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Ocala CRA reports 18% rise in tax increment revenue, suspends new-construction incentive during budget review
Summary
CRA staff reported an 18% year-over-year increase in tax increment revenue and told the advisory committee they will suspend new-construction incentive grant applications for downtown while the CRA budget and potential incentive packages for several large projects are evaluated.
CRA staff presented the Downtown Community Redevelopment Area annual report and budget priorities to the advisory committee on April 16 and said tax increment revenue increased approximately 18% year over year.
The staff presentation said tax increment revenue rose from $722,883 in the prior year to $852,230 in the most recent accounting period. The packet also listed $68,150 in reimbursements awarded across three completed projects and $161,833 in capital investment reported from property owners for completed projects.
As part of the budget review, staff said the downtown CRA has suspended applications for the new-construction…
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