Status
- On June 26, 2012, staff will provide the Board of County Commissioners with a report on the Eastside CRA project and ask for direction..
Documents
Community Redevelopment Areas are authorized by Chapter 163 of the Florida Statutes, and local governments are encouraged to establish CRAs to eliminate and help prevent the spread of blight,
which is an indicator of community decline. A CRA is an implementation tool designed to focus financial resources and help accelerate investment in this area. Establishment of the Eastside CRA would extend the
Board of County Commission’s commitment to the principles of economic development, community investment and sustainability.
On May 24, 2011, the Board of County Commissioners directed staff to prepare a Finding of Necessity to document the community conditions and draft the Resolutions necessary to establish a CRA, and bring these
documents to the Board of County Commissioners with a request for authorization to advertise the Public Hearing to consider adoption of the resolutions. Staff presented this to the board on September 27, 2011 and
the Board requested additional information. Upon receiving the additional information on November 15, 2011, the Board referred the CRA to advisory committees for input.
What is a CRA?
A CRA is a defined sub-area of a city or county that is targeted for revitalization and economic development by a Community Redevelopment Agency, whose objective is to provide a foundation and mechanism for stimulating investment and fostering job and income growth in the community.
What is the purpose of a CRA?
The purpose of a CRA is to eliminate blight, which is an indicator of community decline, and represents the County's committment to reinvest in the community.
What are some common projects for CRA's?
Examples of common projects for CRAs include: streetscapes and roadway improvements; building renovations; new building construction; flood control initiatives; water and sewer improvements; parking lots and garages; neighborhood parks; sidewalks installations; and street tree plantings.
What tools are available to facilitate redevelopment?
A variety of tools are available to facilitate redevelopment within a CRA. Some of the kinds of redevelopment incentives that CRAs can offer include: Loans, interest or rent subsidies; local, state or Federal grants or loans; micro-loans to small businesses; public assembly of land, land donation, reduced land cost; shared cost of upgraded or new utility/infrastructure; environmental cleanup costs; relocation/training costs; cash payment for developer’s costs; reduced impact fees; façade improvements; and affordable housing loans and grants to developers.
What is Tax Incremental Financing (TIF)
A key tool available to CRAs is the ability to retain and reinvest a specified portion of the increased property tax revenue that results from the increased property values associated with development and redevelopment consistent with the CRA plan and within the CRA district, known as Tax-Increment Financing (TIF). TIF is a revenue source that can help fund initiatives that are designed to stimulate economic development. Having a TIF tool in place can provide the opportunity for leveraging additional funding sources such as grants, micro-loan programs, public-private partnerships and related activities to enhance the quality of life and economic opportunity in the CRA. Capture and reinvestment of the increment in tax revenues generated within the CRA should also in the long term help enhance the tax base for the local government.