Economic Benefits of Redevelopment & Revitalization

Scenario 1 with no further development shows taxpayers funding $2.835M of the debt service and whatever is required to make the desired improvements in the public space.  Based on Surfside Park & Beach being a fully developed park ready for a refresh at a projected cost of $700,000 (including the parking lot) and the fact that the Harbor District is in need of significant turf work to establish just the grass foundation, taxpayer responsibility could realistically reach $4M total through 2031. 

Scenario 2 assumes the Lifestyle Development proceeds and the land acquisition price, projected TIF through 2031, park dedication, sewer and water trunk charges as well as just the base fees of the utility bills (before inflation and variable usage), would create an additional $3.6M in revenues.  Proceeds from the sale and park dedication can be used for improvements to the public spaces and excess TIF beyond the debt service could repay the tax levies, reducing the total taxpayer responsibility from $4M to $1.235M.