Two development companies asked for $22.4 million in increment tax rebates from the City of Fort Myers, in exchange for building new housing and commercial projects. The Fort Myers Community Redevelopment Agency (CRA) commissioners had lots of questions, but granted the rebates, to be paid over a period of time.
First Alessio Development wanted $11.4 million in rebates, in exchange for bringing businesses to the southwest corner of state road 82 and I-75. Company President Michael Alessio also promised to build hundreds of apartments and townhomes along 82, benefitting the Martin Luther King, Jr., Boulevard redevelopment area.
“The other guarantee is that we will spend $11 million to buy other properties in that corridor,” Alessio told the CRA. And he added that his company would commit that money in the next 18 months if the rebates are approved.
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