CRA to discuss grant funding request for Slipaway Wednesday
Cape Coral City Council, sitting as the Cape Community Redevelopment Agency Commission, will continue its discussion on the Slipaway Food Truck Park & Marina grant funding request Wednesday.
The discussion is a continuation from a previous meeting to determine the eligibility of awarding a Tax Increment Financing for a requested amount of $726,561 over 10 years as well as a Business Infrastructure, or BIG, Grant for a requested amount of $250,000 for site development assistance to Cape Parkway LLC, the real estate holding entity, and Water Parks LLC, the operating entity.
The total project cost of the hospitality complex at the foot of the Cape Coral Bridge was $19,414,131 as of March 2025.
Project challenges cited were utility deficiencies and coordination with Lee County for the redesign of the Cape Coral bridge and surrounding roadway network.
The CRA adopted the Enhanced Value Recapture grant, a mechanism for incentives to provide a “structured policy framework” awarding TIF based funding.
TIF funds are essentially a type of tax rebate incentive that allows the party receiving the funding to get back a portion of the taxes paid above the amount assessed before the development project and the new assessment after development.
The CRA guidelines provide that projects with the level of private investment qualify for reimbursement of up to “50% of the annual incremental ad valorem tax revenue generated by the new development, for a period not to exceed 10 years.”
The CRA meeting will also include the approval of its Fiscal Year 2026 budget.
With the updated tax increment from the July 1 property valuation rolls, there is an additional $453,254 in revenue for a FY26 adjusted proposed budget of $7,677,603.
Other discussions will include mobility fees, the CRA’s banner program and its demolition grant program, as well as discussions of the Bimini Basin Anchoring Limitations area and a CRA project report.
The meeting is scheduled for 9 a.m. Wednesday, July 30, in City Council chambers, 1015 Cultural Park Blvd. The meeting is open to the public.
To reach MEGHAN BRADBURY, please email news@breezenewspapers.com