CRA BOARD MEETINGS:
Our next regular CRA Board meeting is scheduled for Monday, December 11, 2017 at 5:00 pm.
The Westgate CRA amended Community Redevelopment Plan was adopted by the Palm Beach County Board of County Commissioners on October 3, 2017.
The Plan, supporting documents, and maps may be viewed and downloaded by following these links:
How a CRA works…
The creation of the CRA will not facilitate economic growth on its own, but when implemented, offers the area a viable alternative to depending on federal, state, and local dollars alone for community improvements.
The creation of a CRA does not require tax increases to the property owners of the redevelopment area. Tax Increment Financing (TIF) allows the CRA to fund itself. TIF works as follows: The year a CRA is created is called the base year. The amount of tax money that goes to the County in each subsequent year will remain the same as in the base year for as long as the CRA is in existence. Normal appreciation of the property and any new growth within the redevelopment area causes an expansion of the tax base, and this incremental increase goes into a trust fund that finances the CRA’s activities. In addition to the TIF revenue, the CRA applies for various grants, but our annual TIF revenue is necessary to pay the bond payments in future years.
The Westgate Belvedere Homes CRA 2016 Annual Report can be viewed here:
Contact CRA office staff:
- Elizee Michel, Executive Director
561.640.8181, ext. 102
- Denise Pennell, Senior Planner/Project Manager
561.640.8181, ext. 105
- Sharon Sheppard, Redevelopment Specialist
561.640.8181, ext. 106
- Mai Newton, Administrative Assistant
561.640.8181, ext. 101