How does the redevelopment area get funded?

The Davie CRA is funded by property tax dollars dedicated to the redevelopment of our community.  Once an area is designated to be within the CRA’s boundaries, the CRA allocates the amount of taxes generated from the first year as the “base revenue” and appropriates any increases above the base (“increment revenues”) to be used towards reinvestments within  that area for the duration of the CRA. This funding is referred to as “tax increment financing” (TIF) which becomes the primary funding source of the Redevelopment Trust Fund and the CRA altogether.

How Tax Increment Finance Works:

How Tax Increment Finance Works

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1. How does the Town determine which areas need additional funding?
2. How does the redevelopment area get funded?
3. Is the Redevelopment Trust Fund directly taken out of my taxes?
4. How much money is taken from the taxes for the Redevelopment Trust Fund?
5. How does the CRA know where and how to expend its funds?
6. Is there a Code of Ethics the CRA uses?