VENICE – Business and city leaders regard Venice’s vibrant downtown shopping district as their city’s centerpiece. If downtown experiences an economic decline, they believe the consequences will be felt citywide.
That is why City Council member Emilio Carlesimo says he wants a public discussion about the concept of a “community redevelopment area” for downtown.
When a CRA is established, property taxes generated by affected properties in the designated area are capped at the current value. Any increase in taxes caused by a rise in property values are earmarked for improvements within the CRA, such as new utilities, roads, parking garages or building facades.
The city of Sarasota established a CRA for its downtown and designated another CRA in Newtown.