30 Dec Harbourside Place Project to Receive $350,000 in Annual Public Financing from the Town of Jupiter
Tuesday, Dec 21st, 2010
At a special meeting, the Town of Jupiter’s Community Redevelopment Agency approved an Economic Development Incentive Agreement wherein the Harbourside Place project will receive up to $350,000 in annual public financing for 15 years for the $150 million project. Harbourside Place is expected to provide an initial tax incremental annual benefit to the Community Redevelopment Agency of $750,000 – $800,000 annually. The annual rebate is intended to assist in the debt service that is required to fund the construction costs associated with the public infrastructure being built as part of this project.
The Town Manager, Andy Lukasik, also approved the use of tax dollars to pay for a January 2011 trip to China by Mike Villella, the Town’s Director of Finance. Mr. Villella will accompany Nick Mastroianni, II, the developer of the Harbourside Place project and Manager of the U.S. Immigration Fund, on a two week trip to promote Harbourside Place.
These commitments by the Town of Jupiter show its continued support of the Harbourside Place project and the U.S. Immigration Fund.