Broward County Commission Regular Meeting
Director's Name: Steve Geller
Department: County Commission
Information
Requested Action
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MOTION TO DIRECT County Administrator to (i) allocate in future proposed annual budgets 50% of lapsed tax increment financing ("TIF") payments from expired Community Redevelopment Agencies ("CRAs") to the Broward County Affordable Housing Trust Fund ("Trust Fund"); (ii) allocate in future proposed annual budgets the remaining 50% of the lapsed TIF from expired CRAs to economic development projects; and (iii) develop a policy for implementing the foregoing allocations that significantly incentivizes municipal utilization of and compliance with Policy 2.16.4 of the Broward County Comprehensive Plan. (Mayor Geller) (Deferred from May 4, 2021 - Item No. 49)
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Why Action is Necessary
Required to provide direction to the County Administrator for allocation of TIF funds in future proposed annual budgets.
What Action Accomplishes
Provides direction to the County Administrator for the allocation of TIF funds in future proposed annual budgets upon expiration of the application CRAs.
Is this Action Goal Related
Yes
Previous Action Taken
Summary Explanation/Background
This agenda item supports Broward County Value A: Ensuring economic opportunities for Broward's diverse population and businesses, and Value F: Offering sustainable, compatible, innovative housing options for all income-levels, including integrated, permanent supporting housing.
Section 11.09 of the Broward County Charter established the Trust Fund to provide a continuing, nonlapsing fund to be utilized by the Board to address affordable housing needs in Broward County. Section 11.09(D) provides funding sources for the Trust Fund, including savings from expired TIF payments to CRAs.
Policy 2.16.4 of the Broward County Comprehensive Plan, adopted by the Board on March 9, 2021, is intended to promote the construction of affordable housing within ...
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