PLACEMENT: New Business
TITLE:
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CRA - LEGISLATIVE SESSION 2025
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EXECUTIVE SUMMARY:executive summary
There are new legislative developments that could significantly impact Community Redevelopment Agencies. HB 991, filed by Representative Mike Giallombardo (R-Cape Coral) and a companion bill, SB 1242, which has been filed by Senator Stan McClain (R-District 9 - Alachua, Levy and Marion counties). The key provisions are:
1. Termination of CRAs: Any CRA in existence as of July 1, 2025, would be required to terminate either at the expiration of its charter or by September 30, 2045, whichever occurs first.
2. Prohibition on New Projects and Debt: Starting October 1, 2025, CRAs would be prohibited from initiating new projects or issuing new debt.
3. Outstanding Bonds: CRAs with outstanding bonds as of July 1, 2025, may continue operations until those bonds mature, with a final closure deadline set for September 30, 2045.
4. Bond Maturity and Extension: After September 30, 2045, the maturity dates of any outstanding bonds cannot be extended, and any new finding of necessity must be issued solely for fulfilling bond obligations.
5. Ban on New CRAs: No new CRAs may be established on or after July 1, 2025. However, existing CRAs prior to this date may continue to operate under the current regulations.
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BACKGROUND/RELATED STRATEGIC GOAL:
In the past when there has been legislative activity in Tallahassee regarding CRAs, staff has endeavored to keep the Agency abreast of any developments. We may need to provide information to our representatives and communicate our successes to them at this time. Staff has provided the Board with contact information and talking points for use in phone calls, meetings and written communications.
LEGAL SUFFICIENCY REVIEW:
This item has been reviewed for legal sufficiency to determine whether it is consistent with applicable
law, has identified and addressed legal risks, and has developed strategies for legal ...
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