Public Redevelopment Investment Pays Off for Florida Cities

Apr 10 • 136 Views • View Comments

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CONTACT: Carol Westmoreland, Executive Director
cwestmoreland@flcities.com/ (850) 342-8112

Public Redevelopment Investment Pays Off for Florida Cities
New study shows public redevelopment investment creates 20 times the amount of private redevelopment investment

A recent study released by Florida Redevelopment Association (FRA) to examine the effect of government Community Redevelopment Agency (CRA) investment in Florida municipalities has revealed that for every dollar spent on redevelopment by a CRA, the area benefitted from 20 additional redevelopment dollars invested by the private sector during the same time period. According to these figures, complied by CRAs in Broward County and Redevelopment Management Associates (RMA), the same investment created more than 2,000 new temporary and permanent jobs.

“This study is a tremendous tool the CRAs have come up with to measure their success,” said Carol Westmoreland, executive director of the FRA. “We now have a straightforward and easily understood way to communicate the return on investment to our primary stockholders – the citizens in our communities.”

CRAs can also help fund infrastructure improvements so cities do not have to use funds out of their general budgets. In fact, the study found that CRAs funded $136.2 million in infrastructure improvements in seven municipalities from 2008 to 2013. During this five-year period, CRAs in the municipalities of Fort Lauderdale, Pompano Beach, Hollywood, Margate, Hallandale, Deerfield Beach and Davie invested a total of $19,475,516, leading to $371,836,097 in private sector investment and the creation of 2,147 jobs. These figures do not account for any private sector investment that may have taken place outside the CRAs boundaries.

“We’ve been doing redevelopment for more than 30 years, and even we were surprised by the final numbers,” said RMA Principal Kim Briesemeister. “The fact that CRA spending sparked 20 times the amount of private investment speaks volumes about the value of CRA investment. But this is exactly why CRAs exist.”

To request a copy of the full CRA Impact Study, please contact FRA Executive Director Carol Westmoreland at cwestmoreland@flcities.com.

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Founded in 1974, the Florida Redevelopment Association (FRA) is a not-for-profit organization dedicated to assisting Florida professionals and volunteers in community revitalization efforts. With its mission of “transforming spaces, revitalizing places,” FRA is committed to providing a forum for its more than 300 members to share knowledge and common experiences regarding revitalization opportunities and issues throughout Florida. For more information, visit www.redevelopment.net.

 

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