Submitted By: Charlita Whitehead
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Presentation By: Aubrey Hale
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Department: Growth Management
FORMAL TITLE:
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Redevelopment Agreement between the City of Ocala and Marion Opportunity Zone Investment I, LLC, for the rehabilitation and redevelopment of the historic Hotel Marion property, with total City incentives not to exceed $2,896,670
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OCALA'S RELEVANT STRATEGIC GOALS:
Quality of Place, Economic Hub
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
In the early 2000s, the City of Ocala (City) recognized the importance of the downtown but realized it lacked a vision and proper guidance for successful redevelopment. Since this time, the City has continuously strove to refine this vision as evidenced by the following:
* Completed the Downtown Ocala Master Plan (Master Plan) in 2004, providing implementable redevelopment and reinvestment strategies.
* The City continues with and expands these redevelopment and reinvestment strategies as evidenced by the completion of the Ocala 2035 Vision, Comprehensive Plan update, and additional focus area studies/master plans.
* Midtown Master Plan was initiated in 2016 and adopted in 2017, focusing on redevelopment activities in the Downtown CRA subarea north of State Road 40.
* As of 2019, the Downtown and Midtown Master Plans are incorporated into the downtown CRA subarea plan, aiming to concentrate on new development and redevelopment within the downtown core while ensuring that development concepts achieve the highest and best use of properties.
o The Master Plans highlight numerous parking lots, vacant parcels, and underutilized properties located within the city center.
o Highlighted sites represent prime opportunities for redevelopment that will increase taxable values and reduce blighted/underused properties, an essential component of downtown's long-term success.
* In 2024, the process of updating the 2035 Vision to extend it to the year 2050 begins.
o City selects Kimely-Hor...
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