SUBJECT/RECOMMENDATION:
Title
Support the proposed extension of the one-cent local government infrastructure surtax, otherwise known as the Penny for Pinellas, and adopt Resolution 17-17.
Body
SUMMARY:
Adoption of this resolution includes approval of the proposed project list and the execution of the Interlocal agreement with Pinellas County.
The Penny IV Interlocal Agreement is nearly identical to the agreement currently in place with updated distribution percentages for the period from January 1, 2020 through December 31, 2029. The methodology for the distribution percentages mirrors each of the three previous agreements by following the population-based statutory formula.
Pinellas County has provided revenue projections for a renewed Penny with a comparison of current and proposed distributions.