SWTIF: What It is and Why It Matters

Few people outside of government have likely heard of the new Southwest Tax Increment Financing District, also known as SWTIF, but its potential impact could provide significant benefits to many residents of Manatee County. Generally speaking, it is a program to revitalize one of the oldest business and residential districts in the county by setting aside a portion of increases in ad valorem taxes from new developments and the appreciation of existing real estate. SW_TIFSWTIF encompasses over 25,000 acres and more than 24,000 households in a region that is loosely defined by Manatee Avenue, US 301, the southern boundary of Manatee County, and Palma Sola Bay. Plans call for SWTIF to primarily fund projects related to public safety, transportation, and small business rehabilitation.

Peninsula Bay is expected to be among the largest contributors to SWTIF. As the new neighborhoods are developed, a portion of the property taxes they generate will likely be used for SWTIF projects, which may include building sidewalks and bicycle lanes, enhancing street lighting and storm sewers, or improving roadways.

Other similar programs are already operating successfully in the county, including three TIF districts in Bradenton and one in Palmetto. SWTIF is expected to raise tens of millions of dollars over its 30-year lifetime.

4 comments on “SWTIF: What It is and Why It Matters

  1. brian connolly

    Peninsula Bay will be a DISASTER for the quality of life in this area.One thing that is NOT needed here is more retail space,Just ride up and down Cortez RD and Manate and look at all the empty stores that already exist!!!! Abetter use for this land MUST be found.

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  2. `Bob Mann

    So the taxes you will be paying, like all of us do, are being traded with the politicians for approval for your projects. I live in a condo and we can’t get the town to maintain our streets more than twice a year and WE pay taxes too. I guess you have more influential friends than we do. Bob Mann

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    1. palmetto

      Ana, thank you for your question. There is no new ad valorem tax instrument created by the county. Rather the Southwest Tax Increment Financing District is a financing vehicle used by the county to fund infrastructure improvements. The revenue used to pay for these improvements is the higher property values within the district, which therefore creates a funding source. The largest projected revenue would come from vacant land being converted to a higher value use, such as new construction at Peninsula Bay.

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