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Developers seek $5.66 million TIF for Tolles Garden to build 141 affordable for‑sale homes; CRA approves request contingent on county funding
Summary
Tolles Garden developers asked the CRA for a 95% increment rebate totaling $5,662,906 to complete a 141‑unit affordable for‑sale project; the board approved the request with staff noting the award is contingent on Lee County providing a $19.5 million CDBG‑DR grant.
Representatives of Tolles Garden Lender Asset SPV LLC presented a redevelopment plan to build 141 affordable for‑sale homes at the southwest corner of Veronica Shoemaker Boulevard and Lisonbee Avenue and requested tax‑increment financing in the amount of $5,662,906 in the form of a 95% increment rebate.
Jennifer Fisher, representing the applicant, told the CRA the site is included in the CRA plan and that the requested use is authorized under Florida Statute 163.3876 (c 1–9) as redevelopment and affordable housing. "The request is for tax increment financing in the amount of 5,662,906 provided in the form of a 95% increment rebate," Fisher said. She told commissioners the request comes with a recommendation of approval from the CRA advisory board.
Stylianos Wayanos of Fuse Group Investment Companies, the project's lender/developer representative, said the team has kept permits active and is ready to start horizontal development once the capital stack is secured. Wayanos said 73 of the 141 units (about 51%) would be restricted to buyers at 80% AMI; the remainder would be mixed‑income, with units serving up to 120% AMI. He and staff also said the CRA's action is contingent on Lee County awarding a $19,500,000 CDBG‑DR grant; if the county award does not materialize, the project could not proceed as presented.
After questions about unit mix, feasibility and timing, commissioners moved and seconded the item and approved the request by voice vote with commitments to monitor county funding progress and hold the developer to the project commitments cited at the meeting.
