COCOA COMMUNITY REDEVELOPMENT AGENCY AGENDA ITEM
Memo Date: June 21, 2024
Agenda Date: July 1, 2024
Prepared By: Charlene Neuterman, Community Services Director
Anthony Garganese, Agency Attorney
Through: Stockton Whitten, City Manager
Requested Action:
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Provide direction to Staff whether to prepare a Tax Incremental Financing (TIF) Rebate Program for Private Redevelopment Projects within the Redevelopment Area for the Board's future consideration and approval.
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BACKGROUND:
Goal III, Objective 3 of CRA Redevelopment Plan states that the CRA can "create programs for development, rehabilitation, financial or other economic incentives to facilitate new investment in the redevelopment district thereby increasing the tax base" for purposes of preventing the future occurrence of slum and blight.
Over the years, the CRA has used its Tax Increment Funding (TIF) funding to make numerous public improvements in the Redevelopment District. In addition, the CRA has created several relatively small incentive programs directed towards providing TIF funding directly to private property owners to incentivize them to make new investments in the Redevelopment District for purposes of eliminating or preventing the occurrence of slum and blight. Such programs include the CRA's Fascade Improvement Program. The CRA has also acquired real property with TIF funding, like 603 Brevard Avenue, with the intent of potentially contributing the property to incentivize future private development consistent with the CRA's Redevelopment Plan.
More recently, several developers of proposed projects within the Redevelopment District have inquired about being incentivized with a TIF rebate associated with constructing a major private project in the Redevelopment District. Generally, a TIF rebate is an incentive that rebates annual incremental tax revenue (TIF) received by the CRA to the developer. This rebate can be used to offset costs associated with a new major...
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