Two public hearings regarding the North Park Isles and a public hearing on a tax exemption for a business will be on the agenda for the commission meeting on July 23.
North Park Isles has seen its fair share of twists and turns. Originally approved by city commissioners in 2006, the district was modified again in 2016.
However, there has not been any development on the site. Last month, city commissioners approved the addition of land, which took the former 397 acres up to 460 acres and increased the potential number of residential units from 1,219 to 1,350.
Because of the land addition it is going back before the city commission to dissolve its current district in one vote and to establish a new district, which will include the new land, in another vote. Commissioners agreed on July 9 to set up the public hearings on the vote that is scheduled to take place at 7:30 p.m. Monday, July 23, in City Hall.
The establishment of the North Park Isles Community Development District means that the developer can “obtain low financing by issuing tax-exempt bonds to finance the construction of infrastructure,” according to the city. CDDs are local, special-purpose government frameworks that act as alternatives to municipal incorporations.
North Park Isles is located north of Sam Allen Road and Park Road. In 2014, the single-family homes in the district were priced to be around $225,000 to $235,000. Part of the concern for the area was of the original 397 acres, 163 acres were wetlands and 106 acres were upland forests.
The two public hearings on the North Park Isles district should be back-to-back during Monday night’s meeting. City commissioners will also hold a public hearing on an ordinance that would grant tax exemptions for Materials Lifecycle Management Company of Tampa, LLC (MLMC).
The Florida Constitution allows local governments to grant Economic Development Ad Valorem Tax Exemptions to new businesses expansions of qualifying businesses via the approval of a referendum.
In 2010, 68% of Plant City voters approved the referendum so that in 2011 commissioners could create the ordinance to grant exemptions from here on out. Basically, the MLMC said it would employ at least 45 new full-time equivalent employees in the new business and it is asking for the ordinance to allow it to have Tier II benefits.
The improvements are anticipated to take place on or after the year 2021. If approved, the exemption remains in effect for seven years from the year the improvements are added.
For more information on the upcoming meeting and other items that will be included, check out plantcity.civicweb.net on Friday for the released agenda.