Lee agrees to send $13.7 million to Bonita Springs for downtown project
Disregarding concerns over budget constraints, Lee County commissioners unanimously agreed Tuesday to give Bonita Springs $13.7 million to redevelop its downtown.
The arrangement works similarly to a community redevelopment agency: capturing increased tax revenue from higher property values and dedicating it to finance the $16 million project.
Bonita will put $13.3 million toward the $27 million it will cost by the time debt is paid off in 22 years.
Addressing commissioners, Mayor Ben Nelson said the project’s benefits will far outweigh its price tag by revitalizing the city’s downtown and increasing property values.