Community Redevelopment Agency (CRA) of the City of Plant City, Florida
Community Redevelopment Agency (CRA)
The City Commission of the City of Plant City, Florida, established a Community Redevelopment Agency (CRA) in 1981, in accordance with the Community Redevelopment Act of 1969. This state act allows municipalities to use increases in property tax revenue to finance the necessary public investments in the project area. In accordance with provisions of this act, the CRA developed and implemented a Community Redevelopment Plan to remove the conditions of slum and blight that existed within a large portion of the City's core, including the Central Business District (CBD) and the adjacent residential areas.
Funding for redevelopment and restoration projects that are essential for the reduction of slum and blight and the stimulation of private sector revitalization efforts is provided primarily from the tax increment generated by the increase devaluation of properties within the community redevelopment area. Increases in property tax revenue above the baseline assessment that was established upon adoption of the Community Redevelopment Plan is set aside in the Community Redevelopment Trust Fund and can be utilized only for projects identified in the plan.
The CRA is a separate entity from the local government. However, the City Commission of the City of