Frequently Asked Questions
Below you will find information that might help you understand how to find things or learn about information you might need to know about your city or town.
Tax Increment Financing
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The Downtown CRA does not levy taxes, it redistributes property tax payments that are already made to the city and county.Tax Increment Financing
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Redevelopment activities will be outlined in the CRA district Redevelopment Plan. The Redevelopment Plan is a document that is approved by both the city and county at the time that the CRA district is created. The Redevelopment Plan outlines the goals and objectives for the district, but more importantly, it outlines programs that allow the goals to be reached. The general goals of a CRA district are to eliminate blight, improve public facilities, create safer traffic flows, preserve and enhance residential neighborhoods, and improve the overall economic viability of the district. Possible programs would include street improvements, park improvements, development of infill housing, recruitment of new businesses and partnerships with job-training and placement services. Most programs are designed to encourage private developers to invest in the CRA district.Tax Increment Financing
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Tax Increment Financing
Several steps will have to be accomplished before the Community Redevelopment Area becomes a reality. These steps are as follows:
- Adopt the Finding of Necessity Resolution and Report (see documents below.) This will formally identify the blight conditions within the targeted area and establish the area boundary.
- Establish a CRA Board.
- Create a Redevelopment Trust Fund. Establishment of the Trust Fund enables the Community Redevelopment Agency to direct the increase in real property tax revenues back into the targeted area.
- Develop and adopt the Community Redevelopment Plan. The plan addresses the unique needs of the targeted area and includes the overall goals for redevelopment in the area, as well as identifying specific projects.
These steps should be taken in partnership with the taxing entities that will contribute to the Redevelopment Trust Fund. The City of Cocoa Beach is legally responsible for the administration, management and funding of the CRA and its projects and activities.
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Deterioration of many of the neighborhoods within the district took place over the course of many years. As a result, reversing that process will take a long-term and sustained effort. In the beginning stages of the CRA district, the tax increment is relatively small and the majority of the activities will be related to planning, strategy and goal-setting. As the plan is developed and the increment grows, the opportunities for larger, more visible projects will emerge. Keep in mind that the Downtown CRA district was created in 2009.Tax Increment Financing
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In Cocoa Beach the CRA district will be governed by the City Commission. The City Commission, sitting as the CRA Board, is responsible for the budget and policies of the CRA district.Tax Increment Financing