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Cocoa council asks county to extend Diamond Square CRA and lift $150,000 cap
Summary
The Cocoa City Council authorized the city manager to ask Brevard County to extend the Diamond Square Community Redevelopment Agency termination date and to remove the county's $150,000 annual tax-increment cap so the CRA can continue projects funded by TIF revenues.
Cocoa City Council authorized the city manager on April 8 to ask Brevard County to extend the Diamond Square Community Redevelopment Agency's termination date and to remove the county's $150,000 cap on annual tax-increment financing payments.
The council said the two requests come at the Diamond Square CRA's request. Staff told the council the interlocal agreement adopted in 2019 currently sets the CRA's termination as Sept. 30, 2032, and that the capped county payment reduced this year's budget for the CRA by $6,361.
Council discussion focused on the local importance of the CRA and a pair of bills pending in the state legislature the council said could limit or end CRAs statewide. The council voted to direct the city manager to engage the Brevard County manager and the county commission on both matters.
Why it matters: Diamond Square has been used for riverfront and neighborhood redevelopment projects. Extending the agency and removing the county cap would allow the CRA to keep using tax-increment revenues (TIF) to fund streetscape, housing and other projects the agency prioritized.
The council recorded the action as two separate requests: one asking the county to amend the termination date and the other asking the county to remove the $150,000 annual cap on TIF payments. Both requests were approved by council action and will be delivered to the county for consideration.
Council members and staff said they plan to ask residents and stakeholders to contact state representatives about the pending bills mentioned in the meeting record that could affect CRAs statewide. The council did not itself change the interlocal agreement; it authorized the city manager to pursue county approval for the two amendments.
