Community
Redevelopment Agency (CRA) refers to a public entity created
by the City of Sarasota to implement the community redevelopment
activities outlined under Chapter 163, Florida Statutes.
The CRA adopted the City of Sarasota Downtown Master Plan
2020, which includes the Rosemary Neighborhood, Gillespie
Park Neighborhood, Park East Neighborhood west of Shade
Avenue, the Waterfront District and the Cultural District,
and Downtown Proper.
The CRA has jurisdiction over an area known as the Community
Redevelopment Area. Within the Community Redevelopment Area
the CRA created a funding mechanism known as Tax increment
financing (TIF). TIF is a unique tool available to the City
of Sarasota for redevelopment and the implementation of
the adopted Downtown Master Plan 2020.
Property values in the Community Redevelopment Area are
capped or frozen at the assessed value for a particular
base year. Thereafter, any tax revenues due to increases
in value in excess of the base are dedicated to the redevelopment
area. The generated revenue is known as TIF.
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 evermore on its own as a method to finance local
redevelopment efforts.
Tax increment financing is used in the City of Sarasota's
Community Redevelopment Area to leverage its redevelopment
efforts.
Click Map Above to See Map of the Community Redevelopment
Area
For more information, please contact Karin Murphy, Redevelopment Specialist 941-954-4195 or e-mail at:
karin_murphy@sarasotagov.com
