|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - January 7, 2014|
Agenda Item #28
Southwest County - Tax Increment Financing District/CRA
Contact and/or Presenter Information
Cheri R. Coryea, Director
Neighborhood Services Department
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.
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
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
Instructions to Board Records
Copy of stamped/approved agenda item to Cheri Coryea, Director, Neighborhood Services Department
Cost and Funds Source Account Number and Name
Amount and Frequency of Recurring Costs
Attachment: Southwest TIF.pdf
Attachment: TIF CRA Comparison.pdf
Attachment: New Focus.pdf
Attachment: CAO Memo - Options A-E.pdf