Tax increment financing (TIF) is a unique tool available
to cities and counties for redevelopment activities. The dollar value of
all real property in the Community Redevelopment Area is determined as
of a fixed date, also known as the "frozen value." Taxing authorities,
which contribute to the tax increment, continue to receive property tax
revenues based on the frozen value. These frozen value revenues are
available for general government purposes. However, any tax revenues
from increases in real property value, referred to as "increment," are
deposited into the Community Redevelopment Agency Trust Fund and
dedicated to the redevelopment area.
The West Bay Drive Community Redevelopment District is fortunate to have a "TIF" to provide an opportunity for redevelopment in the District.
Community Redevelopment Agency
The activities and programs
offered within a Community Redevelopment Area are administered by the
Community Redevelopment Agency. A CRA "Board" created by the local
government directs the agency. The Board can be comprised of local
government officials and or other individuals appointed by the local
government. Although one local government may establish multiple CRA
districts, there generally may be only one CRA Board. Each district
must maintain separate trust funds, and expend those funds only in that
Boards do not establish policy for a city or county - they develop and
administer a plan to implement that policy. The CRA acts officially as a
body distinct and separate from the governing body, even when it is the
same group of people. The CRA has certain powers that the city or
county by itself may not do, such as establish tax increment financing,
and leverage local public funds with private dollars to make
On an annual basis the Community Redevelopment Agency must provide to the State and local government agencies an overview of the year. Below are links to download the most recent Agency Annual Reports.
here to download a copy of the FY 2008 CRA Annual Report.
Click here to download a copy of the FY 2009 CRA Annual Report.
Click here to download a copy of the FY 2010 CRA Annual Report.
Click here to download a copy of the FY 2011 CRA Annual Report.