There will be slightly less money for Tampa's redevelopment projects this year, and not just because there's been an significant drop in the city's property values.
When city officials were preparing the fiscal year 2009 budget, they predicted Hillsborough County voters would soundly reject a referendum on the Nov. 4 ballot to extend the county's Environmental Land Acquisition and Protection Program for another 20 years.
Rejection of the ELAPP would have meant more property tax proceeds flowing into coffers of the city's Community Redevelopment Areas, which collect a portion of the taxes from properties in these blighted neighborhoods for redevelopment projects.
That, however, didn't happen.
On Election Day, nearly 80 percent of Hillsborough's voting electorate approved an extension of the program, which purchases vacant land for environmental protection. The ELAPP tax collects 25 cents from every $1,000 of assessed property value.
Now, the city is $165,265 short on redevelopment money.
"We didn't expect voters to approve the ELAPP referendum," said Julie Wisdom, a fiscal specialist with the city's Economic and Urban Development department.
Wisdom said the loss of revenue comes as the city is grappling with a "significant" drop in redevelopment money from Amendment 1 and steadily decreasing property values.
Tampa has nine redevelopment areas. The city expects to receive more than $33.6 million from Hillsborough property taxes this fiscal year for all of the Community Redevelopment Areas.
On Thursday, the city's Community Redevelopment Areas board of directors is expected to revise this year's budget figures to account for the $165,265 shortfall. The board meets at 9 a.m. in city hall.
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