§ 2-2361. Findings and declaration of necessity.

It is hereby found and declared that (i) there exist limited transportation options and increasing traffic congestion within the Strategic Miami Area Rapid Transit ("SMART") Plan rapid transit corridors; (ii) the improvement of these transportation conditions through funding of rapid transit infrastructure improvements and operations is a proper matter of Miami-Dade County policy and concern and is a valid and desirable public purpose; (iii) implementation of the SMART Plan rapid transit corridor projects, in whole or in part, has countywide significance; (iv) a tool to help finance SMART Plan rapid transit corridor projects involves the creation of a locally designated tax increment financing district, which would allow Miami-Dade County to utilize—or pledge through the issuance of bonds—future ad valorem tax revenue increases in a designated area to help fund SMART Plan rapid transit corridor projects; (v) as transportation infrastructure improvements are implemented in a tax increment financing district, properties within one-half mile of such transportation infrastructure improvements are likely to increase in value, thereby generating incremental property tax revenues; (vi) robust multimodal transportation systems are key to Miami-Dade County's economic vitality for existing and future residents, workers and visitors and can positively impact the health, safety, and welfare of Miami-Dade County residents; and (vii) using tax increment financing to fund transportation infrastructure improvements and operations will enable Miami-Dade County to maintain and grow its economic competitiveness while maintaining and improving its residents' high quality of life.

(Ord. No. 18-8, § 2, 2-6-18)