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Tax Increment Financing is a tool available to cities and counties for redevelopment activities. The money is paid into a Community Redevelopment Trust Fund by taxing authorities within the area by ad valorem taxes levied each year over the amount of ad valorem taxes levied by the referenced taxing authority in the base year.
The activities and programs offered within a Community Redevelopment Area are administered by the Community Redevelopment Agency. A five to seven-member CRA "Board" is created by the local government, directing the agency and activities inside the Community Redevelopment Area..
Under Florida Statutes Chapter 163 and 189, local governments are able to designate areas as Community Redevelopment Areas. CRAs are a specifically focused financing tool for redevelopment. All monies used in financing CRA activities are locally generated. These are generated using tax increment financing.