Community Redevelopment Areas - Polk Commerce Centre

Financials
Financials

Community Redevelopment Areas - Polk Commerce Centre - 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.

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Polk Commerce Centre Redevelopment Plan
The Polk Commerce Centre CRA is a special area with a base year of 1993 for purposes of Tax Increment Financing. This area was planned through a Selected Area Plan (SAP) called the I-4 Northeast SAP. This SAP included Future Land Use districts as part of Polk County Comprehensive Plan and Land Development Code as well as policies and regulations. The Polk Commerce Centre CRA is a tool to assist with the implementation of the SAP as well as the Area Wide Development of Regional Impact that was established in 2000. The Redevelopment Plan for the CRA proposes transportation and utility improvements to increase access to the Polk Parkway as well as to spur development.

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