Apr 27 2014

Proposed project could increase tax revenue by $1B in Sunrise

In the coming years, Sunrise might be able to increase its tax revenue by $1 billion.

 

Project Bravo, a development company, and the city have a proposed plan that would build out the western part of Sunrise. The development project would include residential, commercial and office space, two parking garages with up to 5,000 spaces, almost 5,000 new jobs, a new public park and a new public transit center.

 

“Sunrise, this year, passed the threshold of $5 billion in value for our tax base,” City Manager Alan Cohen said. “We are an 18-square-mile community, and this one project, which is on less than 60 acres, if it is fully built as planned, it would result in a 20-percent increase in the tax base of this community. So, it potentially is a game changer.”

The city will offer an incentive to Project Bravo of up to $48 million should the project move forward, paid out over 25 years based on the progress of the development. The city commission is happy that the funds will come from the taxes generated by the project, instead of out of the city’s pocket.

 

“The devil is in the details,” Mayor Mike Ryan said, “but I appreciate the enormous work that has gone into making sure the city’s interests are protected and that we have generated an imaginative incentive program that does not have city residents literally paying out for this.”

 

The city and Project Bravo will still have to work out the terms of the agreement before the project can get underway, but preliminary plans include verification requirements and performance milestones for the project as it progresses. Should the project not reach milestones, the financial incentive from the city would be reduced.

 

“These all need to be fleshed out in more detail, and staff is very aware of not only the potential success of this project, but also the pitfalls or minefield that we could be walking through,” Cohen said. “So, we are being very careful, and we are looking to structure a deal that best protects the interests of the city and its residents. This is a tremendous opportunity for us to move forward with a signature project unlike anything other, not only in our community but in South Florida.”

 

Source.: http://articles.sun-sentinel.com/2014-04-27/news/fl-sf-bravo-0423-20140427_1_development-project-tax-base-tax-revenue

0 Comments
Share Post
No Comments

Sorry, the comment form is closed at this time.