Orange Park committee hears overview of CRAs and tax-increment financing

At the January meeting of the Town of Orange Park Economic & Community Development Committee, interim town manager William Whitson gave a detailed overview of Community Redevelopment Areas (CRAs) and how tax-increment financing (TIF) can be used to fund long-term redevelopment.

Whitson summarized the statutory framework and practical steps for creating a CRA under Florida law, saying, “It's created by Florida Statutes chapter 163 part 3,” and noting that the statute requires local findings that an area qualifies as “slum and blighted.” He told committee members the municipality would need county approval before forming a CRA in Clay County and that the town would have to produce an objective study showing the district meets the statutory criteria.

Whitson explained the basic TIF mechanics: a base year is set for property values inside the designated boundaries; future increases in assessed value (the…