Financing district could fund P.J. Adams Parkway expansion

p.j. adams Parkway

P.J. Adams Parkway in Crestview

BRIAN HUGHES / News Bulletin
Published: Tuesday, June 11, 2013 at 03:56 PM.

CRESTVIEW — Establishing a Tax Increment Financing district is the best way of funding a proposed P.J. Adams Parkway-Antioch Roadbypass corridor, local officials say.

"We could look at taking a portion of future ad valorem revenues coming into the city so we could set them aside for transportation improvements," attorney Mike Chesser said.

Under the plan, proposed TIF districts would encompass Okaloosa County’s northern half at county level, and the entire city of Crestview except for the Community Redevelopment Agency district, which already has a funding source comparable to a TIF.

TIFs would not result in increased taxes, officials said, but would direct any additional taxes raised above an established baseline toward the district.

The Crestview City Council on Monday expressed favor for the concept and unanimously directed city planning staff to continue researching the idea.

A TIF would be a proactive way of locally raising funds and using them to attract matching state or federal funds, officials said during Monday’s city council meeting. As road improvements funded by the TIF attract more development, more ad valorem taxes would flow to the city and expand TIF dollars.

"What this does is put you on a long-term plan to solve a transportation issue," said Dr. Rod Lewis, of the Haas Center for Business Research and Economic Development at the University of West Florida.

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