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Sarasota News Leader October 25, 2013 Page 58 SAVING NEWTOWN While the Community Redevelopment Agency for downtown Sarasota has produced millions of dollars in revenue, the CRA for Newtown has produced zilch. Its budget is funded by skimming money from the downtown operation. Thus far, it has received $4.5 million. That circumstance is due entirely to the date of creation of the Newtown CRA in 2007 — the peak of property values city- and statewide. A Community Redevelopment Agency works on tax-increment financing, the difference between property tax revenue collected within a defined area during a base year and the tax revenue collected later. Property values have declined since the Newtown CRA was formed, so the "tax Assistant City Manager Marlon Brown sits in on the CRA meetings. Photo by Norman Schimmel Community Redevelopment Agency Extension Study Committee Chairman Andy Dorr addresses the City and County commissions on Oct. 22. Photo by Norman Schimmel

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