About Redevelopment Agencies
Chapter 163, Part III, Florida Statutes, provides counties and municipalities with the authority to establish community redevelopment agencies in order to guide and support redevelopment activities to prevent and eliminate blighted conditions and to improve the economic climate within a specially designated area or areas.
Redevelopment activities are implemented through a public body, which is known as a community redevelopment agency. Under strict adherence to Chapter 163, Part III, Florida Statutes, the general purpose of a community redevelopment agency is to protect and enhance the district's tax base through redevelopment endeavors and the establishment of public / private partnerships.
Community redevelopment agencies have the ability to utilize a designated funding tool known as Increment Revenue, which is available to cities and counties for redevelopment activities. Increment Revenue is used to leverage public funds to promote private sector activity in the denoted area or areas.
The dollar value of all real property in a redevelopment district is determined as of a fixed date, also known as the frozen value. Taxing authorities that contribute to the increment revenue continue to receive property tax revenues based on the frozen value. These frozen value revenues are available for general government purposes. However, any tax revenues from increases in real property value, referred to as increment revenue, are deposited into a community redevelopment agency trust fund and dedicated to the redevelopment district. It is important to note that property tax revenue collected by a school board, or other entity considered to be a special district, is not affected under the increment revenue process. For additional information on how increment revenue works, or other general redevelopment agency administration, visit the Florida Redevelopment Association.