Community Redevelopment Area (CRA)
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The City of Cocoa has three CRA's: Cocoa, U.S.1 Corridor, and Diamond Square.For more information contactCRA Program Manager
Susan McGrady at (321) 433-8510.
What is a Community Redevelopment Agency (CRA)?
Community Redevelopment Agency (CRA) refers to a public entity created by a city or county to implement the community redevelopment activities outlined under the Community Redevelopment Act which was enacted in 1969 (Chapter 163, Part III, Florida Statutes). The CRA is established by the local government and functions within that local government.
What is Tax Increment Financing?
TIF is a tool to use future gains in taxes to finance the current improvements that will create those gains. When a public project such as a road, school, or hazardous waste cleanup is carried out, there is an increase in the value of surrounding real estate and often new investment (new or rehabilitated buildings, for example).
This increased site value and investment creates more taxable property, which increases tax revenues. The increased tax revenues are the "tax increment". Tax Increment Financing dedicates that increased revenue to finance debt issued to pay for the project. TIF is designed to channel funding toward improvements in distressed or underdeveloped areas where development would not otherwise occur. TIF creates funding for public projects that may otherwise be unaffordable to localities.
