The Lakeland Industrial Development Board (IDB) has a scheduled meeting this Tuesday, November 30, 2021. Among the topics includes a resolution approving a draw in connection with the TIF (Tax Increment Financing) for Lakeland Town Square, also known as Lakeland Commons. The board meeting is open to the public and begins at 5:30 pm.
The mixed-use development located at 9768 Highway 70, has already leased many of the apartments that are available to rent. The Lakeland IDB approved a Tax Increment Financing Application for the area back on November 12, 2018, and according to documents the draw is expected to be in the amount of $219,275.05. Those funds can only be used for eligible public improvements according to the agreements between the city and the developer. Examples of eligible public improvements for TIF projects can be anything from sewer upgrades to road construction, among others.
The retail stores, which are located on the first floors under the residential apartments, are expected to start opening sometime in early 2022. The retail stores include a Margaritas Restaurant, Carrington Oaks Coffeehouse, The Exercise Coach, Shades of Nails and Spa, and Fields Insurance. A new sports bar is also expected to open in the first quarter of 2022.
