SUBJECT:
Title
JOINT PUBLIC HEARING: Marion County Board of County Commissioners with Marion County Community Redevelopment Agency Board for Consideration and Approval of Modifications to the Silver Springs Community Redevelopment Area’s Community Redevelopment Plan to Include Extending the Duration of the Silver Springs Community Redevelopment Area by Ten Years to Fiscal Year 2053-54
Body
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INITIATOR: |
DEPARTMENT: |
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Chuck Varadin, Director |
Growth Services |
DESCRIPTION/BACKGROUND:
In 2013, the Board of County Commissioners of Marion County, Florida (Board), as the local governing body, approved the establishment of the Marion County Community Redevelopment Agency (Agency), followed by the creation of the Silver Springs Community Redevelopment Area (CRA), approval of the Silver Springs CRA Community Redevelopment Plan, and establishment of the Silver Springs CRA Trust Fund. The Silver Springs CRA and its Trust Fund commenced with Fiscal Year 2014-15. For the Silver Springs CRA, the Marion County Board of County Commissioners is the only contributing taxing authority, wherein contributions to the Silver Springs CRA Trust Fund are provided based on Marion County’s General Revenue, Fine & Forfeiture, and County Health millage collections and tax increment finance calculations.
Section 163, Part III, F.S., titled the “Community Redevelopment Act” requires the local governing body to approve a Community Redevelopment Plan (CRP) for each CRA to guide redevelopment efforts, and enables updating the CRP to maintain effectiveness. Further, the local governing body may extend the time certain set forth for the CRA in CRP.
Creation of the CRA took place in 2013 when property values were slowly recovering from the 2008 housing crisis limiting the CRA’s tax increment revenue collection. Further, unforeseen challenges, such as COVID and continuing increases in construction and financing costs, also affected redevelopment and development within the CRA. To provide further guidance for the Silver Springs CRA, the Agency, with the support of the Board, completed the 2024 Master Plan update. As such, the Agency requested the Board consider a CRP Modification to update the Silver Springs CRA’s current CRP to incorporate the 2024 Master Plan Update and extend the CRA duration by ten years, from thirty to forty years, the maximum duration allowed by the Community Redevelopment Act, through Fiscal Year 2053-54. The requested extension will enable the CRA additional time to implement the goals and objectives set forth in the modified Community Redevelopment Plan supporting revitalization of the Silver Springs CRA.
BUDGET/IMPACT:
None
RECOMMENDED ACTION:
Recommended action
Motion by the Marion County Board of County Commissioners, as the local governing body, to approve the attached Resolution to modify the Silver Springs Community Redevelopment Area Community Redevelopment Plan (CRP) to incorporate the Silver Springs Community Redevelopment Area 2024 Master Plan Update and extend the Silver Springs Community Redevelopment Area duration an additional ten years to conclude with the end of Fiscal Year 2053-54.
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