The bill amends Section 163.3755 of the Florida Statutes to establish a termination date for community redevelopment agencies (CRAs) and to prohibit the creation of new CRAs after a specified date. Specifically, it states that any CRA in existence on July 1, 2025, will terminate on the expiration date provided in its charter or on September 30, 2045, whichever comes first. The bill removes the previous provision that allowed for the continued existence of a CRA if approved by the governing body of the county or municipality. Additionally, it prohibits CRAs from initiating new projects or issuing new debt after October 1, 2025.

Furthermore, the bill allows existing CRAs with outstanding bonds as of July 1, 2025, to remain operational until those bonds mature, but they cannot extend the maturity date of any outstanding bonds. It also requires the county or municipality that created the CRA to issue a new finding of necessity to meet remaining bond obligations. The effective date of this act is set for July 1, 2025.

Statutes affected:
H 991 Filed: 163.3755