Century Gives Final Approval To Tax Funding Plan For Redevelopment Area

October 19, 2018

The Century town council has given final approval to a funding plan for their Community Redevelopment Agency (CRA).

The council approved a Tax Increment Financing plan for their redevelopment area, allowed the CRA to receive property tax revenues each year in excess of an established base rate. The appraised value of the property within the designated district was “frozen”this year, with that amount of tax revenue generated still designated for the town’s general fund, the county and other taxing authorities.

The redevelopment area will receive 95 percent of the property tax generated in excess of the frozen base value as property values rise. It is estimated that will amount to about $10,000 the first year for the CRA.

The CRA funds will be used to improve conditions in the 510 acres, bounded by Jefferson Avenue to the south, Jefferson Avenue to the east, East High 4 to the north and the center line of North Century Boulevard to the west. It also extends north on the east side of North Century Boulevard to include commercial properties up to, and including, the former Burger King. Click here for a detailed map (pdf).

Tax Increment Financing is a unique tool available to cities and counties for redevelopment activities. It is used to leverage public funds to promote private sector activities in the targeted redevelopment area. Property owners in the CRA will pay the same tax rate as those in the remainder of the town.

TIF revenue can be used on a “pay as you go” basis, where the annual stream of revenue is used to fund small projects, or used to pay debt service costs over the life of a project lasting 10 or more years. Historically in Florida, TIF has been effective at generating large amounts of funding for capital investments for roadway improvements, flood control programs, water and sewer and drainage infrastructure improvements, parking lots and garages, neighborhood parks, sidewalks, street and sidewalk tree plantings, signs and building construction.

After a February 2016 tornado damaged or destroyed 40 homes and businesses, the town looked to address the long-term effects on the community of a downturn in economic development. That led to the redevelopment area.

The CRA plan sets a roadmap for future development and spending to eliminate existing conditions of blight and to encourage continued private investment. The plan also provides a framework for coordinating and facilitating public and private redevelopment within the area.

Review the Century CRA plan by clicking here.

NorthEscambia.com photo, click to enlarge.

Comments

2 Responses to “Century Gives Final Approval To Tax Funding Plan For Redevelopment Area”

  1. chris on October 19th, 2018 10:52 am

    Like throwing money down a well.

  2. Mike Amerson on October 19th, 2018 5:07 am

    I hope they told the Mayor first.

Written by William Reynolds · Filed Under News