Tallahassee CRA to use revenue for self-created projects
A joint panel that oversees the Community Redevelopment Agency spent its Monday meeting lauding projected tax revenue generated by private ventures it supported and also discussed plans to fund its own projects.
Since 2004, the CRA has committed $14.3 million in cash generated by tax-increment financing to 12 developments and saw a return of $93 million in taxable property value increases. The agency collects TIF money from two separate districts in Frenchtown/Southside and downtown.
Much of the increase in property value was seen in developments in College Town. For instance, two residential projects that cost developers an estimated $52.1 million received $5.6 million from the CRA. Property values for the projects have increased by $32.3 million.