On Thursday March 28th, the Village Council
will consider
making a legislative “Finding of Necessity” to create a Community Redevelopment Agency (CRA), which is a tool to promote economic development within targeted areas of the Village of Palm Springs. A CRA is a special district that undertakes programs and activities to revitalize an area and can be used to address blighted conditions, including substandard buildings, inadequate infrastructure and utilities, insufficient roadways, shortage of affordable housing, inadequate parking, high vacancy rates and abandoned properties and public safety (i.e., crime and code enforcement) concerns.
Community Redevelopment Agencies are granted authority through state statute to fund necessary infrastructure, utility and safety improvements as well as to provide incentives to promote economic development opportunities and improve the overall quality of life within the designated areas.
As a result, Village staff and consultants have identified two (2) “sub-areas” (or districts) for the CRA:
1) Congress Avenue, generally north of Forest Hill Boulevard but extending south to the YMCA
2) Lake Worth Road, between Military Trail and E-4/Keller Canal
CRAs are funded through Tax Increment Financing (TIF), which simply stated, is the use of property taxes that are paid from within the target area that will be used for redevelopment and revitalization projects, activities and/or programs. The main idea is that investment (i.e., funding projects, activities and/or programs) within the area will stimulate property values that are expected to increase the amount of ad-valorem (property) taxes collected and then reinvested back into the district (and ultimately the Palm Springs community).
The proposed CRA would assist the Village (and Palm Beach County) in accomplishing five (5) key goals within the proposed districts/communities:
I. Improving Utilities and Infrastructure Deficiencies
II. Expanding Job Development and Economic Growth
III. Enhancing Public Safety
IV. Increasing and Maintaining Workforce Housing
V. Advancing the Partnership with Palm Beach County
Creation of a CRA requires (must be) approved by the Palm Beach County Board of County Commissioners. We are hopeful to go before the County Commission by the end of the year with the hope that they will commit to partnering with our community and placing an emphasis to promote economic redevelopment, creating jobs, reducing crime and code enforcement issues within Palm Springs and the central region of Palm Beach County.
We are in need of your assistance to ensure that the County is aware of this important issue and to need for them to support our request for a CRA. If you are interested in helping, please consider writing a letter to Mayor Mack Bernard and the members of the Palm Beach County Commission (along with County Administrator Verdenia Baker) requesting their support to build up our community.
A link to the Finding of Necessity, TIF projections, proposed capital improvements and other details can be found on the Village homepage.
