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CRA approves assignment for 2401 Bay Street "Irving" despite attorney caution on statutory permissibility
Summary
The board voted 4–3 to assign an existing tax-increment rebate agreement for the 2401 Bay Street development (the Irving) to a new development LLC after presentations from the prospective owner and developer. City attorney Cora McIntosh warned that a 2019 statutory change may make the project’s luxury housing purpose non‑permissible under current CRA funding rules; proponents said the project aligns with hotel/convention center support and existing contract rights.
The Fort Myers CRA voted 4–3 to assign an existing tax‑increment rebate agreement for the proposed 2401 Bay Street project (the Irving) to a new development entity after a lengthy presentation and discussion that included a formal caution from the city attorney about statutory permissibility.
Megan Strayhorn, attorney for the applicant, described the project’s history: the parcel has been vacant for decades, the project was revised and upzoned to 98 units, and a $10.5 million tax increment rebate agreement…
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