The Board approved a $6 million Economic Development Agreement (EDA) with Bay College of Osteopathic Medicine, LLC, structured as follows: $1 million upon issuance of the Certificate of Occupancy, then $500,000 annually for up to 10 years, contingent on continued operation and proof of current business tax receipts and property taxes.
Bay College, based in Tampa, plans to build the Naples College of Osteopathic Medicine, a 108,000-sq-ft campus within the Hacienda Lakes Planned Unit Development (PUD). The project represents a $170 million investment, would employ 325 construction workers, create 100+ target-industry jobs, and ultimately graduate 180 medical students per year by 2029. The school will offer at least 20 need-based scholarships to Collier County residents. The projected 20-year economic impact is nearly $2 billion.
To protect the County’s investment, Bay College may not convert to nonprofit or tax-exempt status until it has paid at least $6 million in ad valorem property taxes. If it seeks nonprofit status earlier, it must repay all County funds received.
The project aligns with the County’s strategic goals for economic diversification and complies with the Growth Management Plan. It has been reviewed and approved for legal sufficiency by the County Attorney. The fiscal impact is the planned $6 million over an 11-year budget period, with reimbursements tied to performance criteria.