CRAs in 2012-2017 SFL Economic Development Strategy (Pages 75 and 77)
For nearly thirty years in the State of Florida, statutory provisions have existed to allow the establishment of Community Redevelopment Agencies (CRA’s). CRA’s have evolved to represent comprehensive local mechanisms for the planning and implementing of local projects and programs that serve to:
1) eradicate conditions of blight;
2) expand local commercial activities;
3) stabilize and expand the local tax base; and to
4) create jobs.
Often this work is done in collaboration with other government or non‐profit entities and in partnership with private investors to leverage private investment. In South Florida, the thirty established CRA’s in the Region have captured in excess of $112,950,000 in annual, reoccurring, dedicated Tax Increment Finance (TIF) revenues for investment back into designated target areas. Target areas must meet statutory conditions of blight in order to be established and TIF investments are made over a thirty to forty year period to stabilize and/or improve the physical and economic conditions of designated target areas. South Florida has the most intense geographic concentration of CRA’s within the state and these agencies are available, onthe‐ground, and ready partners for the Regional effort to achieve sustainable economic redevelopment.
Strategic Findings/Policy Implications
Southeast Florida’s economic competitiveness and quality of life is linked to its ability to promote urban infill development and provide the necessary infrastructure to support it. “Green Building” strategies and energy efficient technologies should be incorporated into future development and redevelopment plans to create a more economically and environmentally sustainable region. The region’s Community Redevelopment Agencies (CRAs) encourage investment in existing communities across South Florida and are in position to leverage sizeable investment in redevelopment planning and implementation efforts. CRA’s establish strategies for community and economic renewal are based on priorities determined through dialogue with the citizens of the community and provide a stable source of economic development resources.
http://www.sfrpc.com/CEDS/
http://www.sfrpc.com/CEDS/