There is a for-sure way redevelopment of the downtown and the area.
A strong market with finances will create a redevelopment area subject to the types of businesses interested in relocating or expanding into the area. The best and quickest way is to establish a Downtown Community Redevelopment Agency area. The city should issue 20-year, tax-exempt bonds, called increment tax financing.
Funds could be used for wider streets, the acquisition and demolition of current improved property for parking lots or garages, or to encourage new construction for condominiums, rental properties, or apartments.
The downtown area CRA should also include the area east of the railroad tracks, west of U.S. 1, south of State Road 60, and north of 16th Street. Use the enterprise zone, a designated federal and state distressed area, making it eligible for certain tax benefits and government funding. And then go north and south on both sides of U.S. 1, which needs redevelopment to make the main highway into Vero Beach more attractive.
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