This item addresses a parcel approximately 2.1838 acres in size to be acquired from Bonner Carrington in exchange for a waiver of building permit fees for their new age-restricted apartment complex that will be built in BeltMill.   The building permit for the proposed complex would be approximately $200,000. The proposed exchange for the land is approximately half of the market value of the property.  This property is adjacent to a tract of land that is approximately 4.6 acres that the City has already acquired.   Resolution No. 2022-26 addresses this acquisition.  

Bonner Carrington also built Mariposa on East McLeroy Blvd.  However, the project in Beltmill will be market rate only and not income based like Mariposa.