A Community Redevelopment Agency (CRA) is a legal entity that is created by a municipality or county after a determination that "slum and blight" criteria, established in Chapter 163 Part III of the Florida Statutes, have been met.
The process for designating a community redevelopment area is to demonstrate the "need" for redevelopment in the area. A "Finding of Necessity/Slum and Blight Study" for the area is approved by resolution of the local government, and, in a home rule charter county such as Broward, the "Finding of Necessity/Slum and Blight Study" is presented to the County for review and approval.
The County Commission by resolution approves the "Finding of Necessity/Slum and Blight Study," and delegates authority to the municipality to create a Community Redevelopment Agency and prepare a Community Redevelopment Plan. Other powers may also be delegated. Upon County Commission approval of a community redevelopment plan, additional powers are granted. Such powers generally include authority to condemn property for a public purpose, establishment of a Redevelopment Trust Fund, and authority to issue bonds.
Tax Increment Financing (TIF) is the traditional funding mechanism for CRAs. In accordance with Chapter 163 Part III of the Florida Statutes, TIF payments are equal to 95% of the increase in tax revenue generated by the increase in property values in the redevelopment area and are used within the redevelopment area to finance additional projects.
Thirteen municipalities in Broward County have CRAs. Three cities – Hollywood, Lauderhill, and Pompano Beach – have two Redevelopment Areas under one CRA and Fort Lauderdale has three Redevelopment Areas under one CRA.
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