Manatee’s redevelopment fund is growing quickly. Here’s how the county plans to use the money

New additions to the Board of County Commissioners could shake up the way Manatee County plans to spend redevelopment funds.

They’ll need to convince their fellow board members to adjust a plan that’s already headed for approval, however. At a recent meeting, Geri Lopez, director of redevelopment and economic opportunity, laid out a staff proposal on how commissioners should budget a projected $10 million in the Southwest TIF.

The strategic plan includes spending 50 percent on public/private partnerships, 20 percent on infrastructure projects and the other 30 percent on land acquisition, quality of life and economic development. However, those guidelines may be tweaked after commissioners hold public meetings throughout the fall. The proposal will be finalized in January, Lopez said.

Misty Servia will soon represent District 4, an area in southern Manatee that has fallen behind in terms of business, redevelopment and infrastructure. During her campaign, she expressed interest in using TIF funds to pay for improvements in the area.

“I believe there is an opportunity to develop a program to utilize some of the Southwest TIF money to offer loans to communities who are working to improve their neighborhoods and I am excited to share these details with the board,” Servia said in an interview prior to the election.

Reggie Bellamy’s District 2 also includes a small portion of the Southwest District. Lopez said he and Servia will be briefed on the redevelopment initiative after they are sworn in as commissioners on Nov. 20.

“When you compare property values and you compare unemployment and a lot of other indicator, they are falling behind,” Lopez said.

The Southwest TIF fund is meant to revitalize that area, but it’s going to take some time.

If the county’s plan is successful, the Southwest District will be “a vibrant and livable collection of urban corridors, activity nodes and neighborhoods that are connected to and provide a diversity of housing options, quality jobs, educational and recreational opportunities” by 2044.

A TIF is a tax increment fund. When it was implemented in 2014, the Southwest District had a tax base of about $4 billion. As redevelopment in the area continues, property values and the taxable base increase. Property taxes on the incremental difference between 2014’s tax base and the current tax base are added split — 50 percent to the SWTIF and 50 percent to the county’s general fund.

In four years, the tax base has already grown from $4 billion to $5 billion, leading to steady TIF revenue boosts, according to Lopez. In its first year, the TIF brought in a bit less than $1 million. In 2018, that number jumped to $2.5 million and the county expects to add $4.5 million in revenue in 2019, bringing the TIF fund total to $10.2 million.

“The goal, really, is to try to build using the TIF as the tool to build that funding pot so that you can use it in the future for making those investments and those improvements,” Lopez told commissioners.

As they worked to prepare their presentation, Lopez’s redevelopment and economic opportunity staff realized that the TIF fund could be compared to cookies.

“They’re most tempting to eat right when they come out of the oven, right? They smell really good and you just want to eat them,” said Lopez. “But you need to let them sit for a little bit and wait for a little bit and eat wisely.”

Spending wisely is the key, Lopez said, because the goal is to find ways to increase the district’s tax base as quickly as possible, which would boost the amount of money being added to the TIF fund every year.

Key areas already being staked out by county staff. Lopez says the stretch of U.S. 41 near USF Sarasota-Manatee and the Sarasota Bradenton International Airport, as well as DeSoto Square mall are places ripe with redevelopment opportunity.

“Those are our key corridors and key nodes. If we work on those first and we’re able to build the pot, we go from there,” said Lopez. “The likelihood of bigger projects increases because the pot grows that much faster.”

County staff are confident that development will come to the Southwest District. It’s that dedication to local improvement that private entities want to see when they’re planning an expansion.

“When you’re looking at redevelopment, the private sector looks for government investment,” Lopez explained. “When they see the government investing in an area, that means that they’re own private investment is going to be backed up because there’s interest and plans for the area. We like to say that private dollars follow public dollars.”

Commissioners were overwhelming pleased with Lopez’s presentation and said she should be proud of the progress she and her staff have made in the Southwest District.

“It’s not a community that people have been running to, but I can tell you what — If you look at what that community was 10 years ago, people don’t understand history is easy to talk but when you’ve got a community that’s been in disarray for many years and now you see promise and you see opportunity, your whole staff should stand strong on what you’ve shown us today,” Commissioner Charles Smith said.

So far, the SWTIF funds have mostly been used to pay for smaller projects, such as pavement markings, sidewalks and traffic signal upgrades. Residents can keep up with the progress of SWTIF projects using a dashboard on the Manatee County government website.

“I think the fact of the matter is that we have such a great opportunity to improve our urban core,” said Commissioner Betsy Benac. “It’s no secret that’s been one of my goals to do it. We’ve done some amazing things with our zoning regulations and our changes but this investment really is going to make a difference and I think we’re on the right track.”

This story was originally published November 16, 2018 at 8:52 AM.