Is it time to do away with Community Redevelopment Agencies(CRA's)?

Is it time to do away with Community Redevelopment Agencies(CRA's)?

CRA ELIMINATION IS A VERY important piece of legislation to watch and speak up about now...

In Florida, a bill (SB 1242) proposes to terminate Community Redevelopment Agencies (CRAs) on a specified date, with existing agencies potentially terminating on July 1, 2025, or their charter's expiration date, whichever is earlier, and prohibiting new CRA creation after that date.

Below is a detailed breakdown of the Legislation on CRA (Community Redevelopment Agencies) ELIMINATION/TERMINATION:

1. Termination of Existing CRAs:
The bill proposes that CRAs in existence on July 1, 2025, will terminate on the expiration date provided in their charter, or on September 30, 2045, whichever comes first.

2. Outstanding Bonds:
If a CRA has outstanding bonds that mature after the termination date (or September 30, 2045), the agency remains in existence until those bonds mature.

3. Prohibition of New CRAs:
The bill would prohibit the creation of new Community Redevelopment Agencies on or after July 1, 2025.

Two examples of what CRA's do~
Affordable Housing and Infrastructure Upgrades:
The CRA's provide assistance to developers via TIF(Tax Increment Financing).

The process is explained below:
1. A Municipality Designates an Area
(EX: Downtown Fort Myers-CRA)
The area is designated as a TIF district, often one that is blighted or in need of revitalization. People in the area sometimes are offended that their neighborhood is called blighted, and that's a FACT.

2. The Property Value is frozen in the area:
The property values within the TIF district are "frozen" at a baseline value, meaning the initial property taxes are not affected.

3. Tax Increment "Benefit" explained:
As new development and increased property values occur within the TIF district, any new property tax revenue generated above the baseline value is designated as the "tax increment".

Funding for Public Improvements:
4. This tax increment is then used to fund public improvements and economic development projects within the TIF district, such as infrastructure, land acquisition, or redevelopment costs. TIF projects are often long-term, with the tax increment being used for a specified period, typically 25 years.

The Fort Myers CRA was selected because it affects our area. Michele Hylton-Terry is the Director, and the City of Fort Myers Council members and Mayor act as the 7 voting members of the CRA. They are both CRA officers and City of Fort Myers Council representatives, two different jobs done by the same 7 people.

Link to the City of Fort Myers CRA:
https://fortmyers.gov/1168/City-Mayor-Council

LINK TO THE CITY OF FORT MYERS CRA PROJECT MAP:
https://cfm.maps.arcgis.com/home/webmap/viewer.html?webmap=df072f3748a14a56b12057b76055d320

LINK TO THE STATE OF FLORIDA CRA WEBSITE:
https://redevelopment.net/cra-resources/q-a-for-cras/

SB 1242: Community Redevelopment Agencies
GENERAL BILL by McClain

Community Redevelopment Agencies; Providing for the termination of community redevelopment agencies on a specified date; removing an exception; prohibiting community redevelopment agencies from performing certain actions on or after a specified date; revising provisions relating to any outstanding bonds of a community redevelopment agency; prohibiting the creation of community redevelopment agencies on or after a specified date, etc.

LINK to Senate Bill 1242:
https://www.flsenate.gov/Session/Bill/2025/1242

S/HB 991: Community Redevelopment Agencies
GENERAL BILL by State Affairs Committee;
Mike Giallombardo

Community Redevelopment Agencies; Provides for termination of community redevelopment agencies on specified date; prohibits community redevelopment agencies from performing certain actions on or after specified date; revises provisions relating to any outstanding bonds of community redevelopment agency; prohibits creation of community redevelopment agencies on or after specified date; authorizes existing agencies to continue to operate.

Effective Date: 7/1/2025
Last Action: 3/21/2025 House - Now in Commerce Committee
SEE ATTACHMENT
https://www.flsenate.gov/Session/Bill/2025/991/Analyses/h0991a.SAC.PDF

FEDERAL RESERVE INFORMATION ON LEE COUNTY, FL 
https://www.stlouisfed.org/

FEDERAL RESERVE INFORMATION ON ALL FLORIDA COUNTIES AS OF Feb 27, 2025 4:59 PM CST:
https://fred.stlouisfed.org/release/tables?rid=462&eid=1088821#snid=1089381

FEDERAL RESERVE INFORMATION RELEASE OF DATA CALENDAR:
https://fred.stlouisfed.org/releases/calendar?rid=462&y=2025