Proposed hotel in Coral Springs at Cornerstone.
The Coral Springs Community Redevelopment Agency has approved a $753,000 financial rebate for the developer of the Cornerstone property.
The CRA is distributing the funds to La Boca Partners, led by longtime developer Rod Sheldon, as an incentive for completing Cornerstone’s first phase. Records show that more money will flow from the CRA to the developer once the project’s second phase is complete.
Technically known as a tax increment finance rebate, TIF money is used by the CRA to incentivize development with an eye toward increasing taxable property values and creating more revenue for city investment downtown.
Cornerstone, a mixed-use project at the southwest corner of Sample Road and University Drive, is at the heart of Coral Springs’ efforts to build a bustling downtown lined with top retailers and restaurants, attractive apartments, public amenities, and green space.
The $753,000 financial rebate payment to La Boca Partners was approved as part of a previous agreement between Sheldon and the CRA.
TIF rebates are considered on a per-project basis through the CRA, according to the city.
The amount of TIF funds awarded to developers is determined in part by a property’s increase in taxable value, part of which is paid to the developer as an incentive as they continue – or complete – construction.
The CRA also uses TIF money to fund its commercial matching grant program, officials said.
The agency was established by the Coral Springs City Commission in 2002 to guide the city in its downtown redevelopment efforts, according to the city.
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