Tax Increment Financing (TIF), the funding source for CRAs, allows for a redirection of the existing ad valorem property taxes to redevelopment projects without imposing a new level of taxation. Because funding for improvement projects is limited during the first ten years of the CRA, as a result of TIF, the CRA commissioned a historical structure survey and began writing grants in efforts to fund revitalization efforts. In 1998, the CRA acquired the first grant for downtown redevelopment: a $600,000 Community Development Block Grant (CDBG) from the Florida Department of Community Affairs. Following this success, the CRA has continued an aggressive grant-writing program to fund additional improvement projects, including the following.
- Historic structure survey of buildings in the CRA district
- Design and construction funding for the downtown gazebo
- 1998 CDBG grant to conduct Citrus Avenue improvements ($825,000 project budget)
- 1998 Florida Recreation Development Assistance Grant (FRDAP) to develop the NW 3rd Street pier ($133,000 project budget)
- 1998 Florida Rural Community of the Year award for downtown improvements
- 1999 CDBG "El Nino" Grant to buy out flooded structures ($350,000) project budget)
- Acquired the Seminole Club building for the City
- 2001 Recreational Trails Grant to construct the "Cross Town Trail" along the old railroad right-of-way ($63,000 project budget)
- 2001 Historic Restoration Grant to rehabilitate the Seminole Club building ($105,000 project
- budget)
- 2001 Florida Forever Grant to acquire lands for Kings Bay Park ($1.1 million project budget)
- 2002 CDBG Grant for downtown improvements and Phase I of the Riverwalk ($825,000 project budget)
- 2003 Waterfronts Florida designation and organization grant for $25,000
- 2005 FRDAP Grant Phase I of the Roger Goettelmann Pier ($150,000 project budget)
- 2006 FRDAP Grant for Phase II of the Roger Goettelmann Pier and additional improvements to King's Bay Park($150,000 project budget)
- 2007 FRDAP Grant for Phase III improvements to King's Bay Park including a playground, two (2) pavilions, a nature trail, and picnic shelters ($150,000)
- 2008 State Recreation Grant ($112,500)
- 2011 State Florida Department of Transportation Grant ($120,000)
- 2015 Country Restoration Funding ($517,000)
- 2015 - 2023 CRA Signage
- 2016 Florida Conservation Grant for the Splashpad ($125,000)
- 2019 State Legislature Funding ($2,000,000)
- 2020 State Legislature Funding ($2,300,000)
- 2021 State Legislature Funding ($1,000,000)
- 2022 State Legislature Funding ($3,000,000)
- 2023 Riverwalk Resource Protection Assessment
- 2023 Riverwalk Dock Replacement and Permitting
- 2023 Riverwalk Surveying, Mapping, and Engineering
- 2023 City Pumphouse Renovations
- 2024 CRA Boundary Evaluation
- 2024 NE 5th Street Streetscaping Planning
- 2024 Continued efforts on the Kings Bay Riverwalk
- 2024 Completion of the NE 1st Avenue Parking Lot
- 2024 Assisting Residents with Home Elevation Applications with Federal and State Funding
- 2024 Adoption of the City-wide Form-Based Code
- 2024 Architectural and Engineering Services for the new Crystal River Government Center
- 2024 Engineering services for Kings Bay Park
The success of the CRA is apparent not only in the aesthetic improvements to the area but also in the substantial increase in property values from $15.3 million in 1988 to over $79 million in 2023.
The Future of the CRA
The CRA anticipates continuing several of its "bricks & sticks" projects such as the Riverwalk around the north end of King's Bay and the redevelopment of King's Bay Park.
By integrating these varied redevelopment activities the CRA hopes to leave the City with a thriving and attractive downtown. The Crystal River Community Redevelopment Agency (CRA) was initially set to sunset in 2018. However, on January 13, 2014, the City Council passed an ordinance extending the CRA’s duration for an additional 30 years. As a result, the new sunset date is January 12, 2044.