CRA Tax Increment Financing Rebate Guidelines Updated

FORT MYERS. June 26, 2020. The Fort Myers Community Redevelopment Agency (CRA) is excited to announce new criteria for its Tax Increment Rebate (TIF) Program.

“We are very pleased to have found some creative solutions that support the community local community in several ways,” stated CRA Chair Fred Burson. The CRA’s Board of Commissioners unanimously approved the changes to the program at its June 24, 2020 regular meeting.

Changes to the program will go into effect 30 days past the June 24 adoption date. Projects approved to participate in the program will be granted a 50% tax increment upon satisfying the TIF Rebate general requirements. Up to another 45% increment rebate is available for projects that choose to go above and beyond the basics, by incorporating one or more of these four new options:

• Affordable Housing e.g., the developer may designate 10% of the units of a proposed condo or rental housing development be set aside for affordable housing. This option aims to help address the deficiency of affordable housing in the City of Fort Myers.
•  Minority Business Enterprise (MBE) e.g., the developer, consistent with the City of Fort Myers MBE Program, may designate a percentage of work or contracts to be set aside for minority owned companies or individuals.  
• Contributing to Community Non-Profits e.g., the developer may contribute 5% of their annual TIF award to be contributed to a local non-profit organization whose mission and vision support the goals and objectives of the Fort Myers CRA and its respective redevelopment plans.
• Out of the Box e.g., the developer may elect to offer an idea, or concept that is outside of the box and directly informed by the developer’s creativity and experience.

About the TIF Rebate Program
The TIF Rebate Program assists private development where a proposed private project shows a demonstrated financial gap and wishes to request the minimum amount necessary to make the project feasible. Payment of funds would only occur after the project is completed and is generating property tax or increment. Once an increment is generated and upon satisfying the terms of the development agreement, a portion of which is rebated back to the developer. It is available in the City’s commercial redevelopment areas provided that funding is available in that area.

The TIF Guidelines and Application may be found at https://cityftmyers.com/1328/TIF-Rebate.

About Minority Business Enterprise (MBE) Program
The city values diversity and the participation of all groups and persons in the local economy. Minority-owned business resources and registry certification are available at the Florida Office of Supplier Diversity. The City of Fort Myers’ Minority Business Enterprise Program aims to assist and protect the interests of minority businesses in order to promote and encourage full and open competition in the city, and to enhance opportunities for individuals to successfully compete in a free market as independent business owners in the city. The program shall apply to all contracts and shall include the taking of steps to increase the participation of minority business enterprises. As a goal, the city shall utilize minority business enterprises for 15 percent of the total dollars when contracting for construction contracts through prime contracts or subcontracts. Information about the City of Fort Myers Minority Business Enterprise Program may be found at City of Fort Myers Minority Business Enterprise Program.

About the Fort Myers CRA
The Fort Myers Community Redevelopment Agency was created in 1984 by the City of Fort Myers, Florida, under Florida Statute Chapter 163, to formulate a plan and strategy for the revitalization of the downtown River District. The Fort Myers CRA has continued to grow, and redevelopment areas have been added throughout the city. Today, the Agency oversees 12 different redevelopment areas within the Fort Myers city limits. The Fort Myers CRA, along with the City’s Community Development Division, prepares plans for the revitalization of each area and coordinates the implementation of the plan’s recommendations. Tax Increment Funds (TIF) generated by each area, combined with other funding sources, are used to upgrade the public infrastructure and to stimulate redevelopment in the same area where it was generated. The Fort Myers City Council members, sitting as the Community Redevelopment Agency, oversee the Agency’s divisions and their operations. The Fort Myers CRA office is located at 1400 Jackson Street in the Downtown River District. Contact: 239-321-7100.