Optimum RV is hoping for the City of Ocala’s approval for a grant to offset the costs of renovating a building for their new southeast Ocala headquarters.
Optimum Dealership Group, LLC will have their application for the Economic Investment Program heard by Ocala City Council during its regular meeting on Tuesday, July 20. The application was submitted to the city of Ocala in May.
According to city records, the company initially requested $400,000 as an incentive to renovate the existing building and to provide at least fifty positions with an average annual wage of $50,000. The 2.49 acre property in question is located at 2303 SE 17th Street.
The cost to renovate the building is estimated to be around $800,000.
City of Ocala staff and the applicant discussed a lesser incentive of $150,000 and the addition of capital improvements for machinery and equipment. The completion of this agreement is contingent upon the applicant completing the renovations to the premises and purchase and installation of machinery and equipment.
In addition, the applicant is required to occupy the premise and remain a utility customer for no less than five years, meet the employment requirements within three years after the substantial completion date, and provide annual reports for the duration of the agreement.
The city would pay the developer five $30,000 annual payments totaling $150,000, with the first payment occurring on April 15 of the second calendar year in which hotel substantial completion is achieved.
The city’s Financial Review Committee convened in June to review information substantiating the developer’s financial ability to activate the property. The committee unanimously determined that, based on the information provided, the developer has sufficient financing in place.