Board approves multi-phase incentive agreement for Tory Preserve housing project

The board voted to approve a development incentive and deliverables agreement with LM Properties of Polk County for the Torrey Preserve (Bostock Road) housing project. Ms. Chapman told the board the IDA received 82 acres under an LDA with Mosaic and staff negotiated a multi-year, phased agreement intended to deliver infrastructure and land-acquisition incentives when developer deliverables are met.

'If signed, then LM Properties will go through the PUD process,' Ms. Chapman said, noting the developer is scheduled to appear before planning and zoning on Sept. 3. She said phase 1 incentives — including property purchase and infrastructure reimbursements — would be triggered after PUD approval and attainment of other deliverables, with subsequent phases unlocking additional purchases.

Ms. Chapman and the board emphasized this will be a multi-year horizontal infrastructure effort rather than immediate home construction: 'We are not going to see homes out there tomorrow or even within the next year,' she said.

The board approved the motion to authorize the chair or vice chair to sign documents substantially similar to the presented agreement. No votes were recorded by individual name in the transcript; the board approved the motion by voice vote.