What is a CRA? (Community Redevelopment Agency)
A Community Redevelopment Agency (CRA) is a legal entity enabled by FloridaStatute for the purpose of revitalizing distressed or decaying urban areas. A CRA is established by agreement of City and County after successfully completing the ‘slum and blight’ process as outlined in statute. Once established, CRAs operate for a specific time period, but may be renewed.
CRAs typically develop a work program and budget with input from citizens and stakeholders, allocating Tax Increment Finance trust funds for proposes defined in that plan. Among other powers, CRAs may issue RFPs for redevelopment, initiate land use and zoning changes, and text amendments to the Comprehensive Plan.
CRAs may acquire property for redevelopment, and even act as a developer if necessary. CRAs can also rebate any or all tax increments expected from a particular development if desired.