City Adopts Framework to Offer Incentives to Redevelop Distressed Property
Last updated 4/1/2021 at 9:57am
Lake Wales City Commissioners have adopted a new incentive program to encourage redevelopment or restoration of distressed properties.
Commissioners earlier this month approved a memorandum of understanding that can be used as a framework for future redevelopment agreements. The program would allow redevelopers access to funds they provided to purchase publicly owned properties or to pay off code enforcement liens.
Instead of the city keeping or spending the funds, the commission now may choose to put them in trust accounts that could be used to reimburse developers for expenditures relate...