Pasco County has entered into a $4,000,000.00 agreement through the Pasco Accelerated Development Sites and Pasco Occupant Ready Structures Loan Program (PADS/PORS). This loan may be used for infrastructure, site development, and/or building construction of the office building(s) and office parcel(s).
Interest-only payments will become due on an annual basis once the certificate of occupancy is received for the 35,000 square feet of office space. As part of the incentive, a portion (20% per year) of the principle may be forgiven over the term of the loan if a 90% occupancy of the building is maintained annually. If the occupancy goals are not met, the Company will not receive a reduction in principle over the term of the Agreement. A future loan agreement will be brought before the BCC further detailing the terms, interest rate, occupancy and job creation goals.
The Company also warrants the marketing of all outparcels as office space as part of this Agreement.