Atlantic Beach TIF District Public Hearing, Oct. 15th, 7pm
September 27, 2018
The Town is considering adopting a tax increment financing (TIF) district covering the Atlantic Beach District. The Town Council will hold a public hearing to discuss and receive input on the proposal during its October 15th regular meeting. A link to the public notice, which includes a description of the boundaries of the proposed district, is provided below. To review the draft master plan and financial projections click here.
Creating a TIF program permits the community to allocate increases in the assessed value (and related taxes) of district properties and dedicate those taxes to Atlantic Beach District area related projects for 30 years. By “freezing” the base values and capturing the increases in revenue for district-related projects it creates a dedicated fund to offset those project costs in lieu of raising the funds through town-wide property taxes.