CRA FAQs

The City of Coral Springs Community Redevelopment Agency (CRA) was established by the City Commission in 2002 to guide the city in its Downtown redevelopment efforts.

 

A Community Redevelopment Agency (CRA) is a separate legal entity, created under the state laws, to coordinate activities and implement the redevelopment plan for the Downtown Coral Springs projects.

Approximately 136 acres of area that is within the general vicinity of the Sample Road and University Drive intersection.

A financial mechanism set up to borrow monies against the future taxes associated with increases in assessed valuation due to redevelopment. Taxes collected from the new developments in the CRA area will help pay for public improvements. By agreement, the County and Hospital District will share in approximately two-thirds of the cost of public improvements, which would have otherwise been fully absorbed by the city.

No. Tax increment financing has no impact on the tax rate or tax assessments. It simply commits a portion of the property taxes from new developments in the CRA area to support public improvements.

Development Regional Impact (DRI) is a comprehensive study undertaken to analyze the location, magnitude, and impact of a major development on the city and surrounding communities. A DRI study usually takes approximately 12 to 14 months.

The CRA plan addresses the city's vision and timetable for unified development of the entire area. This includes design guidelines, public improvements and pedestrian-friendly features such as more sidewalks, covered walkways promoting more outdoor activity and providing a central community gathering place.

The CRA was created in November 2001 with a term that lasts 20 years. (extended to 2032)

Florida Statutes

 

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