Once an agency is established and redevelopment district created, the Agency gains access to a revenue source called Tax Increment Financing (TIF). It is important to note, this is not a taxing authority or a new tax. TIF revenues are generated based on the incremental growth in property values within a district overtime as public infrastructure projects are completed and private reinvestment is realized. These funds are deposited into a Redevelopment Trust Fund and can only be used for programs and projects geared to revitalizing the redevelopment district.
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Redevelopment districts are established by local government agencies in response to conditions that are considered blighted, as defined in Chapter 163, Part III, Florida Statutes. If an agency, such as the City of Ocoee, is located within the jurisdiction of a Home-Rule County, then they must be delegated redevelopment powers by that County. If an area is determined to be blighted, and they receive delegation of powers, then the next step is to establish a community redevelop agency or CRA. Once a CRA is created then they oversee the development and implementation of a redevelopment plan to guide revitalization efforts over a period of years.
The Ocoee CRA is comprised of seven (7) members. These members include the five (5) member City Commission plus two additional at-large members. One of the at-large members are nominated by Orange County.
The City of Ocoee’s Fifty West Redevelopment District was created in 2006 and is currently set to sunset in 2036, unless Orange County grants an extension of up to an additional 10 years.
City of Ocoee’s Fifty West Redevelopment District sits along a 2-mile stretch of SR 50 (W.Colonial Drive) and is easily accessible from the Florida Turnpike, the East-West Expressway(SR 408) and the Western Beltway (SR 429).
Approximately 1,070 acres.
Fifty West will include centers of vibrant, urban, mixed-use development providing enhanced pedestrian and automobile connectivity, flexible land uses, diverse economic base, a mix of April 29, 2020 housing types, a shred responsibility of infrastructure financing, public open space and parks, creating an enhanced image and contemporary development form.
The CRA has completed several studies and master planning processes to further thedirectives contained within the Ocoee Redevelopment Plan, including establishing three (3)target areas. Target Area 1 is located south of SR 50 and west of Maguire Road and has seenthe demolition of the blighted Colony Plaza and new development. Target Area 2 is locatedon the north of SR 50 and east of Bluford Avenue. Located in this area are new apartmentsand will be home to City Center West Orange. City Center when completed will include over54,250 sq. ft. of retail, 75,000 sq. ft. of restaurant, and 60,000 sq. ft. of office. Target Area 3is located in the vicinity of Health Central medical campus.Prior to 2020, the CRA improved the median landscaping on S. Blackwood Avenue, Old WinterGarden Road and Clarke Road.
The CRA is currently working on the landscaping the medians of SR 50 in partnership withFDOT who grant the City and CRA up to $775,000 in funding. Other projects include workingon stormwater and corridor plans for the entire redevelopment district.
If you have a question or seeking additional information regarding the Ocoee CRA or thework we are doing within the Fifty West Redevelopment District contact:Ginger Corless, CRA AdministratorCity of Ocoee150 N. Lakeshore DriveOcoee, FL 34761Email: email@example.comTelephone: 407-905-3100 ext. 9-1028