The Fort Myers Community Redevelopment Agency (CRA) has awarded a tax increment rebate in an amount not to exceed $14,341,500 to FTM Downtown Hotel LLC for the development of the Hilton by Tempo hotel, to be located at the intersection of Jackson and First Streets within the Downtown redevelopment area.
This project is expected to substantially increase the value of the property while addressing the critical need for hotel accommodations to support events at the Caloosa Sound Convention Center. The proposed development includes an 11-story structure which will require the City’s Historical Preservation Commission to consider a variance from the established 9-story height limitation.
The CRA’s increment rebate program is a special funding tool available to local governments to help spur economic development for projects that provide a community benefit, and which demonstrate a financial gap.
Since 1984, the CRA has managed redevelopment trusts to revitalize blighted areas in the City of Fort Myers. More information can be found on the CRA’s tax increment rebates by visiting FortMyersCRA.com.
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