Coral Springs redevelopment agency reverses controversial tax rebate increase for cornerstone project developer after public outcry and vocal opposition from residents
Coral Springs, Florida – In a rare turn of events, the Coral Springs Community Redevelopment Agency (CRA) voted Monday night to rescind a previously approved tax rebate increase for the developer of the high-profile Cornerstone project. The reversal comes after public outcry and mounting concerns raised by residents about the financial implications of the decision.
Originally, in June, the CRA board voted 4-3 to approve an increase in the tax increment payment for the north building of the Cornerstone development, raising the rebate from 50% to 75%. This change could have resulted in an additional $200,000 to $250,000 in annual revenue for developer Rod Sheldon once the property was added to the tax rolls. However, following a public outcry and vocal opposition from community members, the board’s decision was reversed during the Monday night meeting, with the vote once again split 4-3.
José “Joe” Morera, a longtime Coral Springs resident and candidate for the City Commission, played a pivotal role in the reversal. Morera publicly called for the CRA to reconsider its approval, arguing that the increased rebate would undermine public trust. His concerns were shared widely, with many residents expressing frustration over what they perceived as an overly generous deal for the developer, especially in light of the project’s public funding and incentives.
“I’ve been really vocal about the need for transparency and fairness,” Morera said after the vote. “The increase was simply too much, and it was something that residents weren’t comfortable with. This reversal is a victory for the people who spoke out.”
During the meeting, board member Mark Mendel, who had cast the deciding vote in favor of the rebate increase in June, expressed that he had reconsidered his stance due to the overwhelming feedback from the community. “It’s become clear to me that many residents feel strongly and raised concerns that I didn’t consider,” Mendel said, acknowledging that the public response had prompted him to rethink the issue.
The decision marks a significant shift for the CRA and raises questions about how the agency will approach future projects that involve public incentives. The reversal could signal a new era of more scrutiny and community involvement in redevelopment projects, especially as Coral Springs continues its efforts to revitalize its downtown area.
Despite the reversal, the Cornerstone project is far from over. The CRA is set to revisit the issue in September to discuss potential alternatives. For now, the tax rebate for the north building will remain at 50%, but the future of the project remains in flux.
Rod Sheldon, the developer behind Cornerstone, had requested the rebate increase as part of a broader agreement with the city. As part of the deal, Sheldon had agreed to sell a nearby parcel of land to the city for $1.1 million, even though he had purchased it for $2.9 million. The land was originally intended for a hotel, but market conditions led to the cancellation of the plans. The city now plans to turn the land into temporary green space, which has sparked additional debate over the use of public funds in the project.
The Cornerstone project itself, a mixed-use development located at the intersection of University Drive and Sample Road, is seen as a key component of Coral Springs’ efforts to transform its downtown. The development will feature apartments, retail shops, restaurants, and, in the future, the Coral Springs Museum of Art.
Sheldon has already received substantial financial support from the CRA, including more than $753,000 in tax incentives for the project’s south building. The developer is also set to receive an additional $748,533 in incentives for next year. However, the controversial rebate increase for the north building had drawn the ire of many residents, who questioned the fairness of providing additional tax relief to a developer who had already benefitted from substantial public support.
Following the reversal, Morera expressed his relief and continued determination to advocate for the people of Coral Springs. “This is a much-needed win for our residents who are disillusioned with many of the changes that have taken place with the Cornerstone project,” Morera said. “There is more work to be done.” He added that while the CRA had made a significant step by reversing the tax rebate decision, the city needed to focus on ensuring that future developments prioritized community needs and transparency.
As Coral Springs moves forward with its redevelopment efforts, residents and local officials alike are closely watching how future decisions will unfold, particularly when it comes to the allocation of public incentives and the balance between private development and public benefit. The reversal of the tax rebate boost marks just the beginning of what could be a larger conversation about how the city grows and evolves in the years to come.
