Title
A Resolution Of The Hollywood, Florida Community Redevelopment Agency (“CRA”), Adopting The Community Redevelopment Agency Transition Plan.
Strategic Plan Focus
Financial Management & Administration
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
The Hollywood Community Redevelopment Agency (“CRA”) Downtown District was established in 1979, followed by the CRA Beach District in 1997, to eliminate slum and blight through the implementation of the respective Redevelopment Agency plans as adopted by the local governing body, pursuant to Chapter 163, Part III, Florida Statutes.
The CRA Downtown District will cease to collect tax increment revenue on December 31, 2024 and per the Interlocal Agreement (ILA) in 2018 between Broward County, the City of Hollywood and the Hollywood CRA, the Downtown District shall receive $3 million each year from Broward County over five years for CRA purposes or projects that are permitted under Section 163.387(6), Florida Statutes. In accordance with the ILA, the CRA Beach District will sunset on June 25, 2027.
The Community Redevelopment Agency (“CRA”) Transition Plan outlines the timeline and the steps necessary to methodically and seamlessly integrate the functions and operations of the CRA’s Downtown and Beach districts into the City of Hollywood municipal corporation between the 2023 and 2027 Fiscal Years.
Both City and CRA staff have worked together on the creation of the Transition Plan and jointly support the efforts and schedules provided for in the Transition Plan.
Fiscal Impact:
There is no fiscal impact associated with this action.
Recommended for inclusion on the agenda by:
Jorge Camejo, Executive Director