Audit Report 13-10, Community Redevelopment Areas - Tax Increment Financing, Released

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The Internal Audit Department released their audit report of the Community Redevelopment Areas - Tax Increment Financing.

Community Redevelopment Areas (CRAs) are used as a method to “redevelop” an area that has experienced substandard structures, has a shortage of affordable housing, or inadequate infrastructure. The City of Tampa has established eight CRAs, each with a separate Tax Increment Financing (TIF) provision. As required by the statute, Tampa City Council serves as the Community Redevelopment Agency. However, each CRA has a Manager, who administers the Plan.

Tax Increment Financing (TIF) is an economic incentive program offered by the City to encourage development and redevelopment thereby eliminating blight. It is based on the premise that redevelopment will result in an increase in the value of real property and other economic activity that will generate new tax revenue in the TIF. The new or increased local tax revenues resulting from TIF redevelopment projects are called "tax increments." The TIF funds are available to finance eligible project costs, such as the construction of public infrastructure, site clearance, and related project costs.