28 Feb Riverwalk’s Harbourside Project Approved
Jupiter Town Times
JUPITER — In December, Town Council approved a significant project that will ultimately add an
entertainment district to the Riverwalk – Harbourside.
Harbourside, located north of the Indiantown Road bridge on the west side of U.S. 1,
will include shops, restaurants, a hotel, marina, and most importantly – public waterfront
access. Harbourside’s total cost will be near $130 million, and will be financed by
the project developers. The development will not only help to continue the Riverwalk
northward, but it will provide residents and visitors with community gathering spots for
day-to-day enjoyment as well as special events.
Projects like Harbourside can be developed and financed in many different ways, and
local governments can play different roles in the process. Jupiter has an established
Community Redevelopment Agency (CRA) for purposes of redevelopment along our
coastal corridor. The CRA manages all Riverwalk projects, and identifies or provides
funding for them. In the case of Harbourside, Jupiter’s CRA may support some of the
public use improvements through tax increment financing (TIF). Within the boundaries
of a CRA, all of the incremental taxes collected must be used within the boundary of
the CRA for a predetermined number of years. In Jupiter’s case, this timeline is 30 years
long, and began at the inception of the CRA in 2003.
In the case of Harbourside, tax increment financing is being used to allocate up to
$350,000 a year for 15 years for the area’s improvement. The Town estimates that
Harbourside will generate approximately $700,000 in taxes annually, and has identified
50% of that amount as available for improvements. As a safeguard, this amount is
a maximum. For instance, if for some reason the Harbourside development fails to
generate anticipated tax revenues, this amount would drop proportionately, and
would not exceed 50% of the incremental taxes generated by the project. And, if the
development does not move forward, no funds will be allocated.
With tax increment financing, the Town and the CRA are able to balance the risk
typically associated with the demands of a large-scale development like Harbourside,
and insulate the Town’s general fund from supporting development costs. By creating
community gathering spots and preserving public access to our waterfront, we are
ensuring that we will continue to remain “uniquely Jupiter.”