ACTION ITEM
SPONSOR: Teniade Broughton, Chairperson
SUBJECT:
title
AREA REINVESTMENT AGREEMENT POLICY FOR AFFORDABLE HOUSING
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RECOMMENDATION:
recommendation
That the Community Redevelopment Agency (CRA) adopt the Area Reinvestment Agreement Policy for Affordable Housing.
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SUMMARY:
Section 163.387(1)(b) of the Florida Statutes authorizes a CRA to enter into an area reinvestment agreement as an incentive to private sector investment in a geographic subarea of a community redevelopment area. Under an area reinvestment agreement, the CRA may reinvest a portion of the increased tax increment generated by a development project for a specific area back to the developer. This incentive is known as a TIF Rebate.
Staff recommends the CRA adopt a policy for entering into area reinvestment agreements for development of affordable housing projects targeted to households at or below 120% of area median income (AMI). The proposed policy stipulates how and when a TIF Rebate will be made available for reinvestment in the project. Under such an agreement, the developer must first perform and construct the project. No rebate is provided unless the increased increment is first generated by the development project.
PRIOR ACTION:
None.
FUNDING:
NA
FINANCIAL IMPACT:
A portion of the additional TIF revenue generated by a project may be rebated.
LEGAL REVIEW ONLY BY CITY ATTORNEY: Yes
1/28/2022
STAFF CONTACT:
David Forte, Deputy City Administrator - Community Development
Sherry Morris, Development Services Director
M. Helen Gibson, AICP, CRA Administrator
ATTACHMENTS:
1) Area Reinvestment Policy for Affordable Housing 01272022
PRESENTATION: No end