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$15 Million Bond Floated by City of Pompano Beach Community Redevelopment Agency
Funds to Be Used to Jump-Start CRA Plans for Streetscape Improvements Along Atlantic Boulevard and the Beach Area
| Source: Pompano Beach Florida CRA
POMPANO BEACH, FL--(Marketwire - February 20, 2010) - The
City of Pompano Beach Community Redevelopment Agency (CRA) closed today
on a $15 million tax increment financing package that will provide funding
for streetscape improvements along Atlantic Boulevard, as well as the
beach.
Included in the financing is a $5 million reserve to fund the CRA's
potential participation in a beach parking garage near the Pompano Beach
Pier.
The lender is Branch Banking &Trust Co. and
the bonds are for 20 years.
Mayor Lamar Fisher, sitting as the Chair of the CRA while executing the
documents, said, "This is a great accomplishment for the CRA. The projects
it will fund have long been a priority for the City and we are pleased in
this very tight economic market to be able to find a way to move them
forward."
The CRA, created in 1989, recently selected
Redevelopment Management Associates (RMA) to manage its two districts:
CRA West and CRA East. RMA said that while this financing is for projects
in the CRA East, the CRA is working on similar projects for the CRA West,
an area of about 3,084 acres that generally encompasses a large part of the
western portion of the City.
Projects are selected for investment by the CRA for their potential to
encourage private investment that otherwise might not occur. CRA projects
are funded through Tax Increment Financing, which raises revenues for
redevelopment within its districts without raising taxes.
The CRA Board meets the third Tuesday of every month at 7 p.m. in the City
Commission Chambers at Pompano Beach City Hall.