History of the Lake Worth Beach CRA
In 1989, the Lake Worth City Commission adopted Resolution 47-89, creating the Lake Worth Community Redevelopment Agency. The CRA is a quasi-public agency that operates under Florida State Statue 163, Part III. A Community Redevelopment Plan was produced in 1989 to outline the community’s desired public and private improvements along with a funding program, including the use of tax increment funds.
The primary source of funding is provided through tax increment financing. Tax increment revenues are deposited into a redevelopment trust fund. The taxable value of all real property in the redevelopment area is determined at a particular year, also known as the “base year.” Contributing taxing authorities, the City and County, continue to receive ad valorem taxes. Any increase in ad valorem revenue above the base year value is deposited into the redevelopment trust fund and used to carry out redevelopment activities.
The Lake Worth Beach CRA is governed by a seven-member volunteer Board appointed by the City Commission. The Board serves the area by implementing Redevelopment Plan objectives and promoting redevelopment activities. Trust fund monies are dedicated to specific redevelopment plans and projects and not for general government purposes.
The agency has many powers at its disposal to carry out redevelopment activities including the ability to acquire and sell property, provide incentives to attract and promote private development, apply and utilize grant funding, and to construct public improvements. Zoning and land use development regulations and their enforcement are overseen by the City and its advisory Board and are not functions of the CRA.
The CRA has undertaken public infrastructure, affordable housing, and property acquisition projects over the past decade and has leveraged funds thus attracting private investment to provide increased levels of service to accommodate sustainable growth. The CRA strives to improve the economic vitality of the district and the quality of life of the citizens of the City of Lake Worth Beach.