Davie CRA Accomplishments
Community Redevelopment Agency Funding
The funding for a CRA comes from what is called tax increment financing. Essentially the CRA receives funding from the increases of taxable value from the base year when the CRA was established to the current taxable value times the tax rate of the governmental bodies which contribute to the CRA. The governmental bodies which contribute the funding include the Town of Davie, Broward County, Central Broward Water Control District, North Broward Hospital District and South Broward Hospital District. The funds collected by the CRA have to be spent within the CRA district.
Increasing Returns Over the Years
The first few years were lean, with the first year money collected in 1989 being $83,377, and it fluctuated slightly the first seven years with $89,798 being collected in 1995 to 1996. During this period, the majority of funds were spent on staffing a CRA and the Town paid or loaned the CRA for a lot of its activities. Since that time, the assessed value of the area has increased dramatically from $155 million to over $250 million and the CRA now is collecting approximately $1.5 million per year.
The Redevelopment Plan for the Davie CRA was adopted by the Town Council in December of 1997 and expanded in 1994 and 1997. The redevelopment area includes residential, industrial and commercial areas. This section provides examples of accomplishments in each of these areas.
Areas of Success
Commercial Loan Subsidy Program
A continuing program which has been very successful in downtown Davie is the Commercial Loan Subsidy Program. This essentially is a cash grant made to help pay mortgage interest for a new building, a building addition or building improvements.
Davie Road Beautification Project
The CRA was in the forefront of designing the improvements for the Davie Road Beautification Project, which included relocation above-ground utility lines, adding decorative street lights, street trees, and brick-paved sidewalks.
Downtown Wayfinding System
In February 2002, the CRA completed the wayfinding signage system within the CRA area. The purpose of the system is to promote the use of public facilities, tourist oriented businesses, recreational amenities and parking in Downtown Davie.
View industrial area accomplishments such as road improvements and the establishment of new businesses' headquarters.
The CRA approved a marketing study which was prepared by a private consultant PMG Associates and Civic Design Associates. One of the main conclusions is that based on analyzing the existing uses along Davie Road and the adjoining streets, the area would support more retail and office uses.
Learn more about proposed projects being considered by the Community Redevelopment Agency.
In the residential area, the CRA purchased various properties, most of which have been used to construct affordable housing, and other lots have been donated for recreational use.