How is a redevelopment plan implemented?
The next step is to begin the implementation of that plan. For many cities, this step will be to invoke the tax increment financing provisions of Section 163.387, F.S. The governing body must enact an ordinance to create a Redevelopment Trust Fund for the area, and to establish a base value for the calculation of the tax increment. These revenues for the Trust Fund are obtained by redirecting increases in taxable assessed value back into the area. These increases are called “tax increment revenues” or “tax increment financing”. Tax increment is paid for a time certain, for up to 30 years under the statute.
