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Tax increment financing provides most of the funding for the CRA. This special funding tool provides all increases in taxes within the CRA beyond the year the CRA was established into a redevelopment fund. The year the CRA was established is the "base year." Any increase in taxes beyond the base year are provided to the redevelopment fund. Therefore, as the property taxes increase due to redevelopment projects, the redevelopment fund also increases. Tax increment financing is not an additional tax to the property owner.
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The CRA has design standards for new development and rehabilitation. These guidelines regulate façade treatments, infrastructure, landscaping, and site design. All building improvements and site plans must be reviewed by the Community Development Department and all projects three acres or greater in property area must be approved by the City Commission. Opens in New Window
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The CRA's fiscal year runs from October 1 to September 30.