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Community Development committee approves TIF redevelopment agreement to advance Gator's Frozen Custard project to council
Summary
The Community Development Committee voted to advance a tax‑increment financing (TIF) redevelopment resolution for Gator's Frozen Custard (estimated eligible costs ~$787,937), returning 75% of generated increment to the property; staff and committee members discussed realistic reimbursement levels and district expiration (2038).
The Community Development Committee voted in roll call to forward a TIF redevelopment resolution for Gator's Frozen Custard to the full City Council for final consideration.
Staff summarized the proposed redevelopment agreement for the business at 105 South Main, explaining that the agreement would return 75% of the tax increment generated by the property to help reimburse eligible project costs. Staff identified the project's maximum total eligible cost as roughly $787,936.95 but cautioned that the actual reimbursable amount depends on the property's assessed value after renovations; in many downtown TIFs the available increment is substantially smaller than the total eligible costs.
Committee members asked for details about the district's remaining term and how much increment the property could realistically generate. Staff said the downtown TIF runs for 23 years from its 2015 creation and therefore is scheduled to expire in 2038, leaving a limited window to capture increment. Staff advised that large initial eligible costs—such as property acquisition, infrastructure, sprinklers and elevators—often exceed what annual increment can reimburse.
A motion to move the resolution forward was made and seconded; the committee recorded an affirmative roll‑call vote and scheduled the item to appear on the City Council agenda on May 18 for final action.
Next steps: The resolution will be considered by the full City Council at its next meeting; staff will provide the formal redevelopment agreement and related exhibits for council review.
