City of Winter Haven Awards Financial Services Contract to Southstate Bank Na (May 2026)

Not to exceed 90% of the Project’s actual tax increment for years 1–10 and 60% of the Project’s actual tax increment for years 11–20; plus reimbursement of City water and wastewater connection fees not to exceed $484,023

FINANCIAL_SERVICES

Tax increment rebates: up to 20 years beginning with the tax year when improvements generate tax increment and taxes are paid; utility fee reimbursement: four equal annual payments following confirmation of fee payment

Agreement provides for tax increment financing rebates for up to 20 years or for as long as the CRA exists, whichever is earlier; no automatic renewal beyond CRA existence or appropriations, and incentive/payment rights cannot be assigned without prior written approval of the City and CRA Board.

Agreement