In presentations to the Manatee Chamber of Commerce on Thursday that mostly touted their cities’ recent revitalization accomplishments, Bradenton Mayor Wayne Poston and Palmetto Mayor Shirley Groover Bryant also said that pending legislation would harm those ongoing efforts.
Florida House Bill 13 — filed by Rep. Jake Raburn, R-Valrico — would prohibit the creation of any new community redevelopment agencies as of July 1. Existing CRAs are to pay off their debts and come to an end as of Sept. 30, 2037.
A local government can designate a geographic area for a CRA to encourage and help finance redevelopment and prevent blight. The amount of property taxes the government collects from that area for its regular budget is frozen at that point in time. As property values increase, the additional property taxes instead go to the CRA to be reinvested in that area.
To read the full article, click here.