File #: ID 2025-205    Version: 2 Name:
Type: Resolution Status: Agenda Ready
File created: 8/18/2025 In control: Community Redevelopment Agency
On agenda: 9/10/2025 Final action:
Title: APPROVING THE INTERLOCAL AGREEMENT BETWEEN THE CITY OF MARGATE AND THE MARGATE COMMUNITY REDEVELOPMENT AGENCY REGARDING ADJUSTMENT OF THE TAX INCREMENT FUND DEPOSIT FROM 95% TO 80% OF THE STATUTORY INCREMENT REVENUES; PROVIDING FOR AMENDMENT TO THE ILA FOR CONTRIBUTION, SERVICES, AND COMPENSATION TO BE CONSISTENT WITH THE TERMS OF THIS ILA REGARDING REQUIRED TIF CONTRIBUTIONS WITHOUT FURTHER MCRA BOARD ACTION
Attachments: 1. RESOLUTION, 2. AGREEMENT, 3. BACKGROUND: ILA CONTRIBUTION, SERVICES, etc.
Date Ver.Action ByActionResultAction DetailsMeeting DetailsAudio/Video
No records to display.

 

TO:                     Margate CRA Chair and Members of the Board

 

FROM:                     Cale Curtis, CRA Executive Director

 

DATE:                     September 10, 2025

 

 

Title

APPROVING THE INTERLOCAL AGREEMENT BETWEEN THE CITY OF MARGATE AND THE MARGATE COMMUNITY REDEVELOPMENT AGENCY REGARDING ADJUSTMENT OF THE TAX INCREMENT FUND DEPOSIT FROM 95% TO 80% OF THE STATUTORY INCREMENT REVENUES; PROVIDING FOR AMENDMENT TO THE ILA FOR CONTRIBUTION, SERVICES, AND COMPENSATION TO BE CONSISTENT WITH THE TERMS OF THIS ILA REGARDING REQUIRED TIF CONTRIBUTIONS WITHOUT FURTHER MCRA BOARD ACTION

 

Body

 

 

BACKGROUND:                     The City of Margate enacted an ordinance in 1997 that established a Redevelopment Trust Fund for the Margate Community Redevelopment Area located within the City pursuant to Section 163.387, Florida Statute. Each year since its creation, the City has deposited an amount equal to 95 percent of the difference between the amount of ad valorem taxes levied by the City in the Community Redevelopment Area and the amount equal to that which would have been collected in that Area prior to the creation of the Redevelopment Trust Fund (each such amount being hereinafter referred to as “Statutory Increment Revenues”). This resolution provides for adjusting the amount, beginning October 1, 2025, until sunset of the MCRA, from 95 percent to 80 percent of the Statutory Increment Revenues to better ensure provision of general government services to the City and the Community Redevelopment Area.                      

 

The resolution will also serve to amend the ILA for Contribution, Services, and Compensation between the City and MCRA, specifically Article II, in order to ensure consistency with the terms of this ILA without further Board action.

 

The Interlocal Agreement before you was approved by the City Commission via resolution on August 20, 2025; a copy of the signed agreement is attached.

 

 

RECOMMENDATION:                     For Board approval

 

 

FISCAL IMPACT:                     Taxable amount x City millage 7.1171 @ 95% = $6,741,951 versus 7.1171 @ 80% =$5,677,433; $1,064,519 less TIF from the City to the MCRA

 

 

CONTACT PERSON:                      Cale Curtis, CRA Executive Director