Should AB Have A CRA

THE BASICS

CRAs are a specifically focused financing tool for redevelopment. CRA Boards do not establish policy for the city or county – they develop and administer a plan to implement that policy. The CRA acts officially as a body distinct and separate from the governing body, even when it is the same group of people. The CRA has certain powers that the city or county by itself may not do, such as establish tax increment financing, and leverage local public funds with private dollars to make redevelopment happen. The CRA term is limited to 30 years, 40 years if extended. After that time, all revenues (presumably much increased from the start of the CRA) are retained by each taxing entity that contributed to the CRA trust fund.

On September 26, 2017 the Atlantic Beach Commission held a Workshop Meeting  regarding the Community Redevelopment Area proposal for the Mayport Corridor. At the meeting a packet was presented from the consultants, VHB. Here is a copy of that report.

http://weblink.coab.us/WebLink8/ElectronicFile.aspx?docid=696369&dbid=0

There are many communities in Florida that have a CRA and they have been successful in improving their community. Sanford, Florida is a wonderful example. In 1993, Sanford began planning for a Community Development Area to revitalize the Lake Monroe Waterfront and Sanford Downtown business areas. Although the CRA was established in 1995, it took several years before there was enough building fund monies to undertake their First Street streetscape upgrading. After this first project, several other improvements were made. Now Sanford has a vibrant downtown that with several annual events that bring over 1,000 visitors each. Click here for a video of Sanford's lively city today!

What is a Community Redevelopment Area or District?

Under Florida law (Chapter 163, Part III), local governments are able to designate areas as Community Redevelopment Areas when certain conditions exist. Since all the monies used in financing CRA activities are locally generated, CRAs are not overseen by the state, but redevelopment plans must be consistent with local government comprehensive plans. Examples of conditions that can support the creation of a Community Redevelopment Area include, but are not limited to: the presence of substandard or inadequate structures, a shortage of affordable housing, inadequate infrastructure, insufficient roadways, and inadequate parking. To document that the required conditions exist, the local government must survey the proposed redevelopment area and prepare a Finding of Necessity. If the Finding of Necessity determines that the required conditions exist, the local government may create a Community Redevelopment Area to provide the tools needed to foster and support redevelopment of the targeted area.

There are currently over 220 Community Redevelopment Areas in the State of Florida. To obtain a current list, visit
https://dca.deo.myflorida.com/fhcd/sdip/OfficialListdeo/.


Be the first to comment

Please check your e-mail for a link to activate your account.