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Tarpon redevelopment fund approved
By KATHERINE GAZELLA
© St. Petersburg Times, TARPON SPRINGS -- The county has given the go-ahead to Tarpon Springs' plan to finance a wide-reaching downtown redevelopment. Pinellas County commissioners voted Tuesday to allow the city to set up a redevelopment trust fund in which some tax money would be set aside to fund future improvements. That would allow money to be poured back into the redevelopment area, which runs between downtown and the Sponge Docks. City officials said the 20-year revitalization effort could not have succeeded without the county's decision. "That's the big step," Mayor Frank DiDonato said. He said the financing plan, which can last for up to 30 years, will boost tourism and the quality of life in the city, and in that way will help the entire county. "I think Tarpon is a very important cog in the wheel of tourism in Pinellas County," he said. The County Commission voted unanimously to support the financing plan. "Hopefully it'll have an effect like we've seen in St. Pete and Dunedin, where there's been a revival downtown," said County Commissioner Karen Seel. To institute the tax-increment financing plan, officials first will add up the assessed value of all the property inside a new redevelopment district, which runs from Meres Boulevard to the Anclote River and from a half-block west of Pinellas Avenue (Alt. U.S. 19) to Safford Avenue. In the future, tax revenues generated by that base value will continue to go to the local governments that have collected them. As the assessed value of property in the 225-acre district grows, the additional property tax revenue generated by the increased value will be directed into a redevelopment fund. City officials have pointed out that this is not a tax increase. Taxes will not go up on properties and structures as they currently exist. As improvements are made throughout the redevelopment district, taxes will go up along with the increased assessed value on the property. The redevelopment district is one portion of the city's expansive downtown plan, which would be implemented during the next 20 years. The plan calls for changes to Tarpon Avenue and the roads that connect downtown with the Sponge Docks. The proposal includes a possible hotel along the Anclote River, a parking garage on Pinellas Avenue, the re-creation of the old Central Park at the southeast corner of Tarpon and Pinellas avenues and the creation of attractive entryways at the gateways into the city. The plan also suggests the creation of an art walk, in which artists' work would be on display and artists would work in studios, on Hibiscus Avenue. The plan relies heavily on investment from the private sector. City officials have said that once the city begins investing in infrastructure improvements, they anticipate that developers and business owners will be more inclined to invest. In order to create the redevelopment district, the city had to label the area "blighted." The area makes up 6 percent of the city's land but produces only 5 percent of the ad valorem taxes in the city, DiDonato pointed out in a letter a few months ago. City Commissioner Karen Brayboy said the tax increment financing will allow the city to begin setting aside money for improvements, but she pointed out that the changes will be gradual. "The one thing I don't want the public to think is that they'll see immediate changes," she said. "It's a long-term process." - Staff writer Katherine Gazella can be reached at (727) 445-4182 or gazella@sptimes.com.
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From the Times North Pinellas desks |
