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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
12/27/2017
    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.