Lakeland officials have approved plans that will bring a new high-rise apartment building downtown.
City commissioners voted 6-to-1 Monday to approve the sale of the city-owned Oak Street parking lot to Tampa-based developer Onicx Investments, LLC for about $1.83 million. The deal makes way for the construction of a 200-unit, 7-story high-rise apartment building with a parking garage.
Onicx has committed to keeping 15 units as affordable housing for individuals making 80% or less of the Polk’s area median income for at least 15 years.
The city has offered to contribute up to $736,000 toward covering fees for site plans, building permits, inspections, and utility fees.
The CRA negotiated a 10-year TIF agreement with the developer under which it would get an 80% break-in taxes for the first five years, and a 60% break for the following five years. This will cause the city to give up an estimated $3.75 million of potential tax revenue.
AFFORDABLE HOUSING IS SECTION 8 GOVERNMENT FUNDED…..WHICH MEANS TROUBLE AND DEPRECIATION!
Onicx sounds a lot like onyx which is a ” Black Rock “…