| WHAT IS A
CRA?
 Community
Redevelopment Agency (CRA) refers to a public entity created
by a city or county to implement the community redevelopment
activities outlined under the Community Redevelopment Act
which was enacted in 1969 (Chapter 163, Part III, Florida
Statutes). The CRA is established by the local government
and functions within that local government. The Cape Coral
CRA was established in 1986 and currently has a City Council
appointed board of seven commissioners that govern the
Downtown CRA.
The CRA coordinated the preparation of a plan for redevelopment
of the Downtown Community Redevelopment Area, which was
approved by the City Council in 2003. The CRA is now
directed to carry out the plan.
WHAT IS TAX INCREMENT FINANCING?
Tax Increment Financing (TIF) is a unique
tool available to cities and counties for the redevelopment
of urban areas. It is used to leverage public funds to
promote private sector activity. Property values in the
original Downtown CRA were capped or frozen at the assessed
value in 1987 and for the expanded CRA area in 2003. Thereafter,
certain tax revenues due to increases in property value
in excess of the base year value are dedicated and can
only be spent in the redevelopment area. Taxing entities,
which contribute to the tax increment, continue to receive
property tax revenues based on frozen value and are available
for general government purposes. Any funds received from
a tax increment financing area must be used for specific
redevelopment purposes outlined in the statute, and not
for general government purposes.
Tax increment financing was originally developed over
30 years ago as a method to meet the local match requirements
of federal grant programs. With the reduction in federal
funds available for local projects, tax increment financing
is standing ever more on its own as a method to finance
local redevelopment. The Community Redevelopment Act
calls
for private sector involvement to the maximum extent
possible, to coordinate public and private sector initiatives
and
successfully revitalize communities which would otherwise
further decline.
CAPE CORAL'S CRA
The Cape Coral Community Redevelopment Agency
has the administrative ability to allocate tax increment
financing and is considered a semi/quasi public organization.
The purpose and intent of the CRA District is to provide
a means to enable mixed use urban, compact, densely developed,
pedestrian oriented development and redevelopment that
is consistent with the City's Community Redevelopment Plan
and Comprehensive Plan.
 The CRA was established to facilitate a means
to improve the physical, economic, social and cultural
character of Downtown Cape Coral. The ultimate goals of
the district are to maintain and further develop the Downtown
as a focal point of the community and to maintain a setting
whereby services necessary for people to live, work, shop
and be entertained without leaving the district can be
provided. These goals are to be accomplished by encouraging
commercial and medium to high density residential mixed-use
projects. Design standards and guidelines intended to preserve,
enhance, and further develop the Downtown’s distinctive
physical attributes will also be adopted. In order to meet
these ends, the following goals and objectives for the
Community Redevelopment Agency:
- Promote the CRA as
a focal point of the community by providing for a wide
variety of office, business,
retail, public and cultural activities.
- Provide for the development of housing that is compatible
with development in areas of similar intensity.
- Promote the efficient use of the land used for such development.
- Provide for the conduct of certain specified activities
outside of enclosed buildings.
- Promote the integration of pedestrian traffic with vehicular
traffic.
- Provide for the implementation of design standards and
guidelines to promote development and redevelopment
that is sensitive to architectural resources and quality design,
preserves visual quality, enhances visual unity and
accommodates pedestrians.
- Encourage a continuous urban façade
along streets, sidewalks and pedestrian ways to maintain
a strong urban character.
The CRA sponsors
many projects Downtown including working with private and
public property owners to improve the physical appearance
of the district and revitalize the Downtown area. The CRA
was instrumental in the development of the streetscape
on Cape Coral Parkway that included the landscaping, decorative
streetlights, brick sidewalks, street furniture and drainage
improvements. The CRA has sponsored the decorative banners
on the street lamps that define the downtown area, and
the intermodal transfer station that boasts a four-faced
landmark clock on the corner of SE 47th Terrace and SE
8th Court. Numerous grants have been awarded by the CRA
to improve and renovate downtown buildings and, consequently,
improve property values. The CRA has assisted community
groups through sponsorship of many special events such
as the Rotary Club's Festival of Arts, The Chamber of Commerce's
Festival of Lights, Downtown block parties, and many other
events that bring thousands of people to Downtown, giving
it vitality and new energy.
There are over 1,000 businesses with over 3500 employees
operating in Downtown Cape Coral. This makes Downtown
a significant employer, an important contributor to
the tax
base, and a powerful economic engine in the community.
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