The creation of the CRA will not facilitate economic growth on its own, but when implemented, offers the area a viable alternative to depending on federal, state, and local dollars alone for community improvements.
The creation of a CRA does not require tax increases to the property owners of the redevelopment area. Tax Increment Financing (TIF) allows the CRA to fund itself. TIF works as follows: The year a CRA is created is called the base year. The amount of tax money that goes to the County in each subsequent year will remain the same as in the base year for as long as the CRA is in existence. Normal appreciation of the property and any new growth within the redevelopment area causes an expansion of the tax base, and this incremental increase goes into a trust fund that finances the CRA's activities. In addition to the TIF revenue, the CRA applies for various grants, but our annual TIF revenue is necessary to pay the bond payments in future years.
The next CRA Board Meeting will be held on May 13, 2013, 5:00 P.M., at 1280 N. Congress Avenue, Suite 215, West Palm Beach, FL 33409
Westgate One Mixed-Use Development
The project will be on a 0.99 acre site located mid-block between Tallahassee and Wabasso Drives, on the south side of Westgate Avenue. The development will consist of a six-story mixed use building with 52 multi-family units, approximately 7,938 square feet of retail, 8,621 square feet of office, and a two-story parking structure located. Retail and office uses are proposed within the first two floors and the 52 multi-family (condominium) units are proposed on the 3rd thru 6th floors.
Okeechobee Plaza is the first redevelopment project to be completed under along the Okeechobee Boulevard corridor utilizing the form-based WCRA Overlay regulations. As a catalyst project for this portion of the corridor, its successful completion within a short period of time serves as a good example for what can be accomplished through focused and collaborative efforts by the owner/developer, Okee Property West LLC, the design team, County, and the CRA. The commercial project is located approximately 0.25 miles west of I-95 on the south side of Okeechobee Boulevard and consists of 16,200 square feet of commercial retail space within three buildings.
The site design supports a 2,000 square foot specialty restaurant with a drive-thru (Starbucks Coffee Company) at the western portion of the site, a 5,600 square foot retail building (AT&T) along the east property line, and a 8,600 square foot multi-tenant building is sited internally within the development.