The existing development is situated on a 3.67 acres of waterfront property that is located on the west side of U.S. Highway 19 at the southwest corner of Marine Parkway and Floramar Terrace. It is connected by a long publicly owned man-made navigable canal to the Gulf of Mexico. The existing motor hotel was built in 1970 and is two-stories containing a total of 124 rooms. There are also 35 floating boat docks on the canal that are connected by a raised walkway to the hotel site.
The property has an initial 2023 initial taxable value of $2,087,007 for land, $572,664 for hotel facilities, and $114,713 for the boat slips. The taxable land value is $13.07 per square foot. The taxable value of the hotel facility provides an average of only $4,618 per room for the hotel and related improvements. The boat docks have a taxable value of $3,278.
RECOMMENDATION:
The recommendation is to authorize the Executive Director of the CRA to present the project details along with the TIF projections in relationship to the proposed Aqua Harbor project.
BUDGET / FISCAL IMPACT:
The 10-Year TIF Projection is $4,266,522 in revenue and the 20-Year TIF Projection is $9,821,433.