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CRA staff report rising tax base and projected TIF revenue as Port St. Joe values grow
Summary
Staff reviewed DR-420 tax notices showing increases in CRA-area property values since the 2010 base year and explained how that growth affects projected tax increment funds for the coming fiscal year.
A staff presenter reviewed the DR-420 tax notices and advised the CRA that the redevelopment area’s assessed value has risen since the base year, increasing tax increment financing (TIF) potential.
The presenter said the CRA base year (Feb. 2010) value was $26,185,000 and that the current attained value for the CRA boundary was stated in the notice as $44,000,000. The presenter described how the TIF increment is calculated from the difference between the base year and current values and said the CRA’s current-year tax base had grown about $3 million from the previous year.
Using current millage figures, the presenter provided a projected budget figure for the CRA that combines city and county funds under current rates; staff cautioned that the calculation depends on final millage rates adopted by the city and county. The presenter also noted local redevelopment activity, including new houses on Avenues C and D, as a driver of future growth in the tax base.
Staff said they are pursuing leveraged funds — including assistance from Centennial Bank and state funds via Kathy Gilbert — to support the Generations rehab program and offset program costs. The presentation was informational; no vote was required.
