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Ocala CRA advances Project Hometown redevelopment agreement for AC Marriott hotel
Summary
The CRA board reviewed and approved CRA-related incentives for Project Hometown, a proposed six-story AC Marriott hotel in downtown Ocala estimated at $56 million with incentives capped at about $5.6 million and projected annual city revenue of roughly $708,059 (est.).
The City of Ocala Community Redevelopment Agency board advanced the CRA components of the redevelopment agreement for Project Hometown, a proposed AC Marriott hotel in downtown Ocala. Planning Director Aubrey Hill described the project as a roughly $56,000,000 capital investment that could add about $20,055,000 in taxable value to the downtown CRA.
"As part of the proposed project in front of you today, it is a $56,000,000 capital investment that the developer is proposing, with an incentive package not to exceed, approximately 10% or $5,600,000 worth of incentives for that project," Planning Director Aubrey Hill said. Staff presented a breakdown of revenues and incentives, citing an estimated annual electric revenue of about $488,000 (with 20% to the general fund) and ad valorem revenue estimated at $219,005.18, leading to a combined projected annual revenue estimate the staff described as roughly $708,059 (estimate confirmed with developer and property appraiser).
Hill said the project would be six stories, about 176 rooms and would include amenities such as a lounge, fitness center, restaurant and Class A office space. She noted the downtown CRA sunsets in 2038, which constrains the amount of TIF the city can provide under current boundaries, and staff said they are exploring options to extend CRA boundaries where appropriate.
After questions from members about parking, elevator cost-sharing and timing, the board voted to approve the CRA-related redevelopment items and forward the remaining contract/parking agreements to city council as scheduled.
