It takes mutual trust to partner up on a 10-year, $500 million construction project, Cape Coral officials and Crown Development Inc. President Larry Nygard agreed.
Both sides appear to have earned that trust after months of negotiating a development agreement for Bimini East, a 34-acre planned community near the South Cape entertainment district.
City Council on Oct. 7 reviewed the details of the agreement and scheduled a final public hearing for Oct. 21 to vote on adopting the plan.
The city and its Community Redevelopment Agency have offered Crown an incentive package that includes $45.75 million in tax increment rebates, which would be paid only if the project comes to fruition and generates tax revenue.