Q: What is a CRA?
A: A Community Redevelopment Agency (CRA) is a separate legal entity, created under the State laws, to coordinate activities and implement the redevelopment plan for the Downtown Coral Springs projects.
Q: Where is the CRA located?
A: Approximately 136 acres of area that is within the general vicinity of the Sample Road and University Drive intersection.
Q: What is Tax Increment Financing?
A: A financial mechanism set up to borrow monies against the future taxes associated with increases in assessed valuation due to redevelopment. Taxes collected from the new developments in the CRA area will help pay for public improvements. By agreement, the County and Hospital District will share in approximately two-thirds of the cost of public improvements, which would have otherwise been fully absorbed by the City.
Q: Are my taxes going to increase?
A: No. Tax increment financing has no impact on the tax rate or tax assessments. It simply commits a portion of the property taxes from new developments in the CRA area to support public improvements.
Q: What is Special Assessment?
A: A fee assessed on the users of a specific project within a designated area. For example, users of a parking garage space and/or owners of office and retail establishments may be assessed to pay for their fair share of the development cost of the parking garage.
Q: Is the project going to make the area more congested?
A: The full impact of the proposed Downtown Development is currently under study. New developments are expected to increase traffic; however, pedestrian friendly mixed-use developments with commercial and residential components tend to reduce the reliance on personal automobiles. Like any new development in Coral Springs, traffic impacts must be mitigated through transportation improvements before construction can proceed. This issue will be fully addressed by the DRI process.
Q: What is DRI?
A: Development Regional Impact (DRI) is a comprehensive study undertaken to analyze the location, magnitude, and impact of a major development on the City and surrounding communities. A DRI study usually takes approximately 12 to 14 months.
Q: Why is the CRA a better approach than simply waiting for the market to redevelop the area?
A: The CRA plan addresses the City's vision and timetable for unified development of the entire area. This includes design guidelines, public improvements and pedestrian-friendly features such as more sidewalks, covered walkways promoting more outdoor activity and providing a central community gathering place.
Q: When does the CRA meet?
A: The CRA Board normally meets the fourth Monday of each month at 6:00 pm in City Hall, 9500 W. Sample Road. Check the site or call the City Clerk at 954-344-1065 to verify the meeting date, time and location. Meetings are open to the public.
Q: How long is the CRA's term?
A: The CRA was created in November 2001 with a term that lasts 20 years. (extended to 2032)