Subject:
Title
Ordinance providing for the dissolution of the North Brevard Development District for the purpose of recapturing the District's tax increment funding for the County general fund, while honoring the existing contractual obligations and commitments of the District.
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Fiscal Impact:
The proposed ordinance would result in the recapture, for the General Fund, of projected annual tax increment contributions of more than $3 million per fiscal year and the eventual return of any surplus funds currently in the North Brevard Economic Development Trust Fund.
Dept/Office:
District 3
Requested Action:
Recommendation
It is requested that the Board of County Commissioners hold a public hearing and consider adopting an ordinance providing for the dissolution of the North Brevard Development District, the recapture for the general fund of the District's tax increment funding, the continuation and administration of the District's existing contractual obligations, the termination and winding down of an interlocal agreement with the City of Titusville, and the administration of and use of proceeds from the sale or lease of County-owned property within Spaceport Commerce Park.
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Summary Explanation and Background:
At its meeting on December 17, 2024, the Board of County Commissioners received a presentation from staff addressing the required Board actions and timeline should the Board wish to consider an adjustment to the Fire Service Non-Ad Valorem Assessment (the "Fire Assessment"). During that presentation, it was made clear that any increase to the Fire Assessment could only be used to fund Brevard County Fire Rescue's (BCFR) provision of fire services. Any increase in the Fire Assessment would require a corresponding increase in general fund revenues to fund BCFR's provision of countywide emergency medical services. Recognizing the need to enhance funding for BCFR, this ordinance is proposed to increase available recurring general fund revenue for alloca...
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