In a special meeting Thursday (10.18.18) the IDB (Industrial Development Board) unanimously approved a time extension for the TIF (Tax Increment Financing) closing for The Lake District (TLD) to be on or before January 2020.
The Thursday meeting was at Lakeland City Hall.
Link to resolution: https://www.lakelandtn.gov/DocumentCenter/View/7782
Contacted by phone, Yehuda Netanel, developer for the project, said the change is not impacting work or progress on the project.
And, he noted, there is no money which has been or will be spent by the taxpayers of Lakeland for TLD.
“This does not signify a delay in the project,” said Mr. Netanel. “And not a penny of money from Lakeland taxpayers has been or will ever be spent on the project.
“The $39 million (for the TIF) is future proceeds, a small portion of the future benefit of the Lake District. After receipts, the money will be reimbursed to Lakeland.
“The creation of the TIF gives us more time to complete requirements for the project, he said. “This has more to do with Shelby County. This gives us more time to complete what Shelby County wants for infrastructure.”
He also said lenders are not comfortable with a tight timetable. “We asked for the extension because of the lenders.”
Site work is underway this week, said Mr. Netanel. “Engineers have been staking the property in advance of bulldozers arriving. They will start on the erosion control channels today.”
Scheduled to open in 2019, TLD is an upscale mixed-use community surrounding a 10-acre lake and waterways in Lakeland, according to Mr. Netanel. “Designed as an urban village, The Lake District is a walkable, luxurious community with elegant water features threaded throughout its five premier districts: Inline Retail District (high-end retail, grocery); Main Street District (chef-driven restaurants and cafes); Hotel District (two modern hotels, one with lake view); Pad Sites and Office District (65,000 sq. ft. of office space); and Residential District (assisted senior living, downtown-style lofts and single family homes).”
Among tenants already announced are Gould’s Salon and Spa, Osaka Japanese Cuisine, Starbucks, Malco Theatres and The Stock Market, an innovative first-of-its-kind, only in Lakeland grocery store.
