While Port Richey’s CRA isn’t set to dissolve until 2032, city leaders are looking for ways to spur major investment before the district’s remaining years run out.
At a Community Redevelopment Agency meeting in June, board members approved a revision to the redevelopment incentive policy to include catalytic projects, which are real estate or infrastructure investments that can have a high impact on revitalizing areas.
“The catalytic project provision was developed during the final review of the CRA Redevelopment Incentive Program as we evaluated how the program would function within the remaining lifespan of the CRA,” said John Eric Hoover, who serves as the board’s chairman and the city’s mayor. “The current CRA is scheduled to sunset on Jan. 1, 2032, which effectively leaves only a few years for new projects to be planned, financed, constructed and begin generating tax increment revenue.”