City council unanimously approved a $12 million, tax-free loan to lead developer Bank of America to kick off a $53-million, mixed-use venture in the city's most economically-depressed neighborhood.

Besides the loan, the development team is getting a $12-million incentives package that includes cash from the city, county and the state; and state tax credits that can be converted to $4 million cash. The total loan and incentives bundle comes to $28 million.

A tentative May ground-breaking is scheduled for the construction of 254 apartments, 1,000-vehicle parking garage, 25,000 sf of retail and the crowning project, a 150,000-sf, $23-million headquarters building for Hughes Supply Inc., a locally-based, publicly-traded national supplier to the construction industry.