The Community Redevelopment Agency of the City of Fort Myers has approved two rebates for major developments. One is a home ownership project in Dunbar; the other a downtown hotel.

The city council met Wednesday as the Community Redevelopment Agency, or CRA, approved a $5.6 million rebate for Towles Garden. A developer wants to build and sell about 140 homes.

Half would be designated affordable. Right now that means the owner's household income would be less than about $58,000 a year.

The money would be paid after the project is complete, and payments would be spread over an 18-year period.

Fort Myers, and most other cities, use increment revenue rebate agreements to pay back for projects that generate lots of business and income for the city. In the past such agreements often were cal

See Full Page