CRA Projects

Tax Increment Financing (TIF), the funding source for CRAs, allows for a redirection of the existing ad valorem property taxes to redevelopment projects without imposing a new level of taxation. Because funding for improvement projects is limited during the first ten years of the CRA, as a result of TIF, the CRA commissioned a historical structure survey and began writing grants in efforts to fund revitalization efforts. In 1998, the CRA acquired the first grant for downtown redevelopment: a $600,000 Community Development Block Grant (CDBG) from the Florida Department of Community Affairs. Following this success, the CRA has continued an aggressive grant-writing program to fund additional improvement projects, including the following.

• Historic structure survey of buildings in the CRA district
• Design and construction funding for the downtown gazebo
• 1998 CDBG grant to conduct Citrus Avenue improvements ($825,000 project budget)
• 1998 Florida Recreation Development Assistance Grant (FRDAP) to develop the NW 3rd Street pier ($133,000 project budget)
• 1998 Florida Rural Community of the Year award for downtown improvements
• 1999 CDBG "El Nino" Grant to buy out flooded structures ($350,000) project budget)
• Acquired the Seminole Club building for the City
• 2001 Recreational Trails Grant to construct the "Cross Town Trail" along the old railroad right-­of-way ($63,000 project budget)
• 2001 Historic Restoration Grant to rehabilitate the Seminole Club building ($105,000 project
• budget)
• 2001 Florida Forever Grant to acquire lands for Kings Bay Park ($1.1 million project budget)
• 2002 CDBG Grant for downtown improvements and Phase I of the Riverwalk ($825,000 project budget)
• 2003 Waterfronts Florida designation and organization grant for $25,000
• 2005 FRDAP Grant Phase I of the Roger Goettelmann Pier ($150,000 project budget)
• 2006 FRDAP Grant for Phase II of the Roger Goettelmann Pier and additional improvements to King's Bay Park($150,000 project budget)
• 2007 FRDAP Grant for Phase III improvements to King's Bay Park including a playground, two (2) pavilions, a nature trail, and picnic shelters ($150,000)
   

The success of the CRA is apparent not only in the aesthetic improvements to the area but also in the substantial increase in property values from $15.3 million in 1988 to over $62 million in 2009.

The Future of the CRA

The CRA anticipates continuing several of its "bricks & sticks" projects such as the Riverwalk around the north end of King's Bay and the development of King's Bay Park. In addition, the Agency is looking into diversifying its efforts in the area of economic development of the downtown by acquiring blighted properties and properties with infrastructure problems. The CRA will then restore the properties to a marketable state, design a concept for the development of the site in a manner consistent with the objectives of the City, and then return the property to the private sector for development. 

By integrating these varied redevelopment activities the CRA hopes to leave the City with a thriving and attractive downtown when the Agency sunsets in 2018.