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The funding for a CRA comes from what is called tax increment financing. Essentially the CRA receives funding from the increases of taxable value from the base year when the CRA was established to the current taxable value times the tax rate of the governmental bodies which contribute to the CRA. The governmental bodies which contribute the funding include the Town of Davie, Broward County, Central Broward Water Control District, North Broward Hospital District and South Broward Hospital District. The funds collected by the CRA have to be spent within the CRA district. The first few years were lean with the first year money collected in 1989 being
$83,377 and it fluctuated slightly the first seven years with $89,798 being collected in the 1995-96. During this period the majority of funds were spent on staffing a CRA and the Town paid or loaned the CRA for a lot of its activities. Since that time, the assessed value of the area has increased dramatically from $155 million to over $250 million and the CRA now is collecting approximately $1.5 million per year.
The Redevelopment Plan for the Davie CRA was adopted by the Town Council in December of 1997 and expanded in 1994 and 1997. The redevelopment area includes residential, industrial and commercial areas. The following text provides examples of accomplishments in each of these areas.
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