Frequently Asked Questions
What is a CRA?
A Community Redevelopment Area (CRA) is a special geographic area where the community has determined that redevelopment of public and private facilities should occur according to a redevelopment plan. The City of Stuart CRA contains 692.7 acres of land, which comprises approximately 20% of the city. As redevelopment occurs in the CRA, a portion of the additional tax increment collected by the City, based on the increased property valuation, is reinvested in the CRA to promote economic growth, sustainable development, and improved quality of life.
Why create a CRA?
CRAs are created to assist local governments in pursuing redevelopment in targeted areas that are characterized by blight and disinvestment. By establishing a CRA, local governments are given a financial and planning mechanism by which to redevelop areas where private market forces aren’t working.
How is the redevelopment funded?
Activities in CRA districts are predominantly funded by tax increment. Tax increment is calculated based on the dollar value of all real property in the Community Redevelopment Area at the time a CRA district is created, also known as the “frozen value.” Taxing authorities who contribute to the tax increment continue to receive property tax revenues based on the frozen value. 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. It is important to note that property tax revenue collected by the School Board and any special district (ex: SWFWMD) are not affected under the tax increment financing process. The tax increment revenues can be used immediately, saved for a particular project, or bonded to maximize the funds available. Any funds received from a tax increment financing area must be used in accordance with the Redevelopment Plan for specific redevelopment purposes within the targeted area, and not for general government purposes.
Will my taxes increase as a result of creating a CRA?
No. A CRA does not levy taxes; it redistributes property tax payments that are already made to the City and County. These redistributed tax payments are referred to as Tax Increment and are used to implement redevelopment activities.
What is the timeframe for seeing change?
Deterioration of many of the neighborhoods within CRA districts took place over the course of many, many years. As a result, reversing that process will take a long-term, sustained effort. In the beginning stages of CRA districts, the tax increment is relatively small and the majority of the activities will be related to planning, strategy and goal-setting. As the plans are developed and the increment grows, the opportunities for larger, more visible projects will emerge.
What is a Future Land Use Map?
The Future Land Use Map designates the type of development allowed pursuant to the Comprehensive Plan. The Future Land Use designations in “The Creek District Study Area” are Downtown, Commercial and Recreation.
What is a Zoning Map?
While the future land use designations establish the general type of development allowed such as residential or commercial, the zoning districts provide more detailed standards regarding permitted uses, such a single-family dwelling or mixed-use, and development standards, such as setbacks and building height. The Zoning Map depicts areas regulated by specific zoning requirements set forth in the Land Development Code.
Have more questions?
Pinal Gandhi-Savdas, CRA Executive Director - email@example.com
Jordan Pinkston, CRA Program Manager - firstname.lastname@example.org