How are CRAs Created?
Under Florida law (Chapter 163, Part III), local governments are able to designate areas as Community Redevelopment Areas when certain conditions exist. Examples include: the presence of substandard or inadequate structures, a shortage of affordable housing, and inadequate infrastructure.
What is a Community Redevelopment Agency (CRA)?
The activities and programs offered within a Community Redevelopment Area are administered by the CRA. A five- to seven-member CRA "Board" is created by the local government, which directs the Agency. The CRA Board can be comprised of local government officials and/or other individuals appointed by the local government.
CRA staff are responsible for planning, coordinating, and implementing the goals and objective of the CRA Board and Community Redevelopment Plan. The employees work with a wide variety of stakeholders including City staff, developers, local business owners, City residents, and outside consultants.
What is a Community Redevelopment Plan
The CRA is responsible for developing and implementing a Community Redevelopment Plan that addresses the unique needs of each targeted area (CRA District). The plan includes the overall goals for redevelopment in the area, as well as identifying the types of programs and projects planned for the area.
What is Tax Increment Financing? (TIF)
After approval of a community redevelopment plan, a redevelopment trust fund is established for the CRA. Revenue deposited to this fund results from the incremental growth in taxable value within the area subsequent to establishment of the CRA. All funds received from a tax increment financing area must be used for specific redevelopment purposes within that area.