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Tax Increment Financing
TAX INCREMENT FINANCING
WHAT IS TAX INCREMENT FINANCING? (TIF)
Chapter 163.330 of the Florida State Statutes (F.S), (The Community Redevelopment Act of 1969), authorizes the creation of "Redevelopment Agencies", which in turn, are empowered to designate certain slum or blighted neighborhoods as "redevelopment areas" for the purpose of redeveloping them according to approved plans.
A Redevelopment Agency is a legally separate entity from the governing body of a municipality. The Agency however, can be comprised of the members of the governing body.
A Redevelopment Agency can (either by itself or through the local government):
- Approve "Community Redevelopment Plans" for project areas;
- Deed publicly-owned lands to designated projects;
- Approve acquisition, demolition, removal and disposal of property;
- Utilize tax increment revenue streams to finance land acquisition, infrastructure and parking improvements.
The creation of a Community Redevelopment Area is contingent upon the finding of slum or blight in the target district.
Tax Increment Financing (T.I.F) is that method of financing authorized by the Florida Statutes as a way of repaying indebtedness incurred by local redevelopment agencies. It permits cities and counties to issue revenue bonds that pledge the incremental tax increase in property values resulting from redevelopment projects. It provides that the assessed value of a redevelopment project area may be frozen upon establishment of the project. The frozen base continues to be available to all local taxing agencies through the duration of the redevelopment project. Any growth in the assessed value over the frozen base is reserved for the repayment of indebtedness incurred by the redevelopment agency in conjunction with redeveloping the area.
A Redevelopment Area is a powerful, publicly controlled development tool, providing a constant source of revenue to fund projects designed to expedite the revitalization of an area.
RELEVANT ITEMS:
Miami Beach City Code Sec. 2-71.6
Miami-Dade County Code Sec. 30A-17 (South Pointe); Sec A-51 (City Center)
Florida. Statues. 163.330-450
