 |  | 5919 MAIN STREET . NEW PORT RICHEY, FL 34652 . 727.853.1016 |
| TO: | Members of the Community Redevelopment Agency | | FROM: | Charles Rudd, Economic Development Director | | DATE: | 7/8/2021 | | RE: | TIF Projections for New Hotel - Page 10 |
REQUEST:
Review TIF projections for the anticipated construction of a hotel located next to Keiser University on US19.
DISCUSSION:
As part of the development of the Keiser University campus and City of New Port Richey Parking Structure project, it was anticipated that a hotel would be constructed on a parcel identified as "future development" on the south side of the Keiser University building. Staff has prepared a spreadsheet to show the increase in annual increment that is anticipated from the development of an 85 room hotel on this site. If construction were to commence in FY21/22, the first year of an increase in Tax Increment would be FY23/24.
RECOMMENDATION:
Approve continued negotiations for a hotel to be constructed on the south side of the new Keiser University building.
BUDGET / FISCAL IMPACT:
TBD | | | |