Coral Springs business leaders urge CRA board to reject plan to increase tax rebate for Cornerstone development and protect community funds
Coral Springs, Florida – The debate over tax incentives for the downtown Coral Springs Cornerstone development has reignited, with local business leaders speaking out against a proposed increase in the project’s tax rebate. The Coral Springs Coconut Creek Regional Chamber of Commerce issued a statement Wednesday urging the Coral Springs Community Redevelopment Agency (CRA) board to reject the developer’s request to raise the existing 50% tax increment financing (TIF) to 75%.
The issue is not new. In June, the CRA board voted 4-3 to increase the TIF on the north building of the Cornerstone complex to 75%, but the following month the board reversed that decision in another 4-3 vote. Now, the proposal is back on the agenda, with an agreement to potentially restore the higher rebate once again, sparking concern among community advocates and local business owners.
“CRA dollars are meant to support small businesses, improve public infrastructure, and enhance the quality of life for residents — not to increase private profit when original commitments are not met,” the Chamber said in its statement.
According to the Chamber, restoring the 75% TIF would raise the developer’s payout from approximately $9 million to $10.8 million, while reducing the CRA’s share from $5.3 million to $3.5 million. That shift represents nearly $1.8 million in funds that could otherwise be directed toward community projects, business grants, and public improvements.
The Chamber also pointed out that the developer, Ron Sheldon, has made significant changes to the original plan for the Cornerstone project. The revised design includes less commercial space, double the number of residential units, and eliminates the hotel that was initially part of the vision. Chamber leaders argue that these alterations deviate sharply from what the community initially supported and approved.
“Restoring the TIF to 75% now, when the project no longer reflects what was promised, is neither reasonable nor fiscally responsible,” the Chamber said.
Local business owners have echoed these concerns, emphasizing that CRA funds are a critical resource for the community and should be directed toward projects that serve a broader public purpose. Infrastructure upgrades, enhancements to public spaces, and programs supporting small businesses are among the initiatives that could benefit from the redirected funds. Many in the business community warn that prioritizing a single developer over community needs undermines the mission of the CRA.
The upcoming CRA board meeting is set for 5:30 p.m. Monday, Nov. 17, in the Sawgrass Room at Coral Springs City Hall, 9500 W. Sample Road. The decision could have lasting implications for both the Cornerstone project and the distribution of redevelopment funds in Coral Springs.
As the debate continues, the Chamber and other stakeholders are calling on the CRA board to prioritize fiscal responsibility and community impact over private profit. Their message is clear: the funds should benefit the residents and local businesses who contribute to Coral Springs’ growth and quality of life, rather than significantly increasing payouts to a developer whose project no longer reflects the community’s original expectations.
With nearly $2 million at stake, the meeting could prove pivotal in determining how Coral Springs balances private development incentives with the needs of the broader community. The outcome will signal whether redevelopment dollars continue to support shared community goals or are redirected toward a single project that has evolved beyond its original promise.
The Chamber’s stance underscores a broader concern about transparency and accountability in redevelopment funding, reminding the CRA board that community trust and equitable investment should guide decisions on tax increment financing and other public resources.
