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City staff explains how CRA and TIF funding work in New Smyrna Beach
Summary
Economic development director Sam Bergeron explained the statutory basis for CRAs and tax-increment financing under Florida law, the CRA district boundaries, program types and how funds are budgeted, including a $100,000 cap for full large-scale awards and reimbursement-based match rules.
At the meeting staff provided a primer on community redevelopment agencies and tax increment financing. Sam Bergeron, the city's economic development director, summarized Florida Statute chapter 163, part III: a CRA uses the increase in property tax revenue above a frozen base year to fund redevelopment projects within a designated area; it is not an additional tax. Bergeron said the local CRA was established in 2015 and the master plan allows facade grants and capital projects funded by the CRA trust fund.
Bergeron outlined program mechanics: grants are reimbursement-based and require documented contractor quotes; to receive a full $100,000 large-scale award an applicant must demonstrate at least $200,000 in completed CRA-related improvement work; the director has authority to grant a 240-day extension in-house but additional days require board action. Bergeron also described the FY budget mix presented to the board: roughly $10 million total with about $7 million for publicly owned capital projects and roughly $2 million set aside for new facade grants in the current cycle. He noted county conditions limiting certain uses of the county portion of increment funds.
