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| FORT MYERS Community Redevelopment Agency (CRA) March 2024 News  Understanding Taxes Within a Redevelopment Area: No Increase, Just Reinvestment Living in a community redevelopment area often prompts questions about potential tax increases. However, the answer is clear: residing within a redevelopment area does not lead to higher taxes. This article aims to demystify the concept of tax base, base year value, increment revenue, and how the Community Redevelopment Agency (Agency) utilize these tools for community improvement without additional taxpayer burden. The Base Year Explained: The tax base refers to the total value of all taxable property within a specific area, like a city, county or redevelopment area. The base year value serves as the foundation for calculating increment revenue. The base year value is the difference in values between ad valorem revenues in the current year and revenues calculated when the trust fund was established. Increment Financing: Investing in Growth Redevelopment areas are designated for investment and development to create a more vibrant and prosperous community. To achieve these goals, the Agency captures the in- crease in property tax revenue generated by the rising property values within the area after its designation as a redevelopment area. This incremental increase in revenues fuels the agency’s initiatives. Increment Revenues: Putting Growth Back into the Community The increased tax revenue collected isn’t simply mixed with the general funds. Instead, it’s channeled into a special trust fund specifically for the redevelopment area. Read the entire article CRA Board Updates CRA Board Meetings -9:00 a.m. -4th Wednesday of each month Agendas & Minutes Agendas are available prior to the meetings. Minutes are available following approval. -Neat things to know: All of our public meetings are videotaped and archived? Check out any of the CRAs Advisory Board or Board of Commissioner Meetings here. The archive goes all the way back to 2014! UPDATE Stay safe on Cleveland Avenue! Did you know about the Rectangular Rapid-Flashing Beacons (RRFBs) in our Cleveland Redevelopment Area? These flashing yellow lights help pedestrians cross the street safely. Here’s how they work: Pedestrians: Press the button to activate the beacon. Drivers: When the beacon flashes yellow, you MUST STOP to allow pedestrians to cross. Remember: Never step into the crosswalk until drivers have come to a complete stop. Together, let’s keep our streets safe for everyone!  CPI MATCHING GRANT FUNDS REPORT Revitalize your property, enhance your curb appeal, and attract more customers with the Fort Myers CRA’s Commercial Property Improvement Matching Grant (CPIMG) program! Apply Today! *Remaining funds by CRA district: –Cleveland CRA: $383,399.49 –Dr. MLK CRA: $279,549.23 –Downtown CRA: $402,884.80 –Cleveland Signage Program: $493,790.00 Limited funds available. Don’t miss out! >> Read more about the grant program  Join the CRA at the Edison Awards! Join us for this FREE event for Edison Awards Day featuring the talented Ben Allen Band ! Visit the Innovators Showcase, see live demonstrations of new technology, view exhibitions from innovators and get ready to groove to dynamic country tunes! This is an afternoon filled with great music and exciting new technology. Don’t miss out on this fantastic opportunity to see the Ben Allen Band live! Click here for more info about this free event or to register for the entire 3 days! Imagine a city where every neighborhood is a beacon of growth and community spirit—a place where residents enjoy sustainable, thriving spaces and businesses benefit from a vibrant economic environment. This is the future the Fort Myers Community Redevelopment Agency is creating. SINCE 1984 [§ 163.356, Fla. Stat.] IMPORTANT LINKS –Interactive Redevelopment Area Maps –Upcoming CRA Meetings –Redevelopment Plans –Downtown Redevelopment Plan Update  Read the 2022 Annual Report Per Florida Statutes S.163.356(3)(c), our CRA must produce a report of its activities for the preceding fiscal year, and shall include a complete financial statement setting forth its assets, liabilities, income, and operating expenses as of the end of such fiscal year. 2022 Annual Report *Since 1984, the CRA has managed redevelopment trusts to revitalize blighted areas in the City of Fort Myers. This reinvestment can take the form of public infrastructure, residential and commercial grant programs, placemaking initiatives, affordable housing development, safety initiatives, and historic preservation. Our header image features the enhanced medians along the corridor in the Dr. MLK Redevelopment Area. Photo by Kinfay Moroti of Hopeful Images. 1400 Jackson Street, Fort Myers, FL 33901 www.fortmyerscra.com [email protected] 239-321-7100    Share This Email |