Our city has experienced unprecedented growth in the last several years. Suffolk is fortunate to have vast natural resources, a growing economy, and a diverse workforce. As a result, Suffolk is well-positioned to continue to grow and prosper.
It is essential that we continue to strategically plan for and manage projected growth to ensure that we retain the quality of life currently enjoyed by our citizens and preserve the unique character of our city and villages.
Our comprehensive plan will continue to promote development in already designated growth areas supported by infrastructure while strategically identifying locations for new growth. The plan will assist in making decisions regarding development, preservation, public services, and facilities. It will also address existing conditions and trends related to economic development, housing, transportation, and the enhancement of natural and cultural resources.
Our efforts to revitalize Downtown continue with major investments, including a $25M library, a recently opened festival park, additional parking, and the acquisition of two strategically located properties on Main Street. I am confident these significant investments will continue to attract additional private investment and ultimately create a destination for tourism and commerce.
The recently established Downtown Advisory Committee will provide invaluable collaborative advice from a diverse board of vested citizens.
Revenue streams generated by increased economic development during my term as Mayor have resulted in additional commercial real estate values totaling $1,764,706,900.00, which equates to $19.2 million of income. Also associated with this economic growth, sales tax, and all commerce-related taxes have collectively increased to $57,606,203.00, an increase of $8,895,643.00 during that same period.
These increases have afforded our city the ability to improve services and provide amenities to our citizens without any tax increase. Conversely, City Council REDUCED THE TAX RATE IN 2024, provided TAX RELIEF IN 2023, and REDUCED THE TAX RATE IN 2022.