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Century Approves Formation Of Community Redevelopment Area
February 24, 2016
The Town of Century has approved the formation of a Community Redevelopment Agency (CRA).
Upon declaration of an area as blighted, the CRA works to improve conditions. As property tax values rise, most of the increase is funneled back into the redevelopment area for further improvements. An estimate provide by Escambia County showed Century might, in a best case scenario, receive about $5,300 in tax funds for the first year of a CRA that included a full maximum 80 percent of the town. However, Council President Ben Boutwell said 100 percent of the town will be eligible for inclusion in the CRA.
Essentially, CRAs use redevelopment funds within a deteriorating area to transform it into one that again contributes to the overall health of a community. The money can roll over year to year, up a 40-year life for a CRA.
CRA funds can be used for a variety of public purposes, including items specified in the agency’s redevelopment plan, planning and surveys, acquisition of real property, affordable housing development and community policing innovations.
Century will enter into an interlocal agreement with Escambia County for assistance in forming and managing the CRA. Their next step will be the formation of a seven member board — the five council members plus two at-large members — to oversee the Century CRA.
There are currently nine other redevelopment districts in Escambia County — Atwood, Barrancas, Brownsville, Cantonment, Englewood, Ensley, Oakfield, Palafox and Warrington — and three within the City of Pensacola.
NorthEscambia.com photo, click to enlarge.
Comments
One Response to “Century Approves Formation Of Community Redevelopment Area”
Good timing! I thing with cooperation of district five and other resources things will improve here in the long run. With all due respect what is the status of the empty seat at the counsel table?