Expanding Tax Value, Expanding Revenue
The Community Redevelopment Agency is primarily funded through tax increment revenues. Properties located in the CRA district do NOT pay any additional property taxes, rather, a portion of the annual City and County taxes collected in the redevelopment area is transferred to the CRA for redevelopment activities. The greater the increase in taxable property values over the CRA’s base year (1985), the larger the incremental increase in revenues transferred to the CRA.
Although funding in recent years has reached into the millions of dollars, it was not until 1999 that the CRA’s total City and County funding broke the $1 million mark. The CRA has responded by committing much of those funds back to City infrastructure improvements and activities that are designed to solve the underlying problems of slum and blighted conditions through planning, redevelopment, historic preservation, economic development and affordable housing so that the tax base can be protected and enhanced by these mutually supportive activities.
In addition, the CRA provides support for programs and services to community partners who aid in addressing the overall needs in the CRA’s Redevelopment Plan.