- The City initiated the CRA assessment in August 2019, to fund FBR CRA operations and maintenance.
- This assessment is paid only by those owning land inside the FBR CRA district, as these property owners reap the greatest benefits from the CRA through increased property values.
- The annual assessment provides a fair and reliable payment strategy for defraying annual costs of improving transportation and infrastructure in the FBR CRA and maintaining those improvements. Revenues collected from a Front Beach Road CRA assessment may only be used on CRA transportation projects and will enable the continued construction of CRA road sections; these roadways will improve traffic flow through the construction of new infrastructure which includes bike, trolley, and turn lanes and sidewalks, and remedy a blighted area through lighting, landscaping and streetscape enhancements. Improvements subsequently improve values of property within the CRA.
The CRA assessment is different to the Tax (TIF). In 2019 the CRA Board voted to assess all properties in the CRA. This special assessment is only for a relatively small portion of expenditures associated with properties within the Front Beach Road Community Redevelopment Area. Assessment rates have been apportioned by combining two categories of charges for this annual CRA:
Category A: Budgeted costs of a portion of administrative and ministerial activities ($416,610) shared equally among all parcels at a rate of $33.89 per tax parcel.
Category B: Budgeted costs of a portion of continued maintenance, upkeep and capital equipment ($273,921) weighted and shared based upon a combination of three relative attributes or factors:
(1) the heated or air-conditioned square footage reported in the public records of the local property appraiser (approximately 60% weight, or $167,507) at a rate of $0.008 per square foot;
(2) the improvement value for each parcel, which is the result of the reported just value minus the reported land value in the public records of the local property appraiser (approximately 30% weight, or $81,247) at a rate of $0.03 per $1,000 of improvement value; and,
(3) the land value for each parcel reported in the public records of the local property appraiser (approximately 10% weight, or $25,167) at a rate of $0.05 per $1,000 of land value.
The City initiated the CRA assessment in August 2019, to fund FBR CRA operations and maintenance. this assessment is paid only by those owning land inside the FBR CRA district, as these property owners reap the greatest benefits from the CRA through increased property values. The annual assessment provides a fair and reliable payment strategy for defraying annual costs of improving transportation and infrastructure in the FBR CRA and maintaining those improvements. revenues collected from a FBR CRA assessment may only be used on CRA transportation projects and will enable the continued infrastructure of CRA road sections; these roadways will improve traffic flow through the construction of new infrastructure which includes bike, trolley and turn lanes and sidewalks, and remedy a blighted area through lighting, landscaping and streetscape enhancements. improvements subsequently improve values of property within the CRA.
