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1. What is a Community Redevelopment Area or District?

Under Florida law (F.S. Chapter 163, Part III) local governments are able to designate Community Redevelopment Areas, when certain conditions exists. The activities and programs offered within a Community Redevelopment Area are administered by the Community Redevelopment Agency.

2. What is a Community Redevelopment Agency?

A 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, (examples of conditions: substandard or inadequate structures, a shortage of affordable housing, insufficient roadways, and inadequate parking,) improving the tax base, and encouraging public and private investments in the CRA. A 5-7 member CRA "Board," created by the city, directs the agency.

In Cocoa Beach, the Commission is the official Community Redevelopment Agency Board. The CRA Board meets regularly on the first Thursday of the month at 6 p.m.

3. Why create a CRA?

CRAs are created to assist municipalities in pursuing redevelopment in targeted areas that are characterized by blight and disinvestment per State Statute definition. By establishing a CRA, a local government is given a financial and planning mechanism by which to redevelop areas where private market forces are not working.

To document that the required conditions exist, the local government must survey the proposed redevelopment area and prepare a report. CRAs must also adopt Community Redevelopment Plans, which must be consistent with the local government's Comprehensive Plan.

4. When does the Cocoa Beach ’s Community Redevelopment Area Board meet?

The CRA Board generally meets on the first Thursday of each month. Visit the Commission and Board Meetings Calendar for more information.

5. Where is Cocoa Beach’s Community Redevelopment Area or CRA district?

In 1999, the voters of the City of Cocoa Beach approved a referendum, whereby the city could only establish a CRA, with the approval of a majority of qualified voters casting ballots. On January, 2008, Cocoa Beach voters approved a referendum to establish a CRA in Cocoa Beach. Cocoa Beach has one CRA area, or CRA district - the Downtown CRA District.

Resolution No. 2009-20, adopted in 2009, set the CRA Area boundaries.

6. What is a Community Redevelopment Plan?

The Community Redevelopment Agency is responsible for developing and implementing the Community Redevelopment Plan that addresses the unique needs of the targeted area. The plan includes the overall goals for redevelopment in the area, as well as identifying the types of projects planned for the area.

(Examples: streetscapes and road improvements, building renovations, flood control initiatives, water and sewer improvements, parking lots and garages, parks, sidewalks and street tree plantings.)

7. What are Community Redevelopment Trust Funds, Tax Increments, and Tax Increment Financing (TIF)?

Community Redevelopment Trust Funds are created for CRA districts as a means of holding revenues to be reinvested in the CRA. The tax increment is made up of property taxes contributed by the city and county to the Community Redevelopment Trust Fund. The tax increment is calculated annually based on increases to property values within the designated CRA districts, using the year in which they were established as the “base year.”

For example, if an unimproved property was valued at $10,000 in the base year and a new building is built on the property tomorrow, the new value of the property is $15,000. The incremental difference in value (new assessed value – base year value) is $5,000. Taxes collected on the property will be split among the city, county and CRA according to these differences in value with the CRA receiving all taxes assessed on the incremental increase of $5,000. Revenues generated by improvements in the CRA districts are to be reinvested in the district to continue to spur redevelopment.