A: The declining commercial value in Nassau Bay is the primary reason for redevelopment. Increasing Nassau Bay’s sales tax revenue through increased retail operations is also a motivation for the redevelopment program. New development will help reduce the tax burden currently carried by Nassau Bay homeowners, and the increased tax base will provide additional funding for needed capital improvements to city infrastructure and parks.

A: Declining commercial property values shifted the tax burden from commercial to residential tax payers. Less than 20 years ago, the tax burden was split 50/50 between residential and commercial property owners. Currently, homeowners carry 69 percent of the property tax burden, while the remaining 31 percent of the tax is carried by commercial property owners. If the City does not take action, this unfavorable and unacceptable trend will continue.

A: The selected facilities are mostly undesirable and underutilized due to a lack of investment from the previous owners. Totaling 325,000 square feet, these office structures were built between 1964 and 1970 and two of the 12 buildings have been vacant since 1985.

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Last updated 2/19/2008

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