Community Redevelopment Areas - Eloise
Community Redevelopment Areas - Eloise - Financials
Tax Increment Financing
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 activity in the targeted area. The dollar value of all real property in the Community Redevelopment Area is determined as of a fixed date, also known as the “frozen value” or TIF Base. Taxing authorities, which contribute to the tax increment, continue to receive property tax revenues based on the frozen value. These frozen value revenues are available for general government purposes. However, any tax revenues from increases in real property value, referred to as “tax increment,” are deposited into the Community Redevelopment Agency Trust Fund and dedicated to the redevelopment area. See budget report for incremental taxes collected for the fiscal year.
Eloise Redevelopment Plan
The purpose of this document is to combine and update previously prepared studies, to prepare a Redevelopment Plan for the Eloise community, and to adopt Tax Increment Financing (TIF) pursuant to Chapter 163 of the Florida Statutes. The resulting document will include an analysis of existing socio-economic and physical conditions, plan objectives, a Redevelopment Plan and implementation strategies.
Meeting Location: Johnny and Freda Brooks Resource Center (formerly known as the Eloise Resource Center), 710 Snively Avenue, Eloise