TO: Mayor and City Commission
FROM: Cale Curtis, City Manager
DATE: August 20, 2025
Title
RESOLUTION - APPROVING THE INTERLOCAL AGREEMENT BETWEEN THE CITY OF MARGATE AND THE MARGATE COMMUNITY REDEVELOPMENT AGENCY (“MCRA”) REGARDING ADJUSTMENT OF THE TAX INCREMENT FUND (“TIF”) DEPOSIT FROM 95% TO 80% OF THE STATUTORY INCREMENT REVENUES; PROVIDING FOR TERMINATION; PROVIDING FOR AN EFFECTIVE DATE.
BACKGROUND: The City enacted an ordinance that established a Redevelopment Trust Fund for the Community Redevelopment Area within the City pursuant to Section 163.387, Fla.Stat., in which it has each year since it was created deposited an amount equal to 95% 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% to 80% of the Statutory Increment Revenues to better ensure provision of general government services to the City and Community Redevelopment Area.
RECOMMENDATION: For approval.
FISCAL IMPACT: 7.1171 mills @95% = $6,741,951
7.1171 mills @80% = $5,677,433; $1,064,519 additional to the City
CONTACT PERSON: Cale Curtis, City Manager