City of Gainesville - File #: 160763.

• File #: 160763.
• Version: 1
• Type: Staff Recommendation
• Status: To Be Introduced
• File created: 2/14/2017
• In control: Community Redevelopment Agency
• On agenda: 2/20/2017
• Final action: 2/20/2017
• Title: 2016 Tax Increment Calculations (B)

Date	Ver.	Action By	Action	Result
2/20/2017	1	Community Redevelopment Agency	Approved as Recommended	Pass

Title

2016 Tax Increment Calculations (B)

Explanation

At a January 19, 2007 CRA Special Meeting, Staff gave an update on its efforts to date on research regarding the inclusion of the 2010 Eastside Expansion Areas and a review of the 2016 District Valuations in their entirety.  The recommendation to waive of any penalties or fees associated with the City and County postponing the 2016 Tax Increment Funding transfers until February 28, 2017 was approved unanimously by the CRA Board.

Since that time Staff has completed their research. In working with DRMP, Inc. and the Alachua County Property Appraisers Office, Staff was able to address the inconsistencies found; and a revised 2016 Valuation was delivered to the CRA and the County on February 6^th.  CRA and County Staff met February 10^th to review the effect the revised data has on the 2016 Valuations. County Staff is reviewing the work completed and has requested an opportunity to review and respond to the revised data.

CRA Staff will give an update to the Board on the corrected 2016 Tax Increment Financing District Liability Calculations.

Fiscal Note: 

None at this time

Recommendation

CRA Executive Director and CRA Attorney to CRA Board: Authorize CRA Director to execute the corrected 2016 Tax Increment Financing District Liability Calculations and forward to the City and the County.