Community Redevelopment Agency
Who We Are
|In 1969, Florida enacted legislation that enabled local governments to create community redevelopment districts and community redevelopment agencies (CRAs) to work in those districts. There are approximately 200 CRAs operating in Florida in 2012.
In 1986, business and civic leaders in Mount Dora decided that there was a need to improve business conditions downtown and in other commercial areas of the city.
After exploring various alternatives, this group of residents decided that the creation of a Community Redevelopment Agency (CRA) would provide the means to improve these business districts. They felt that through the CRA, revenue would become available to make public improvements and that these public improvements would serve as a catalyst to encourage property and business owners to make improvements to their properties.
Regular meetings of the Advisory Committee are on the first Wednesday of every month, beginning at 5:30 pm in the City Hall Board Room, located on the first floor of City Hall,
510 North Baker Street in Mount Dora.
The CRA Board meets prior to City Council meetings, as needed. The City Council meets the first and third Tuesday of the month at 6:00 pm at the City Hall, 510 North Baker Street in Mount Dora.
Like most CRAs, the Mount Dora CRA is funded through tax increment financing (TIF). Tax Increment funds are based on ad valorem property taxes. The CRA is not a taxing authority, nor does it set millage rates or assess property.
Tax increment funds come through existing taxing entities, including the City of Mount Dora and Lake County but not including the school district or the water management district. The CRA must spend these funds within the CRA district shown below. The funds must be spent within three years of being received. The method of determining the amount of funding the CRA receives each fiscal year (October 1 through September 30) is described below.
Calculating the Amount of Funding
When the CRA was created in 1987, the assessed value of the area was set as the base year tax base. Thereafter, the taxes from additional increases in property values are dedicated to the redevelopment agency. In each subsequent year, the Lake County property appraiser determines the assessed value of the area.
The difference between the assessed value of the base year and the current year is calculated. This is referred to as the “increment.” The increment is multiplied by the millage rate of each contributing taxing entity. The taxing entity remits 95% of that amount of money to the CRA Trust Fund.