SOURCE: Osceola News-Gazette
The iconic purple light poles illuminating Kissimmee’s West U.S. Highway 192 tourist corridor are set to get a modern facelift – at a cost of more than $2 million.
Last week, Osceola County’s W192 Development Authority voted to set aside more than a third of its $5.6 million 2020 budget to replace purple streetlights in exchange for new, sleeker black ones with LED lights.
The $2.1 million allocation will come from the development authority’s Tax Increment Financing (TIF) revenue.
A TIF district locks in the property value for a certain in a designated region for a set number of years, so that the county only collects taxes based on that first-year value. The additional tax revenue over the years goes into a special trust fund used only for redevelopment projects.