SUBJECT:
Title
Discussion Regarding a Silver Springs Community Redevelopment Area Tax Increment Rebate Grant Program
Body
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INITIATOR: |
DEPARTMENT: |
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Christopher D. Rison, Senior Planner |
Growth Services |
DESCRIPTION/BACKGROUND:
James W. Gooding, III, Esq., representing Headsprings, LLC., request consideration for a tax increment rebate related to the anticipated Headsprings hotel (Hotel) that is currently preceding through the Development Review Committee (DRC) development review process. Attorney Gooding will share information about the tax increment rebate program currently used by the City of Ocala and other communities.
The Board is not being asked to approve a particular rebate request today, but instead provide insight as to whether or not such a program is suitable for the Silver Springs Community Redevelopment Area (CRA). Staff notes that such a rebate program is not specifically identified in the Silver Springs CRA's Redevelopment Plan (Plan) or in the Silver Springs CRA Master Plan Update (Update). However, such a program conforms to the activities and potential uses of tax increment funds, and in particular how to "leverage increment revenues through grants, short term commercial loans, or other financial mechanisms to expedite the completion of projects," as well as how to "undertake individual project pro forma analysis … to determine projected revenues and devise strategies to maximize the use of these resources on a site-specific project or on an area wide programmatic basis."
For additional reference, information from the City of Fort Myers [Florida] CRA is also attached.
BUDGET/IMPACT:
None
RECOMMENDED ACTION:
Recommended action
Provide direction regarding a potential Silver Springs Community Redevelopment Area Tax Increment Rebate Grant Program.
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