LDDA Tax Increment Financing Program

The LDDA and the Lakeland CRA both offer TIF programs. Applicants that fall within the the LDDA boundary and Downtown CRA may apply for both SEE MAP.  Because the LDDA supports the Downtown Redevelopment Plan, The LDDA TIF requirements mirror those of the CRA’s for the Downtown district.

Applicants can submit the CRA application documents to the LDDA for LDDA TIF consideration.

Requirements (these are the same as CRA TIF requirements)

  1. The renovation/development must be at least 50% of the then-current assessed value of the property and must bring the property up to meet all building codes.
  2. The applicant must apply for consideration prior to receiving a building permit for construction.

Increment Pay Out (these differ from CRA)

  1. The increment benefit would be given for a maximum of five (5) years and the applicant would receive benefits according to the following schedule: beginning the year immediately following the year in which the Project is completed (Post Improvement) and continuing for five (5) years, the LDDA shall make a single annual payment to the Developer in an amount calculated according to the following equation: Assessed Value (Post Improvement) – Pre-Improvement Assessed Value (Base Year) + Increment. The “Base Year” shall be the year in which the Developer made application for the TIF Benefits.  A Project shall be deemed completed when the City issues a Certificate of Occupancy, Certificate of Completion, or other official acknowledgement indicating completion of the Project in accordance with all applicable regulations. “Year One” shall be the year immediately following the Project completion.

THE APPLICATION PROCESS

1. Written request from Applicant to be placed on the agenda of a regularly scheduled Lakeland Downtown Development Authority Board of Directors Meeting.

2. Applicant shall provide site and floor plans (at least) of the proposed project.

3. Applicant should be prepared to discuss the current assessed value of the property and the cost of the project.

4. If the property is Downtown and outside of the Munn Park Historic District, the LDDA would be responsible for the design review (exterior, signage and color) of the project. If the property is within the Munn Park Historic District, the Historic Preservation Board would be responsible for the design review of the project.

5. A motion to approve TIF would be predicated on compliance with the conditions of the policy. The Board can make a judgment to deviate from the criteria to either approve or disapprove an application.

6. Once approved by the LDDA, a copy of the building permit stating the value of the improvements shall be provided by the Applicant for the LDDA’s records.

7. An agent may make the application on behalf of the Property Owner or Lessee in the event of a long term net lease where the tenant pays the taxes, but the actual final agreement must be signed by the Property Owner or the Lessee. In the case of a Lessee who is responsible for payment of property taxes, the Property Owner would sign the agreement acknowledging that the Lessee would be entitled to the reimbursement.

 

TIF Program Selection Considerations (same as CRA Downtown Goals)

To be considered for incentives, a project must be consistent with the following Downtown goals:

 Be consistent with the Redevelopment Plan

 Maintain and enhance the historic and pedestrian character of Downtown

 Provide a catalyst for economic development

 Promote infrastructure improvements including bike/pedestrian connections that allow for connectivity between all areas of Downtown

 Promote infill development

 Provide for residential development of 2nd floor spaces

 Include structured parking

 Develop office space of 10,000 or more square feet

South District
Overall Goals
 Redevelop underutilized lots
 Grocery store

Selection Considerations
Does the project:

*Redevelop surface lots or underutilized sites
Verizon parking lot east of Florida Avenue and north of Lime St.
City owned parking lot north of E. Walnut
Citrus Mutual lot
*Include shared parking facilities and/or parking garages with spaces that are available to the public or for the City/LCRA to purchase
*Support opportunities that provide goods and services to downtown workers and residents
*Provide a grocery store

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West District
Overall Goals
*Redevelop underutilized lots
*Restaurants
*Mixed use development

Selection Considerations
Does the project:
*Redevelop surface parking lots, blighted or underutilized sites
*Provide restaurants
*Encourage shared parking facilities with spaces that are available to the public or for the City/LCRA to purchase

Lake Wire District
Overall Goals

• Mixed Use Development
• Restaurants
• Grocery Store

Selection Considerations
Does the project:
• Include mixed use development where appropriate
• Provide restaurants
• Include shared parking facilities and/or parking garages with spaces that are available to the public or for the City/LCRA to purchase
• Encourage development that will attract visitors from surrounding communities or local neighborhoods
• Reinforce the interaction of the lake environment, pedestrians, and the surrounding business • Create a gateway along Sikes Blvd that frames the views of Downtown Lakeland
• Promote public art/public green space/courtyards/gardens
• Provide a grocery store

Munn Park District
Overall Goals
• Utilize vacant second story space
• Provide first floor retail
• Redevelop underutilized lots
• Restaurants

Selection Considerations
Does the project:
• Include use or occupancy of second and third stories
• Include first floor retail in the 60/40 area
• Redevelop surface lots, blighted or underutilized sites
• Provide shared parking facilities and/or parking garages with spaces that are available to the public or for the City/LCRA to purchase
• Provide Restaurants
• Promote public art/public green space/courtyards/gardens