CRA Panel Backs $24M Rebate for Midtown Yards

A Fort Myers advisory board recommended the full rebate request for the $367 million mixed-use redevelopment of the old News-Press site.

Updated on Nov. 9, 2026 in Commercial

CRA Panel Backs $24M Rebate for Midtown Yards

Live Poll

Should local governments use future tax revenue to fund private development infrastructure?

An advisory board for the Fort Myers Community Redevelopment Agency voted to recommend a $24 million tax rebate for Midtown Yards, a $367 million redevelopment of the former News-Press site. A consultant hired by the agency had recommended $20 million instead.

Why it matters

The rebate would use future tax revenue from the project to repay money borrowed for infrastructure, making the size of the incentive a key question for the city's redevelopment efforts. The gap between the consultant's figure and the developer's request reflects differing estimates of the tax revenue the project could generate.

The $24 million request equals about 6.5% of the $367 million project cost, while the consultant's $20 million recommendation would equal about 5.4%. Final approval by the full CRA board and a financing agreement with Catalyst are still pending.

The players

Community Redevelopment Agency (CRA)

The Fort Myers redevelopment agency whose advisory board voted on the rebate and whose full board must grant final approval.

Catalyst

The developer behind the Midtown Yards project, which must still finalize its financing agreement and close on the property.

The details

The mixed-use project could include a hotel, offices, restaurants, retail and housing, and the developer said the Midtown Yards name could still change. The rebate would cover infrastructure work including roads, streets, water and sewer systems, and drainage and stormwater infrastructure.

October: Developers applied for the $24 million tax rebate.
Early December: The full CRA board's final approval is expected.

Market Context

Rebates repaid from future tax increment revenue are a common way Florida community redevelopment agencies finance infrastructure for mixed-use projects. The dispute here centers on how much incremental revenue the Midtown Yards project will actually generate.

The rebate's size determines how much future tax revenue is diverted to repay infrastructure costs rather than flowing to other public uses. Residents and businesses near the site will see roads, water, sewer and drainage work funded through this arrangement.

The takeaway

Large redevelopment incentives hinge on projections of future tax revenue, so the gap between a $20 million and $24 million recommendation reflects how much those projections can vary. Watching the CRA board's December vote will show which estimate prevails.

What happens next

The full CRA board is expected to give final approval in early December, after which the financing agreement and property closing with Catalyst must be completed.