In a move that has redevelopment enthusiasts and urban planners simultaneously gasping and reaching for their blueprints, Florida’s Legislature is eyeing two bills—House Bill 991 and Senate Bill 1242—that could put a serious roadblock in the path of community revival projects.
The impending legislation threatens to shackle Community Redevelopment Agencies (CRAs) by prohibiting them from issuing new public debt.
And let’s be honest: if you’re planning to turn the historic Walesbilt Hotel into a swanky new property (complete with a shiny parking garage to boot), you better hope these bills don't turn your bonds into common cold coupons.
Lake Wales CRA chairman Robin Gibson wasn’t having any of it.
“This is serious,” Gibson declared. “It is inconceivable to me that anyone in public office would be opposed to the redevelopment of communities, particularly those which are in decline. There is no logic to it.”
Gibson’s impassioned defense of redevelopment has earned him the admiration of local business magnates and a few architects whose idea of a good time involves long nights of crunching numbers on tax increment financing. (Hint: CRAs operate by capturing the increase in property taxes over time, and in one sense, that’s a bootstrap method of urban resurrection.)
For the uninitiated, CRAs are the unsung heroes behind the dramatic transformation of neighborhoods. They issue bonds that fund projects, which in turn attract millions in private investment—raising property values and generating new streams of revenue faster than you can say "tax increment financing."
Case in point: the Walesbilt Hotel, a historic gem poised to fall back into city hands as ownership battles near a climactic conclusion, is eyeing a new lease on life as a hotel once more, contingent upon the cooperative construction of a parking garage financed by tax-free municipal bonds.
In the meantime, the county’s taxpayers are left wondering if their dollars will continue to trickle into essential public services—or if they'll be siphoned off into the underfunded dreams of redevelopment bureaucrats.
Critics argue that restricting CRAs could be a boon for counties that fear losing a slice of their tax pie.
“Some counties are opposed to the CRA’s capture of a portion of county taxes, and let’s face it, they’d like to keep what they can for themselves,” Gibson added, hinting at what he calls a failure of inter-governmental communication.
“We should do a better job teaching the public about the value these projects bring—and give the county equal credit for every project. After all, city and CRA taxpayers are also paying county taxes.”
Senate Bill 1242, sponsored by newly-elected Senator Stan McClain, and House Bill 991, introduced by Commerce Committee member Mike Giallombardo, are now making their way through the legislative process.
With the Senate bill before the Rules Committee (including input from Polk Senator Colleen Burton) and the House bill assigned to the Commerce Committee, one can only hope that lawmakers eventually find the logic in investing in community transformation instead of stifling it.
As the debate heats up, one thing’s clear: if Florida wants to keep its neighborhoods buzzing with new life, its legislators might want to reconsider throwing a wrench in the redevelopment machine—especially when some projects have the potential to turn declining areas into vibrant hubs that boost the entire state's economic fabric.
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