Community Redevelopment Areas - North Ridge
Community Redevelopment Areas - North Ridge - 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.
The North Ridge CRA was a special district established in 2002 to assist in the revitalization of the blighted neighborhoods and roadways within the County's North Ridge area. The CRA program was implemented under the direction of the Polk County Board of County Commissioners, who served as members of the North Ridge Community Redevelopment Board adopted by the County in 2002, which contained the guiding principles and objectives related to land use planning, infrastructure and services, housing and financing of the North Ridge CRA.
On June 24, 2015, under Ordinance 2015-036, the Polk County Board of County Commissioners deemed that the original purpose of the North Ridge CRA has, in their opinion, been satisfied and was dissolved.
Ordinance No. 15-036