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When you are paying your taxes, do you ever wonder where all your money is going? Well, the Community Investment Tax (CIT) is just one way Hillsborough County is putting your tax dollars to use.
"The tax was first used to fund Raymond James Stadium and was promised to provide funding for other community projects," states Stacy Williams, county community relations coordinator.
Approved by voters in 1996 and funded by a half-cent addition to the sales tax, the CIT has provided funding to a variety of projects in the FishHawk area alone. Projects such as the expansion of Bell Shoals Rd., where $3.63 million was spent on land acquisition, $2.5 million for project development for the expansion of Lithia Pinecrest Rd., a trail at Alderman's Ford Park which cost $100,000 and bridges crossing the Alafia River on C.R. 39 ($6.9 million) and Lithia Pinecrest Rd. (463,000) have been funded by the tax.
The FishHawk Sports Complex design is expected to pull $9.4 million from the tax revenue by the time it is complete.
"Projects are designated through a need in a department, whether it be a library, park, water treatment plant, senior center or transportation services," states Steve Valdez, Hillsborough County community relations coordinator. "All projects are citizen-driven as to what is needed in these areas and how facilities can fulfill this need."
Hillsborough County is able to use the funds towards projects associated with public safety, education, transportation, water, wastewater, reclaimed water, stormwater, community stadiums, parks, libraries, museums and government facilities. All projects associated with the tax are under the Board of County Commissioners and will be subject to a public hearing as funding initiates for the project.
To date, Hillsborough County has benefited from $790 million produced from the community investment tax and it is estimated that $4.7 billion will be made over the 30-year life of the tax. In the future, schools will receive 25 percent or $1.2 billion, the community stadium will receive six percent or $290 million and Hillsborough County will receive 69 percent or $3.3 billion for projects around the area.
"Funds can only be used for design and construction of capital projects and cannot be used for the operation of projects," states Valdez, who mentions that all applicants must show that their funding can support such additions to their facilities in the long run.
For more information, call 272-5275.
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