This Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan is the implementation of a Plan through issuance of the Bonds and completion of a Redevelopment Project to have a beneficial financial impact on the City and County in that both will enjoy increased tax receipts from the Site when the Bonds are retired and will enjoy increased tax receipts from nearby properties whose development is influenced and induced by the Redevelopment Project. This Plan can be used in any state.
Florida Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan
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US-00250
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FAQ
The Panama City Community Redevelopment Agency ( CRA ) has four districts to alleviate conditions of blight by reinvesting Tax Increment Funds ( TIF ) into those areas.
If the Finding of Necessity determines that the required conditions exist, the local government may create a Community Redevelopment Area and appoint a board to oversee the activities of the Agency. As of 2016, there are 217 CRAs operating in Florida.
They operate on a budget generated by the increase in property taxes within the areas. The Board of County Commissioners approves the creation of CRAs. All are administered and overseen by Miami-Dade County.
Community Redevelopment Agency (?CRA?) refers to a public entity created by a city or county to implement the community redevelopment activities outlined under the Community Redevelopment Act which was enacted in 1969 (Chapter 163, Part III, Florida Statutes).
What is a Community Redevelopment Agency? The activities and programs offered within a Community Redevelopment Area are administered by the Community Redevelopment Agency. A five- to seven-member CRA ?Board? created by the local government (city or county) directs the agency.