The Century Community Redevelopment Agency (CRA) held an important meeting on Monday night, focusing on plans to improve a neglected area of the town. This five-member board, which is part of the Century Town Council, is stepping up to tackle the challenges of blight in the community. Excitingly, the board decided to invite applications for a volunteer position and add two more citizen representatives ahead of their next meeting on June 23. John Bass was elected as president, with Sparkie Harrison stepping in as vice president. It’s encouraging to see such proactive steps being taken to engage the community in revitalization efforts.
The CRA is planning quarterly meetings, with the first gathering in years just having taken place last month. Although the CRA currently has $191,151.89 in its account, financial discussions were notably absent from this meeting. Back in October 2018, the board approved a Tax Increment Financing (TIF) plan for the redevelopment area, allowing the CRA to receive annual tax revenues that exceed a predetermined baseline. This means that as property values rise, 95% of the additional tax revenues generated will help fund improvements in the area, which spans 510 acres.
Understanding the CRA and TIF
In Florida, Community Redevelopment Agencies (CRAs) function as dependent special districts. They are established to tackle issues such as substandard housing, inadequate infrastructure, and insufficient roadways. The CRA’s ability to use Tax Increment Financing (TIF) is crucial for its redevelopment projects. TIF works by freezing property values at the assessed value from the year the CRA is created, allowing the CRA to collect tax revenues from any increases above that base value to fund its projects.
The CRA’s Redevelopment Plan is tailored specifically to address the needs of the community, aiming to enhance the overall quality of life. Goals within this plan include streetscape improvements, building renovations, and enhancing infrastructure like flood control and water systems. The CRA operates independently from the local government that established it, which provides it with unique powers to manage property and leverage funds effectively.
Future CRA meetings are scheduled for June 23, September 15, and November 17, all at 5:30 PM, before the regular Town Council meetings at 6:15 PM. As the CRA moves forward, it will be crucial for community members to engage and participate in these meetings to voice their concerns and ideas.
Long-Term Vision for Century
Historically, TIF has proven effective in Florida for generating funds for vital urban redevelopment projects, particularly after events such as the tornado in February 2016, which devastated 40 homes and businesses in the area. The CRA’s roadmap for future development not only aims to rectify existing issues but also encourages private investment to spur economic growth. This approach aligns with the larger goals set forth by the Community Redevelopment Act, promoting maximum private sector involvement to revitalize declining communities.
As the Century CRA embarks on this journey of transformation, the focus will remain on creating a vibrant, safe, and attractive environment for residents and visitors alike. For more information about the CRA and its initiatives, you can visit North Escambia and check out additional resources at the Florida Redevelopment Association and Miami-Dade County.