COMPLETE DOCUMENT:Â sanford-TIF
Pay close attention to this map that shows where the improvements will occur.
Historically the city has not utilized a TIF to pay for infrastructure costs associated solely with private development (i.e. it doesn’t clearly meet the definition of being public). With this TIF however that isn’t the case. The very southwest corner of the development is very private in nature and will include retail and commercial development. What is the true need for the TIF to cover the costs of this infrastructure and how is this retail / commercial development any different than those elsewhere throughout the City?
By allowing this the City has truly set a precedent for developer requests in the future.
Utilizing this incentive when it is clearly needed is a good thing for the city and the parties involved. By utilizing it for a project that does not need it – it then becomes an entitlement. That is a slippery slope to go down and jeopardizes the relationship the City has built in the past with the County and School District (other taxing entities that are impacted by the TIF being established).
What is missing is the development agreement between the City and Sanford for the reimbursement of the increment identified in the plan. The Economic Development department may not have the document completed yet. It may not be completed yet because of the several negotiations that have to be held yet.
This document will outline who is paid for what and when.
Let’s estimate there is $9M in increment with approximately $500K coming in annually.
• Should Sanford be paid for what they have done first or should the City be paid for the project they have completed?
• Can that be split so that both get something without one having to wait 5 years before seeing anything?
• Given the fact that the NEED was not justified, one would think that the City could be reimbursed first for the work that will be completed to the Sports Complex.
This has been a point of contention with the project, maybe that is why the document hasn’t been completed yet. It will be a public document so we will wait and see.