The Clearwater Community Redevelopment Agency (CRA) is a dependent taxing district established by City government for the purpose of carrying out redevelopment activities that include reducing or eliminating blight, improving the tax base, creating and retaining employment opportunities, and encouraging public and private investments in the CRA.
The Community Redevelopment Agency's mission/vision/goals are:
- Improving the central city economy by leveraging public-private partnerships and creating residential and commercial stability.
- Revitalization, rehabilitation, and stabilization of commercial buildings, lots and residential neighborhoods to accommodate new commercial, office and residential projects and expand existing businesses.
- Serve the daily needs of area residents; provide appropriate parking, accommodate modern retail and personal services, alleviate deteriorating and non-complying signs, infrastructure and buildings, develop a financial assistance program, demolish unsafe structures, increase residential units, ensure safety and provide recreational opportunity.
Community Redevelopment Areas
The city of Clearwater Community Redevelopment Agency oversees two Community Redevelopment Areas:
Downtown Clearwater
North Greenwood
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What is a CRA?
- Under Florida law (Chapter 163, Part III, Florida Statutes), when an area experiences “slum and blight” conditions, a local government may establish a CRA as a way to pay for community improvements that would alleviate such conditions. Funding for CRA projects and programs is generated through Tax Increment Financing.
- A successful CRA builds upon existing community strengths. The North Greenwood CRA is recognized for its many strengths, including active civic leadership, engaged community organizations, existing institutional services, natural environment, and location.
What is a CRA plan?
- A CRA plan, also called a Community Redevelopment Plan, is a tool for creating a ‘sense of place’ based on a community's unique natural and cultural assets. A CRA plan outlines a comprehensive strategy for promoting physical revitalization and financial reinvestment to improve economic and social vitality in a defined area. A CRA plan documents existing conditions and trends, community goals, and priorities for expenditures of Tax Increment Financing funds.
- Florida Statutes specify what must be included in a CRA plan but community conditions, needs, and goals will influence the content and character of the North Greenwood CRA Plan.
What is tax increment financing (TIF)?
- Tax increment financing (TIF) is a financial tool used by local governments to pay for community improvements in a CRA. TIF funds come from taxes paid by CRA properties that have increased in value since the date the TIF was established. This value is called the “increment”. The increment is deposited annually into a CRA Trust Fund for spending on eligible community improvements in the CRA only.
- The city of Clearwater and Pinellas County (local taxing authorities) continue to receive property tax revenues from the base value or “frozen” value of property that existed at the time the TIF was established. The frozen value tax revenues continue to be used for general governmental purposes that are unrelated to the CRA.
How can TIF funds be spent?
- TIF funds must be spent within the CRA they were generated from.
- TIF funds may only be spent on projects or strategies listed in a locally adopted CRA plan. Projects and strategies included in the CRA plan can be people and place based provided they meet TIF and CRA requirements. For example, TIF funds could pay for community service initiatives, building renovations, land acquisition, park development, street improvements, flood control measures, tree and landscape plantings, sidewalk connections, and utility improvements.
- A CRA plan is updated over time to include new projects and strategies that would respond to emerging community needs and aspirations for the future.