Funding Source
The major funding source for the Port St . Lucie CRAs is tax increment revenue . Tax increment revenue is a mechanism available to cities and counties to re-invest new property tax dollars within a targeted redevelopment area . When a CRA is created , the current assessed values of the property as determined by the Property Appraiser are designated as the base year value . Taxing authorities that contribute to the tax increment continue to receive ad valorem ( property tax ) revenue based on the base year value . Ad valorem revenues from increases in real property value above the base year amount (“ increment ”) are deposited in a redevelopment trust fund and dedicated to the community redevelopment area . Since the tax increment is used to finance and / or fund redevelopment , the term tax increment is commonly referred to as tax increment financing , tax increment funding , or TIF .
Tax increment revenue is calculated separately for each of the four ( 4 ) CRA Districts . The tax increment revenue generated by the Original CRA , East Lake Village , and the CRA Expansion Area is used to fund public improvements in the eastern portion of the CRA . The tax increment revenue generated by Southern Grove is be used to fund improvements within Southern Grove .
Jurisdictions remitting tax increment revenue to the Port St . Lucie CRA include the City of Port St . Lucie and St . Lucie County ( General Fund and Fine & Forfeiture Fund ). Pursuant to an Interlocal Agreement between the City and St . Lucie County Fire District , the Fire District originally remitted tax increment revenue , but stopped participating in FY 2007-08 .
2021 ANNUAL REPORT COMMUNITY REDEVELOPMENT AGENCY Page 8