Economic development coordinator says CRA will sunset in 2034, explains tax-increment financing
John Scott explained how the Community Redevelopment Agency functions and that it was initiated in 2014 for 20 years, with a scheduled sunset in 2034; he described the tax-increment financing mechanism the CRA uses to fund redevelopment.
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During the department director report, economic development coordinator John Scott explained the structure and timeline of the Community Redevelopment Agency and how its funding mechanism works. He told the board the CRA was initiated in 2014 and has a 20-year span, with a statutory sunset in 2034.
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