Community Redevelopment Area (CRA)
What is a CRA?
CRA refers to a public entity created by a city or county to implement the community redevelopment activities outlined under the Community Redevelopment Act which was enacted in 1969 (Chapter 163, Part III, Florida Statutes). The CRA is established by the local government and functions within that local government.
The Agency operates on a budget funded through tax increment revenues generated by the defined special district, or the community redevelopment area. The fiscal year of the Community Redevelopment Areas are October 1 through September 30.
The City of Cocoa has 3 Community Redevelopment Areas (CRA). Click on the links below to be redirected to their official pages.
U.S. 1 Community Redevelopment Area (Dissolved 9/30/2020)
A map of the CRA boundaries can be viewed by clicking here.
Each CRA is governed by a board, also known as a Community Redevelopment Agency (CRA) and has its own adopted budget. Each CRA is audited annually and a copy of the CRA audits are included in the link below.
- FY 2020 Cocoa CRA Budget
- FY 2020 Diamond Square CRA Budget
- FY 2020 US 1 CRA Budget
- Link to all CRA meeting agendas and videos
Services generally provided by a Community Redevelopment Agency are as follows:
Commercial façade grants
Engineering and construction
Workforce housing development
For more information regarding the City of Cocoa's CRA programs, contact the Office of Economic Development.
What is Tax Increment Financing?
Tax Increment Financing, also known as TIF, is a tool to use future gains in taxes to finance the current improvements that will create those gains. When a public project such as a road, school, or hazardous waste cleanup is carried out, there is an increase in the value of surrounding real estate and often new investment (new or rehabilitated buildings, for example).
This increased site value and investment creates more taxable property, which increases tax revenues. The increased tax revenues are the "tax increment." Tax Increment Financing dedicates that increased revenue to finance debt issued to pay for the project. TIF is designed to channel funding toward improvements in distressed or underdeveloped areas where development would not otherwise occur. TIF creates funding for public projects that may not otherwise be affordable to localities.