Central Park Fact Sheet

Why was a CRA and TIF created for Central Park ?
As documented in the Central Park Village Existing Conditions Report (2006), within the approximately 143 acres was considered for the CRA designation, 47% of the structures are either deteriorating or deteriorated. The area’s median income of $10,437 is $24,000 less than the citywide median income. Additionally, 69% of area residents live in poverty compared to 18% citywide. These and other adverse physical and economic conditions, together with the area’s tremendous redevelopment potential and proximity to the Ybor, Downtown, Channel District and East Tampa CRAs were key motivators in creating the Central Park CRA.

How will TIF revenue be utilized in the Central Park CRA?
TIF revenue will be utilized to help fund the initiatives contemplated in the redevelopment plan. Expenses may include, but not necessarily be limited to improvements to roads and other infrastructure facilities, transportation and pedestrian amenities and historic preservation and parks. Ultimately, the amount of TIF revenues that will actually be generated and invested is unknown and will depend upon private initiatives and redevelopment plans that will unfold over many years of redevelopment effort.

What happens if TIF revenue eventually exceeds requirements for redevelopment investment?
On an annual basis, should there be any revenue in the trust fund that was not expended during the fiscal year or planned for an expenditure within a 3 year timeframe, the Act provides that: the revenue must be returned to the taxing authorities; or must be used to reduce the amount of indebtedness to which the revenues are pledged or deposited into an escrow account for the purpose of later reducing any indebtedness to which the revenues are pledged.

What is the status of the plan to redevelopment Central Park Village ?
While the redevelopment of Central Park Village is an important goal, it is important to note that this project represents only 20% of the targeted redevelopment area.

The Tampa Housing Authority is considering the development of a mixed-use/mixed-income community within the footprint of their existing 28-acre site. They are currently working with Bank of America to formalize a partnership and expect to complete a partnership agreement this summer.

In anticipation of this redevelopment, the Housing Authority has already initiated the resident relocation and demolition process which is expected to be completed in the next twelve months.

Where are the Central Park Village residents moving, and will they be able to return to the new housing contemplated under the Bank of America plan?
Residents will be relocated according to a federally approved plan that was developed with significant participation of Central Park Village residents. Among other things, federal housing law ensures residents will incur no un-reimbursed relocation costs and that the monthly housing payments for their new residence will be no greater than their current expense.

All current residents will have the opportunity, at their choosing, to relocate to another Tampa Housing Authority owned public housing community. Alternatively, others will choose to use a housing voucher to live in a privately owned community through the Section 8 program.

Relocated residents who honor the terms of their leases, maintain good credit and have no criminal violations during their relocation will be able to come back to the new development. All residents will benefit from the availability of significant supportive services, including: counseling, job training, transportation, childcare, life skills education and mentoring.

Will there be an avenue for community involvement in the future of the Central Park CRA?
Yes. As with all CRAs in Tampa, the Central Park CRA will be represented by a community advisory board. Additionally, community input will be actively solicited throughout the redevelopment process.