Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Increment Financing topic
No spam. Unsubscribe anytime.
Boca Raton CRA says tax-increment funds could cover infrastructure for proposed government campus
Summary
At its May 27 meeting, the Boca Raton Community Redevelopment Agency discussed using tax increment funding for infrastructure costs tied to a proposed government campus located in the redevelopment area; no formal action was taken.
On May 27, the Boca Raton Community Redevelopment Agency discussed how portions of a proposed government campus that lie inside the agency's redevelopment area could be eligible for tax-increment financing to cover infrastructure and related costs.
Mr. Brown, the agency's director, said portions of the land planned for redevelopment fall within the community redevelopment area and "would be eligible for funding from the tax increment" generated downtown. He added, "So some of the infrastructure or other costs will likely be funded from the TIF." The agency did not take any formal vote on funding at the meeting.
The discussion came during a short meeting that included routine roll call and approval of minutes. A motion to approve the minutes was made, seconded and approved; the transcript does not record who moved or seconded the motion or a roll-call tally.
No public comments were received at the meeting, and no resolutions or public hearings were on the agenda. Chair Wictor and members including Vice Chair Thompson, Commissioners Drucker, Nakas and Singer were present. The director's remarks indicated only that the matter requires further study; the transcript records that there is "a lot more to look into," but does not document any specific direction to staff or formal commitments of funding.
The agency's reference to tax-increment financing (TIF) indicates the project could be financed, in part, by growth in property tax revenues within the redevelopment area, but the transcript does not include details on the size of the redevelopment area, the projected increment, a timeline or a funding agreement. Those details were not specified at the meeting.
