Council approves TravelAmerica TIF application, authorizes performance-based negotiations
The Stuart City Council approved a tax-increment financing application for the proposed TravelAmerica development, capping the requested rebate at $2,250,000 over 20 years and authorizing negotiations that may include minimum-wage provisions.
The full story
The Stuart City Council on Aug. 10 approved Resolution No. 26-17C authorizing negotiation of a development agreement with Central Mart I, L.L.C. for the proposed TravelAmerica site. City Administrator Jalatama “Jolly” Omar and financial advisor Chip Schultz of PFM presented a revised TIF application that would cap the tax-rebate request at $2,250,000 over 20 years and estimates $6,247,849 of new property tax revenue over that same period to support the rebate and related infrastructure.
Sign up to keep reading.
Your free newsletter brings you what your city council, county, and school board discussed and decided.
Keep reading for free
Create a free account to finish this story and see the video, transcript and key details.
Continue with GoogleContinue with emailAlready have an account? Log in