Ruling Could Spur Development
The Florida Supreme Court revised its ruling from last year that restricted how cities could fund redevelopment projects. Bottom line, the new ruling could re-ignite many local community improvement projects that had been put on hold.
The high court now says that voter approval isn't needed to raise billions of dollars for public projects in designated Community Redevelopment Areas or CRAs.
After a rehearing, the Florida Supreme Court justices reverted to a legal precedent set 27 years ago that allows redevelopment bond sales backed by property taxes but without a voter referendum.
The legal limbo put over the past year put many improvement projects on hold according to Mike Chen, Development Services Manager for the City of Tampa
'This revised decision will allow us to come back out and plan a series of projects that will accelerate the opportunity to draw private investment into CRAs,' Chen said.
The court ruling is not final. There could be another rehearing. But, if it stands, it could spur improvement projects statewide.
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