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In 2000, one of the most notable accomplishments for the City of Lauderdale Lakes was the establishment of the Lauderdale Lakes Community Redevelopment Agency (CRA) which served as a catalyst for community and economic renewal. Key stakeholders played a major role in developing a blueprint, known as a Redevelopment Plan, consisting of strategies to transform the commercial and residential district utilizing an infusion of public and private dollars within the designated CRA district. Since the establishment of the CRA, several projects have been completed in both public and private realm. Large tracts of land were acquired by the CRA, and subsequently sold, to build Bella Vista Townhomes, Bella Vista Apartments, Library/Educational and Cultural Center and Cassia Estates Single Family Homes. The Lauderdale Lakes CRA awarded over $3.3 million in commercial facade improvements. Today, the property valuation totaling over a third of a billion dollars has shown the valuable role that the Lauderdale Lakes Community Redevelopment Agency has played in stimulating economic growth. It is clear that a bright future dawns for the CRA District. Your input is critical in making decisions regarding the future of the district.
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What is A CRA?
Pursuant to Florida Law (Chapter 163, Part III, Florida Statutes), local governments are able to designate community redevelopment areas under certain conditions to address the unique needs of a targeted area. To document that the required conditions exist, the local government must survey the proposed community redevelopment area and prepare a Finding of Necessity. If the Finding of Necessity determines that the required conditions exist, the local government may create a Community Redevelopment Agency (CRA) to provide the resources needed to foster and support redevelopment of the targeted area.
The activities and programs offered within a community redevelopment area are administered by the Lauderdale Lakes Community Redevelopment Agency. A CRA “Board of Commissioners”, created by the local government (city or county), directs the agency. Although one local government may establish multiple CRA districts, there generally may be only one CRA Board.
A CRA is a dependent special district in which any future increases in property values are set aside to support economic development projects within that district. A Community Redevelopment Agency may use a unique tool available to cities and counties for redevelopment activities, called “Tax Increment Financing” or a “TIF”. A TIF may be used to leverage public funds to promote private sector activity in the targeted area. The tax increment revenues can be used immediately, saved for a particular project, or can be bonded to maximize the funds available. Any funds received from a tax increment financing area must be used for specific redevelopment purposes within the targeted area, and not for general government purposes.
The Community Redevelopment Agency is responsible for developing and implementing the Community Redevelopment Plan that addresses the unique needs of the targeted area. The plan includes the overall goals for redevelopment in the area, as well as identifying the types of projects planned for the area.
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