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CRA approves amended $11.4M incremental rebate for Alessio Development after excluding existing project
Summary
The Fort Myers CRA approved an amended incremental rebate agreement for Alessio Development not to exceed $11,400,000, adding an explicit exclusion for the existing project parcel and new forfeiture language. Commissioners debated whether developer-paid construction on already-owned parcels could count toward the reinvestment requirement.
The Community Redevelopment Agency of the City of Fort Myers voted to approve an amended incremental rebate agreement with Alessio Development Florida LLC for up to $11,400,000, after commissioners moved to exclude the developer's existing project parcel from qualifying reinvestment expenditures.
The debate centered on Exhibit C to the agreement, which lists categories of reimbursable costs. Mike Doyle, who identified himself as a member of the CRA advisory board, warned that allowing construction costs on properties the developer already owns to count toward the $11,400,000 reinvestment requirement could undercut the goal of buying additional properties in the MLK redevelopment area. Attorney Cliff Shepherd and other board members said the draft already prevented credit for property owned on the effective date but acknowledged that Exhibit C could be read to allow development costs on owned parcels. Commissioner motioned to explicitly exclude the existing rebate parcel, and the board approved the change.
Terry Kramer, representing Lehi Development, told the board the developer 'has no intention of trying to use the project toward the $11.4 million investment' and said the company would accept contract language excluding 2501 Alessio Drive from reinvestment credits. Shepherd proposed adding a foreclosure action to the forfeiture section to cover insolvency scenarios; commissioners agreed to add the language and to have staff and counsel finalize the drafting.
The motion to approve the amended agreement passed. The board did not adopt additional guarantees about future development type or affordability; Shepherd repeatedly emphasized the agreement only governs the rebate structure and does not obligate the developer to build a particular product or guarantee affordable units. Next steps: staff and counsel will place the agreed edits into the final contract language.
