The CRA program is funded through the U.S.17-92 Redevelopment Trust Fund. The Trust Fund utilizes tax increment financing to fund the implementation of the Redevelopment Plan. Tax increment financing relies on the annual tax revenues generated from the appreciation of property values with the CRA above an established base level (1997). Consequently, as the property values increase within the redevelopment area, the tax increment revenues dedicated to the CRA also increase. The participating cities and the County each make an annual tax increment contribution to the U.S.17-92 Redevelopment Trust Fund. The CRA program uses public funds leveraged with private funds to create new projects or rehabilitate existing ones without creating additional taxes or fees.
Services Offered under the CRA:
Development Liaison and Expedited Permitting- Provides express servicing/processing of development permits to encourage the location, expansion or redevelopment of properties within the CRA.
Facility Location Program- Provides a mechanism for assisting in the recruitment of businesses to the CRA and includes GIS maps and information, a list of market-ready sites, link to other programs (federal, state and local) associated with economic development, and a liaison with the area's real estate professional and local chambers of commerce.
Public Spaces and Streetscape Improvement Program- Provides financial support and assistance to redevelopment projects that enhance the public spaces and lands within the CRA through improvements including pedestrian amenities, mast arm signal conversions, street amenities such as lighting and benches, intersection improvements, public parks and green space enhancements.