Coral Springs redevelopment officials approved this week a tax rebate for the developer of Cornerstone that could be worth as much as $17 million.
The money that master development company, Predeso Property Investments, is set to receive will come from the additional tax revenue expected from the spike in the value of the property on which the housing, retail, and hotel development is being built on the southwest corner of University Drive and Sample Road in Coral Springs.
The rebate was included in a new agreement approved by the city’s Community Redevelopment Agency board, in a 5-1 vote, on Monday.
That agreement was needed because the makeup of Cornerstone’s second building — which got approval from city commissioners last week — changed during the pandemic, including apartments taking the place of offices.
Under the original agreement for the entire complex, which was done in 2019, Predeso Property Investments was to get a 75 percent rebate on future tax revenues attributed to the value of the property going up.
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