ROCK THE PLAZA - ONE BOYNTON

The Community Redevelopment Agency is responsible for developing and implementing the Community Redevelopment Plans that address the unique needs of the targeted area. The plan includes the overall goals for redevelopment in the area, as well as identifying the types of projects planned for the area. Examples of projects include streetscapes; redevelopment incentives for such things as façade improvements and structural improvements; infill housing; downtown and waterfront revitalization. The redevelopment plan is a living document that can be updated to meet the changing needs within the Community Redevelopment Area.

The funding source for CRA redevelopment initiatives is tax increment financing (TIF), a unique tool available to cities and counties for redevelopment activities. It is used to leverage public funds to stimulate redevelopment activity in the targeted area without raising taxes. The dollar value of all real property in the Community Redevelopment Area is determined as of the base year, the year the CRA is established. Taxing authorities, which contribute to the tax increment, continue to receive property tax revenues based on the base year values. Any tax revenues from increases in real property value referred to as “increment,” are deposited into the Community Redevelopment Agency Trust Fund and dedicated to the redevelopment area. Any funds received from a tax increment financing area must be used for specific redevelopment purposes within the targeted area, according to Florida Statutes. The CRA lifespan is limited according to Florida Statute and after the expiration of the CRA; all revenues (presumably much increased from the start of the CRA) are retained by each taxing entity that contributed to the CRA trust fund.