Okaloosa County BOCC — October 21, 2014 — Action Item Printout — reading text

BOARD OF COUNTY COMMISSIONERS AGENDA REQUEST DATE: October 21, 2014 TO: Honorable Chairman and Members of the Board FROM: Jason Autrey SUBJECT: Public Hearing Request for PJ Adams Parkway Tax Increment Financing DEPARTMENT: Public Works BCC DISTRICT: 3 STATEMENT OF ISSUE: Request the scheduling of a public hearing to consider an Ordinance establishing a Tax Increment Financing (TIF) Area within which to provide funding for various improvements to PJ Adams Parkway. BACKGROUND: Mr. Mike Chesser, of Chesser & Barr, P.A. in Shalimar, has been working with residents and staff regarding the development of a Tax Increment Financing area that could be utilized to provide funding for various improvements related to PJ Adams Parkway. An ordinance has been proposed that will create the "North Okaloosa Transportation Tax Increment Area" that will provide a dedicated funding source for the construction and expansion of PJ Adams Parkway. The TIF ordinance proposes to utilize the dedicated increment value (as defined in section 200.001(8)(h), Florida Statutes) beginning January 1, 2015 to serve as the funding source for future improvements. Funds collected through the TIF can be used as leverage, matching or project dollars toward the construction and expansion of PJ Adams Parkway. The project corridor available for funding is consistent with the alignment adopted in the adopted PD&E for the PJ Adams Parkway and Antioch Road corridor (approved September 3, 2013 by the Federal Highway Administration). Funds collected in accordance with the prescribed formula will be deposited into the North Okaloosa Transportation Trust fund for future expenditures strictly related to the PJ Adams Parkway project. Any and all future use of the deposited funds will require approval by the Board of County Commissioners. Further participation in the TIF program is authorized, and anticipated, by way of an interlocal agreement with the City of Crestview and possibly other governmental entities. OPTIONS: Approve/Deny setting a public hearing date for November 4, 2014 to consider an ordinance creating the North Okaloosa Transportation Tax Increment Area, and direct staff to place the required advertisement. RECOMMENDATIONS: Approve setting a public hearing for November 4, 2014 to consider an ordinance creating the North Okaloosa Transportation Tax Increment Area and direct staff to place the required advertisement for the meeting. RECOMMENDED BY: APPROVED BY: John Hofstad, Interim County Administrator