The Century Town Council decided Monday night to hold off on forming a Community Redevelopment Agency (CRA) until they can find out how much of the necessary paperwork might be done with the help of Escambia County.
Upon declaration of an area as blighted, the CRA works to improve conditions. As property tax values rise, most of the increase is funneled back into the redevelopment area for further improvements. An estimate provide by Escambia County showed Century might, in a best case scenario, receive about $5,300 in tax funds for the first year of a CRA that included a full maximum 80 percent of the town. The money can roll over year to year, up a 40-year life for a CRA.
Council member Ann Brooks said Monday night that she is in favor of a CRA, but express concerns that legal fees, paperwork and staff costs could significantly decrease, or even exceed, the available funds of a young CRA.