The Century Community Redevelopment Agency (CRA) now has just over $92,000 in the bank and will soon begin to consider potential projects to improve blighted areas of the town.
The five members of the Century Town Council currently sit as the CRA board. The town website indicates the CRA board will meet quarterly, but Tuesday evening’s meeting was the first this calendar year.
In October 2018, the council approved a Tax Increment Financing plan for their redevelopment area, allowing the CRA to receive property tax revenues each year in excess of an established base rate. The appraised value of the property within the designated district was “frozen” in 2018, with that amount of tax revenue generated still designated for the town’s general fund, the county and other taxing authorities.
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