The funding source for CRA's, Tax Increment Financing (TIF), allows for a redirection of the existing ad valorem property taxes to redevelopment projects without imposing a new level of taxation. Due to the nature of TIF financing this means that the amount of funding available for CRA projects starts out with a small amount and grows as redevelopment effmis foster growth in property values in the district. As such during the first ten years of a CRA's 30 year lifespan funding for improvement projects is usually very limited but increases as the positive effects or redevelopment are realized. During its first ten years the "bricks & sticks" type improvement projects. Along with this the CRA commissioned a historical structure survey of the district and began work on grant writing to acquire additional funding for its future work. In 1998 the CRA acquired the first grant for downtown redevelopment; this was a $600,000 Community Development Block Grant (CDBG) from the Florida Department of Community Affairs (FDCA). Following this success the CRA has continued on an aggressive grant writing program to fund additional improvement projects. The following is a list of CRA major projects conducted from its inception in 1988.
The CRA anticipates continuing several of its "bricks & sticks" projects such as the Riverwalk around the north end of King's Bay and the development of King's Bay Park. In addition the Agency is looking into diversifying its efforts in the area of economic development of the downtown by acquiring blighted properties and properties with infrastructure problems. The CRA will then restore the properties to a marketable state, design a concept for the development of the site in a manner consistent with the objectives of the City and then return the property to the private sector for development.
By integrating these varied redevelopment activities the CRA hopes to leave the City with a thriving and attractive downtown when the Agency sunsets in 2018.
Crystal River Redevelopment Agency
123 NW HWY 19, Crystal River, FL 34428
Ph: (352) 795-4216
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