Murdock Village Redevelopment Initiative

25. How will the County repay the monies it has borrowed to acquire lands within the Community Redevelopment Area?

While the exact methods and amounts of repayment of debt are not expected to be solidified prior to negotiating a Redevelopment Agreement with a willing and capable redevelopment partner, the general redevelopment principles have been identified by the County. The Redevelopment Agreement will address elements such as the timing of land purchased from the County and exactly how much and when purchase price payments will be received. [Click here to learn more about obligations of the County before construction commences.] The County does not expect that all of its land acquisition costs will be paid through an offered purchase price from a redevelopment partner. The redevelopment initiative is expected to generate future tax increment revenues which will increase significantly upon build-out. [Click here to learn more about potential tax increment revenues.] These tax increment revenues (difference between ad valorem taxes generated today and additional taxes generated each year thereafter as the project develops) will provide a significant opportunity for the County to recover, over a period of years, any difference between monies expended in acquiring lands and the purchase price offered.

Once a proposer is selected, the County will negotiate in the Redevelopment Agreement a financial structure which is expected to repay all short term borrowing as soon as feasible and or establish long term debt repayment using future tax revenues derived from the Murdock Village Community Redevelopment Area. [Click here to learn more about current status of funding and potential sources of debt repayment.]

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Web Site of the Charlotte County Board of County Commissioners
Administrative Complex * 18500 Murdock Circle * Port Charlotte, Florida 33948 * 941.743.1200