Cities to share taxes from complex

An apartment complex that promises to be a property tax bonanza for Lauderdale Lakes is moving forward after city officials worked out a split of the project’s tax revenues with Tamarac, where a small portion of the property is situated.

Most of the 25-acre site is within Lauderdale Lakes, but currently produces no tax revenue for the city.

The property is on the south side of Commercial Boulevard east of State Road 7 and is owned by Coral Ridge Presbyterian Church.

The Lauderdale Lakes’ portion pays no taxes because it was rezoned for a school 15 years ago so Westminster Academy could build a high school next to its athletic complex, but that never happened.

Now the church intends to sell the site to Atlantic Pacific Development, which is planning to build an upscale 420-unit community that will produce hundreds of thousands of dollars in annual tax revenue.

The Atlantic will include a clubhouse, tennis court, pool, children’s playground, gazebo area and “condominium level” apartment interiors.

However, the 1.9-acre Tamarac portion directly off Commercial Boulevard will only have an entranceway into the project, the development’s mail boxes and a dog park for the complex. That portion has far less tax value than the apartments being built to the south.

The two cities have agreed to split the value of the whole project proportionally based on acreage, so Lauderdale Lakes will receive taxes based on 92.4 percent of the total assessed value and Tamarac’s will be based on 7.6 percent of the assessed value. In addition, the developer has agreed to pay Tamarac $500,000 up front.

The project, previously approved by Lauderdale Lakes city commissioners in May, was approved by Tamarac commissioners with the changes Wednesday.

The size of the project continues to decrease. American Land Ventures, which was initially in negotiations with the church, had presented plans for a 605-unit complex two years ago and then a 510-unit project last year.