How is a CRA funded?

CRA projects are funded by Tax Increment Financing (TIF) from each redevelopment area. When a redevelopment area is established, the current assessed value of the property within the project area is designated as the base year value.  TIF is a mechanism which captures a percentage of any new tax revenue generated within a redevelopment area. For example, if a CRA area is established in 2001, the Agency receives a percentage of any tax revenue greater than the amount of revenue captured in that base year. This percentage can range between 50% and 95%.  Currently, the CRA areas receive 95% of this increase as TIF funds to be used in the community redevelopment areas. TIF funds collected from a particular CRA area are invested back into that area only.   Generating TIF is not an additional tax levy or a supplementary assessment on property owners. It is not an additional tax. TIF is an economic development tool used to leverage funds to promote private sector investment within the primary urban service boundary, and to generate revenues to finance projects.

Show All Answers

1. What is a CRA?
2. What is the purpose of a CRA?
3. How is a CRA funded?
4. When were the Brooksville CRA areas created?
5. How do I know where the CRA Areas are located?
6. What is a Community Redevelopment Plan?
7. Who makes the decision on approving grants?
8. Who is the CRA Board?
9. When does the CRA meet?