Subject:
Title
Discussion re: Elimination of County TIF payments to the North Brevard Economic Development Zone (NBEDZ)
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Fiscal Impact:
Increased revenues to Fire Rescue by reallocating the recurring NBEDZ revenue.
Dept/Office:
D3 Commission Office
Requested Action:
Recommendation
It is requested that the Board direct staff to prepare a Statement of Legislative Intent regarding the discontinuation of County TIF payments to the NBEDZ Trust Fund, the dissolution of NBEDZ, and the refund of any uncommitted TIF funds on deposit in the NBEDZ Trust Fund to the respective taxing authorities that contributed those funds, including the County.
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Summary Explanation and Background:
NBEDZ has been in existence since 2012 and has received a total of more than $30 million in general fund dollars. The economic revival in north Brevard and the current financial state of Brevard County Fire Rescue compels us to consider reprioritizing general fund revenue allocations by discontinuing County TIF payments to the NBEDZ Trust Fund and redistributing those funds to Fire Rescue.
The most recent County TIF payment to NBEDZ was $3.3 million. The Economic Development Commission of Florida's Space Coast (EDC) performs an identical function for less than half the cost and is spread far more equitably across the County. The coexistence of these entities is a redundancy in economic development within the County.
Using existing NBEDZ General Fund revenue will help reduce the financial impact on residents associated with additional funding needed to increase firefighter salaries moving forward.
Pursuant to Policy BCC-45 II.A.2., at any regularly scheduled meeting or workshop, the Board may direct the drafting of an ordinance or revision to an existing ordinance. Prior to the drafting, staff shall prepare a Statement of Legislative Intent. The Board shall consider this Statement at a subsequent regularly scheduled meeting. After Board approval of the Statement of Legislative I...
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