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1. What is Tax Increment Financing?

Tax increment financing provides most of the funding for the Community Redevelopment Area (CRA). This special funding tool provides all increases in taxes within the CRA beyond the year the CRA was established into a redevelopment fund.

The year the CRA was established is the "base year." Any increases in taxes beyond the base year are provided to the redevelopment fund. Therefore, as the property taxes increase due to redevelopment projects, the redevelopment also increases. Tax increment financing is not an additional tax to the property owner.

2. What else does the Community Redevelopment Area (CRA) entail?

The Community Redevelopment Area (CRA) has design guidelines for new development and rehabilitation. These guidelines regulate façade treatments, infrastructure, landscaping, and site design.

All building improvements and site plans must be reviewed by the Community Development Department and all projects of greater than 1.5 acres in property area or 10,001 square feet of building area must be approved by the Community Redevelopment Agency, which includes a public hearing. For more information regarding the guidelines, please contact Tim Ford at 321-567-3860.