www.mymanatee.org
Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - January 7, 2014
January 7, 2014 - Regular Meeting
Agenda Item #28


Subject
Southwest County - Tax Increment Financing District/CRA

Briefings
All

Contact and/or Presenter Information

Cheri R. Coryea, Director

Neighborhood Services Department



Action Requested

Authorization for the County Attorney to work with the County Administrator to bring back to the Board necessary documents to accomplish the following:

1) Establish a new Southwest Area Tax Increment Financing (TIF)district - to include district boundaries, allowable uses of TIF funds, a recommendation for the percentage of tax increment to be designated for use in the TIF and a mechanism to borrow funds against future TIF revenues to be able to begin new initiatives.

2) Dissolve the existing South County CRA and the 14th Street West CRA and provide for returning to the General Fund and segregating any unspent balances of the redevelopment trust funds to continue to fund existing operational services within the respective CRA areas and address any other CRA assets or CRA dissolution requirements.



Enabling/Regulating Authority

Florida Statute 163, Part III Community Redevelopment

Ordinance No. 02-66 14th Street West Community Redevelopment Plan

Ordinance No. 02-68 South County Community Redevelopment Plan

Ordinance No. 02-67 14th Street West Community Redevelopment Trust Fund

Ordinance No. 02-69 South County Community Redevelopment Trust Fund



Background Discussion

9/16/13 the Board held a worksession to discuss a new focus on the Southwest Area of the County as part of  "How Will We Grow?" .

Staff presented a new initiative to encourage development and redevelopment in this area to include the creation of a Southwest Tax Increment Financing (TIF) district with a percentage of the tax increment generated to fund new initiatives as recommended by the Urban Land Institute Report (ULIR) presented to the Board.

This concept also recommended that the Board discontinue the two current TIF increment districts located within community redevelopment areas known as the 14th Street West (CRA) and the South County CRA and create a means to continue to utilize unspent CRA Reserves for existing CRA purposes.

Attached is an updated report "New Focus on Development -Southwest Area of the County" that provides background for these recommendations.

Taxable property values appear to have bottomed out and are starting to rise, therefore, it is important to establish a base year for the Southwest TIF District against which future years' tax growth can begin to produce an increment.

Staff is requesting direction from the Board to move forward with preparing the necessary documents to implement these recommendations.

 



County Attorney Review
Other (Requires explanation in field below)

Explanation of Other
RLS submitted to the County Attorney's Office on October 17, 2013

Reviewing Attorney
Palmer

Instructions to Board Records

Copy of stamped/approved agenda item to Cheri Coryea, Director, Neighborhood Services Department

email:  cheri.coryea@mymanatee.org



Cost and Funds Source Account Number and Name
0

Amount and Frequency of Recurring Costs
N/A


Attachment:  Southwest TIF.pdf
Attachment:  TIF CRA Comparison.pdf
Attachment:  New Focus.pdf