The Plan is created to address slum and blight issues by outlining an action and finance plan. A CRA Plan should be reviewed and possibly updated every five to seven years.
NMCRA REDEVELOPMENT PLAN
The new CRA plan refocuses the redevelopment efforts on economic development as a tool to drive growth in Tax Increment Revenues, which can then be reinvested into the additional strategies identified by the plan such as community benefits, infrastructure, affordable housing, and neighborhood enhancement. The plan’s economic development strategy focuses on Downtown redevelopment including arts and culture, mixed-use and residential development, and the future Tri-Rail Coastal Link station.
Additional procedures include capitalizing on the existing industry clusters to grow North Miami CRA as a music city, and to drive investment in the primary corridors such as West Dixie Highway, 6thAvenue, 125th Street, and the Chinatown Cultural Arts and Innovation district on NW 7thAvenue. The first 5 to 7 years of the plan focuses on economic development, combined with the successful development of the SoLeMia project (which replaced Biscayne Landing) to drive the TIF for the rest of the plan.
The Board of County Commissioners adopted the first amendment to the Plan through Resolution No. R-1113-08, to incorporate the development and implementation of community policing initiatives and define affordable housing guidelines.
The original CRA plan premise relied solely on the Biscayne Landing development to provide the majority of the Tax Increment Funds for revitalization and redevelopment efforts throughout the district, and to primarily provide funding for 5,000 units of affordable housing in the portion of the CRA area to the west side of Biscayne Boulevard. Due to the combination of the housing market crash, the Great Recession, and the failure of the Biscayne Landing project, the CRA plan goals were not accomplished.
The CRA was created with an initial lifespan of only five years, but in 2006 the CRA plan was amended to include community policing and updating affordable housing guidelines, and the life of the CRA was extended to 2016 to redevelop Rucks Park and Bel House, projects which also fell victim to the national economic decline. The CRA adjusted its focus on economic rehabilitation and facade projects and some affordable housing projects in the form of 1st time home buying and foreclosure prevention loans.