SOURCE: Pompano Beach Florida CRA

February 20, 2010 15:30 ET

$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

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.

Contact Information