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Sarasota News Leader October 11, 2013 Page 30 Redevelopment Agency (CRA) encompassing CRA. And it turned out to be a gold mine. In downtown Sarasota. the early years, the money was plowed back In 1986, when legendary City Manager Ken into downtown investment. Businesses that Thompson was still at the helm, the city and wanted to leave were convinced to stay, and county cut a deal. For a defined area of down- businesses that were sniffing at downtown town, the city and county would freeze their — such as the Whole Foods grocery — were property tax collections. Anything above that given an offer they did not refuse. level, for the next 30 years, would accrue to the CRA under what is called "tax-increment The CRA's mission to fight "slum and blight" financing," or TIF. — for any number of external and internal Sarasota was an early adopter of a state law reasons — succeeded wildly. Downtown in empowering the TIF mechanism to fund a 1986 was a ghost town after dark. Downtown Downtown Sarasota has benefitted from millions in tax revenue dedicated to fighting 'slum and blight.' Photo by Norman Schimmel