Community Redevelopment Areas - Harden Parkway
Harden Parkway Redevelopment Plan
Community Redevelopment Areas - Harden Parkway - Financials
Tax Increment Financing
Tax increment financing is a unique tool available to cities and counties for redevelopment activities. It is used to leverage public funds to promote private sector activity in the targeted area. The dollar value of all real property in the Community Redevelopment Area is determined as of a fixed date, also known as the “frozen value” or TIF Base. Taxing authorities, which contribute to the tax increment, continue to receive property tax revenues based on the frozen value. These frozen value revenues are available for general government purposes. However, any tax revenues from increases in real property value, referred to as “tax increment,” are deposited into the Community Redevelopment Agency Trust Fund and dedicated to the redevelopment area. See budget report for incremental taxes collected for the fiscal year.
On June 20, 2004, the Board of County Commissioners approved the establishment of the Harden/Parkway Community Redevelopment Agency through the adoption of the Community Redevelopment Plan with Ordinance No. 04-11 and the funding of the Plan through Ordinance No. 04-12, which created the Agency Trust Fund. On January 21, 2004, the BoCC adopted Resolution No. 04-10 appointing itself as the Board of Commissioners of the Agency (Harden/Parkway CRA Board). In accordance with the Section 163.357(1)(c), Florida Statutes, the BoCC went on to appoint the city manager and the community development department manager for the City of Lakeland, to serve as two additional members of the board for the Harden/Parkway CRA.
Polk County and City of Lakeland have established an Interlocal Agreement to cooperate in creating this single purpose CRA, for the specific purpose of eliminating blight on the area's transportation system which currently has adverse impacts upon both county and city governments and the citizenry. Polk County has the statutory authority to establish a redevelopment area that is within a municipality located within Polk County and is supported by the city of Lakeland in utilizing this approach.