Enhanced Property Recapture Grant approved for Cape Coral Grove
Coral City Council approved a reduced Enhanced Property Recapture Grant for Cape Coral Grove Wednesday.
City Economic Development Manager Sharon Woodberry said the project, a 131-acre site on Pine Island Road, has some key changes to the planned scope of work, including removing the parking garages.
The grant is structured so the developer cannot receive authorization to move forward on the residential component of the project if the commercial component does not happen.
Woodberry said the project is receiving tax reimbursement.
The new construction value is 95% of the city’s share of new property taxes reimbursed.
“They do not receive a payment of any grant if they don’t move forward with construction,” Woodberry said of reimbursement of a portion of new taxes generated from the project.
She said the developers, CCTC Fee Owner, LLC, incentive opportunity is reduced proportionally when the scope of work was reduced.
“The recapture grant amount was reduced,” Woodberry said.
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