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For the November 7, 2000
REFERENDUM
to borrow $2.5 million for the purchase of property
for affordable housing in Bahama Village

 

  • What will this referendum do if approved by the voters?

It will allow the City of Key West to borrow $2.5 million to help provide affordable housing in Bahama Village.

  • How will the loan be repaid?

The Bahama Village portion of the Tax Incremental Funding (TIF) will be used to repay this loan.

  • What is Tax Incremental Funding (TIF)?

In 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. 

  • What can TIF money be used for?

The 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.

  • Will approving this referendum cause my taxes to go up?

No.  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.

  • How will the borrowed funds be used?

With citizen input at a public meeting, the City Commission will determine how these funds will be spent, allocated and administered.

  • Whom can I call if I have additional questions?

Contact Finance Director Roger Wittenberg at 292-8222 with questions regarding this issue.

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The City Government of Key West, FL
2000 - 2001