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About Community Redevelopment Areas
Community Redevelopment Areas (CRAs) are a common government tool for redevelopment in Florida, and they operate on a budget generated by the increase in 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 outlined in the Community Redevelopment Plan.
In order to be designated as a redevelopment area, the area must meet the criteria outlined in Chapter 163.340, Florida Statutes.
Several steps will have to be accomplished before the Community Redevelopment Area becomes a reality.
Community Redevelopment Plans include the overall goals for redevelopment in the area, as well as identifying the types of projects planned for the area.
CRAs are financed based upon a method known as Tax Increment Financing (TIF).Back to Top Page Last Edited: Mon Jan 27, 2014 3:09:07 PM
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