In a recent meeting of the Town of Orange Park Economic & Community Development Committee, members discussed the potential implementation of a Community Redevelopment Agency (CRA) to address economic challenges in specific areas of the town. The CRA would utilize Tax Increment Financing (TIF) to reinvest property tax growth back into designated districts, aiming to revitalize blighted areas and stimulate economic development.

The concept of TIF was explained as a mechanism that captures the increase in property tax revenue generated from improvements within a CRA district. This funding would be earmarked for projects that enhance the community, such as hiring additional police officers, improving street lighting, and investing in landscaping to boost curb appeal. These initiatives not only aim to improve safety and aesthetics but also to attract new businesses and create jobs.

Committee members shared successful examples from other regions, highlighting how TIF funds have been used effectively in places like Panama City. There, the funds helped reduce crime perception and improve the overall image of downtown, leading to increased foot traffic and business investment. The discussions emphasized that while the initial collection of TIF funds may be slow, the long-term benefits could be substantial, with projections suggesting significant revenue growth over a 30-year period.

The meeting also touched on the criteria for designating areas as blighted, which includes factors such as stagnant property values and dilapidated buildings. Members acknowledged the need for a thorough study to identify potential CRA districts within Orange Park, with some suggesting areas that may fit the criteria.

In conclusion, the committee recognized the CRA as a valuable tool for targeted economic development. However, they emphasized the importance of having a clear vision and plan to ensure that the funds are used effectively to achieve meaningful improvements in the community. As the committee moves forward, they will continue to explore the feasibility of establishing a CRA and the potential benefits it could bring to Orange Park.