AGENDA REPORT
DATE: June 24, 2024
TO: City Commission
FROM: Bill McDaniel, City Manager
SUBJECT: Interlocal Agreement with Hillsborough County, School Board and three municipalities for Community Investment Tax
EXECUTIVE SUMMARY:
Hillsborough County Board of County Commissioners adopted Ordinance No. 24-3 to place a referendum on the November 5, 2024 ballot to renew the one-half percent infrastructure surtax levy beginning December 1, 2026 through December 31, 2041 (Community Investment Sales Tax). As seen in the interlocal agreement, the proceeds will be distributed by the Hillsborough County Clerk to the School Board, Hillsborough County and the three municipalities. Upon approval of the referendum, the proceeds will be available for the proposed list of capital expenditures presented at the public hearing:
• Public Facilities - Community Centers and related infrastructure
• Public Safety - Law Enforcement facilities, vehicles, and equipment
• Public Safety - Fire Rescue facilities, vehicles, and equipment
• Transportation - infrastructure including intersection safety and mobility multi-use trails, and corridor congestion relief
• Parks and Recreation - parks, ballfields, playgrounds, and recreation amenities
RECOMMENDATION:
That the City Commission adopt a resolution authorizing the City Manager to execute the interlocal agreement for distribution of the proceeds of the Community Investment Tax through December 31, 2041.
FISCAL IMPACT:
Based on 2.2% of the revenue projection, the County estimates the City will receive $78,775,841 over fifteen years. The percentage is revised annually based on the statutory formula in Section 218.62, Florida Statutes.
Prepared by: Diane Reichard, Chief Financial Officer