, CEO of Castle, said demolition and a required on‑site generator (a funding condition from the Florida Housing Finance Corporation) substantially raised the price and that Castle had absorbed earlier losses and sought limited public assistance to close financing for a high‑need, 9% tax‑credit project.
Commissioners asked about affordability terms and the TIF fund balance. Adams reported staff review showed a little more than $6 million available in the affordable‑housing portion of the Southwest TIF before the requested modification. Several commissioners emphasized that the project included a large share of units at or below 60 percent of area median income and noted that the loan carries a long affordability term tied to repayment.
Commissioner Cruz, who moved approval, described Castle as a proven affordable‑housing partner and emphasized that the loan is not a grant: "It’s a loan on terms that keep units affordable while preserving the developer’s ability to proceed with a difficult redevelopment." The motion passed unanimously.
What’s next: staff will return documents necessary for final execution and confirm the TIF impact and reporting timelines.
