From Ted Noftall,
Those entities including the City, County and Hospital districts that contribute a portion of the property tax they would otherwise receive, to specifically defined CRA’s, do so for one reason and one reason only – To Eliminate Blight within those specifically defined geographic boundaries, AND before that earmarking can even begin a Blight Study and Finding of Necessity have to occur.
That tax increment or TIF is earmarked to finance, at least in part, the cost to eliminate that blight through capital investment. Either government or the private sector or a crony capitalist combination of both can undertake that blight elimination ….. the success of which being measured by increased assessed property values resulting from capital investment.
The next logical development in this process should have been the sharing of the Tax Increment among the blight busters as formulated by higher assessed values resulting from their respective capital investments, AND that is where the ball has stalled in Port Orange with the CRA’s retaining all of the Tax Increment as out of an episode of Father Knows Best.
Only in Port Orange the City/CRA’s did not know what was best as evidenced by their bloated personnel budgets and the colossal failure of Riverwalk within the Town Center CRA and the Eastport Business Park within the Eastport CRA…..both of which were public/private ventures which is to say crony capitalism at its worst.
Council needs to be encouraged to immediately convene a joint workshop of both CRA’s to formulate policy regarding distribution of the Tax Increment.