(Miami-Dade County, FL) -- The ordinance creating the Community Redevelopment Area of the geographic area known as the North West 79th Street Corridor, sponsored by Commissioner Monestime, was heard and passed during the Board of County Commissioners meeting today.
CRAs are a common government tool for redevelopment in Florida, and they operate on a budgeted generated by the increase of property taxes within the areas. Once the CRA is established, a percentage of the increase in real property taxes goes to the CRA. This tax increment is used to fund and finance the redevelopment projects outlines in the Community Redevelopment plan.
The area lies within the Unincorporated Municipal Service Area of District 2 and is bounded by NW 87th Street on the North, NW 7th Ave (SR-441) on the East, NW 62nd Street on the South, and by NW 37th Avenue (Douglas Road) on the West.
"A major milestone toward sustainable economic development of the 79th Street Corridor took place today with the approval of the 79th Street Community Redevelopment agency," said Commissioner Monestime. "The creation of this CRA will foster real investment and demonstrate the county's commitment toward the improvement of the area."