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Bahama Village Fact Sheet
the November 7, 2000
allow the City of Key West to borrow $2.5 million to help provide affordable
housing in Bahama Village.
Bahama Village portion of the Tax Incremental Funding (TIF) will be used to
repay this loan.
1997, the City Commission approved TIF as a method of generating revenues in
special qualifying districts. There
are currently two TIF districts: the Bahama Village
district and the Caroline Street Corridor district.
When property taxes rise over their 1997 level in these districts, this
increase is placed in a special fund for use in these districts alone.
money can be used for purchasing real property
in these districts, planning for the use of that property, and the repayment of
loans associated with purchasing and planning.
This loan will be repaid with Bahama Village TIF funds.
Bahama Village generates more than enough TIF funds to repay this loan.
Additionally, sales tax revenue will be pledged to help secure the loan
so that your property taxes are not affected.
citizen input at a public meeting, the City Commission will determine how these
funds will be spent, allocated and administered.
Contact Finance Director Roger Wittenberg at 292-8222 with questions regarding this issue.