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- Create Date September 15, 2022
- Last Updated September 15, 2022
INTRODUCTION
Pursuant to Florida Statutes, Chapter 163 Part III, The Community Redevelopment Act of 1969 as amended (hereinafter referred to as the “Act”), the North Miami Community Redevelopment Agency (hereinafter referred to as the “CRA”) was created for the purpose of facilitating the revitalization of designated “slum” and/or “blighted” areas within the City of North Miami.
In accordance with Section 163.355 (5) of the Act, the principal mission of the CRA is the preservation or enlargement of the community redevelopment area’s tax base from which taxing authorities the City of North Miami and Miami-Dade County receive tax revenues to carry out public initiatives that stimulate the rehabilitation and redevelopment of the designated area mainly by private enterprises. The Tax Increment Financing (TIF) mechanism, unique to community redevelopment agencies, is intended to serve as a stable, recurring source of funds to jump start and catalyze redevelopment within the community redevelopment area during the period in which the tax base of a designated slum and blighted area is increasing.
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