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Harrod Properties Asturia
Agreement Summary

The Harrod Properties project will be on 21 acres on the western edge of Asturia, a 500-acre mixed-use project being developed by Houston-based Hines Development. This $26 million project includes building two roads and up to 200,000 square feet of Class A spec space for office/industrial use.  

Harrod Properties and the Office of Economic Growth have entered into a forgivable loan agreement (OEG17-025)  for $7 million.  This is a 10-year loan from the Penny for Pasco sales tax revenue which includes principle reduction terms for meeting the following goals:

  • Complete Phase I Construction (80,000 sf building and roadway): $4,000,000
  • 80,000 sf building has tenants with 5 year leases: $1,000,000
  • CO for 200,000 sf of Class “A” industrial/office space OR 200,000 sf building has tenants with 5 year leases: $1,000,000

Interest only payments are required annually based on the outstanding balance under a term of 10 years.


Project Progress
    Harrod Properties presented the signed and executed promissory note, second mortgage and intercreditor agreement to Pasco County's Office of Economic Growth for the disbursement of the $7M loan from the Penny for Pasco funds.