Soon, the city will have a special way to fund and incite redevelopment in the Corey area. The commission hired Tindale-Oliver and Associates to help create a community redevelopment area (CRA) for the Corey area of the beach. The city adopted the plan for a CRA in 2010 but must create a trust to collect tax increment finance, or TIF, monies. This special type of tax will come from the businesses in the area and will be spent strictly on that area.
It is not, Community Development Director George Kinney explains, a new tax, but “a percentage of monies that would normally be collected” based on increased value and returned to the CRA for reinvestment.
Tindale-Oliver and Associates will look at the plan, study the market, update the earnings projections, create an agreement for sharing the tax monies with the county, and if the city proceeds with the second part of the contract, implement a 10-year action plan.
“Having a realistic handle on what kinds of funds you might have available is critical,” a spokesperson for the company told the commission.
Creation of a CRA will include public comment and interviews with at least eight stakeholders in the Corey area. Next Thursday the city will take the first of these steps with its workshop about Corey Avenue.
The city will pay just over $18,000 for the first part of this contract. This does not include the ten-year action plan.