Backup Documents 01/12/2021 Item #14B1 January 12 2021 P6NT PublicP6NT Proposed Project :CRA BoundaryRequest – Tax Rebate Incentive 24 Condominiums125 Hotel Rooms – Opening July 2023RestaurantParking Structure – 204 spaces10 stories – 112 ft
Recommendation:CRA Boundary1. Deny the request for incentive: No demonstrated financial needNo public benefitIncentive based on Hotel over 10-year period2. Award maximum incentive of $714,113 with conditions: A. Reimbursement of Impact Fees paida) Hotel - $200,100b) Residential - $170,000B. Reimbursement of a portion of Building Permit Fees paida) $344,013C. Performance Standards: a) CO by July 31, 2023 or penalty appliedb) Implementation of approved site development plan-uses and architecturea) No annexation into the City of Naples
Mini Triangle:CRA BoundaryMetropolitan NaplesP6NT
Economic Impact vs. Financial Gap:CRA BoundaryEconomic Impact of Proposed Project – November 9 Report$16.4 million in taxes and fees1,040 total new jobs (direct, indirect, and induced)No financial gap demonstrated No Information on developer’s anticipated Return on InvestmentNo additional public benefit outside development of vacant landLondon of Naples – Purchased in 2018 for $5,250,000P6NT Purchase Price in 2021 - $8,600,000
CRA BoundaryQUESTIONS
P6NT Redevelopment Incentive AnalysisTax Estimate - Funds (001) and (111)
P6NT Redevelopment Incentive AnalysisFunds (001) and (111) Current Taxes
CRA Boundary