PSJRA releases annual report

Billy Joe Rish Memorial Parking Lot

The Billy Joe Rish Memorial Parking Lot was dedicated last year, one of a number of infrastructure improvements brought by the work of the Port St. Joe Redevelopment Agency.

Tim Croft
Published: Thursday, March 21, 2013 at 09:12 AM.

Another year of investing in the city of Port St. Joe.

The Port St. Joe Redevelopment Agency (PSJRA) released its annual report this month, outlining the leverage the agency has brought to its funding and how that leverage has benefited the community.

The PSJRA operates with what is known as Tax Increment Funding, the agency receiving a percentage of any increase in property values within the agency’s district.

That district has grown since the boundaries were first drawn in 1989. Expanded to include all of the neighborhood of North Port St. Joe 20 years later, the PSJRA district now encompasses 452 acres with 731 parcels, up from 115 acres and 142 parcels when initially formed.

Since 2006, the PSJRA has leveraged its TIF to attract more than $1.125 million into the agency’s district, a return on TIF funds of roughly 53 percent.

In fiscal year 2012 alone, the TIF funding to the agency was $249,231 from the city of Port St. Joe and the Board of County Commissioners; the agency received some $215,000 in grant awards.

That has meant $959,940 invested into businesses through the Façade Improvement Grant program, planning and visioning efforts, expansion of the PSJRA boundaries, landscape and shading downtown and banners and branding.

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