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SRIA will reimburse Portofino lease fees Santa Rosa Island Authority will repay Portofino developers over $1 million in lease fees over two years, pending legal review of the decision. The SRIA will pay $741,853.37 of the total now and pay the balance of $295,211.63 when the next fiscal year begins on July 1. Nita Omley, SRIA Finance Manager explained that up to $6 million can be reimbursed to the lessee for all expenses for required public infrastructure improvements made necessary by the lessees' development of the leased property. "Basically, if (the developers) didn't do it, the Island Authority would have to do it," Omley said. The second priority is for capital improvements such as underground utilities, landscaping and reclaimed water from the core area down Via de Luna to the leased property. |
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