The North Greenwood Community Redevelopment Area plan has been approved by Pinellas County after years of gathering input from the public and planning. The CRA plan is designed to bring an uptick of new private and public investments to the Clearwater neighborhood. With the greenlight given, officials will formally establish the North Greenwood CRA, a residential and commercial area that is located north of Clearwater’s downtown.

The establishment of a redevelopment trust fund will also be done, with an estimated collection of $30 million over a 20-year period through tax increment financing (TIF) contribution rates from the county. North Greenwood has a population of 6,619 residents with 50% of the area consisting of residential uses, and there are several commercial corridors and areas with light industrial use.

The North Greenwood CRA spans 840 acres, and several schools will be in the CRA boundary. The Pinellas Trail also runs through the CRA. The area can use TIF funding to go towards mobility and transit improvements as well as housing and economic development projects since it is now a CRA. The county’s TIF contribution rate is set at 95%. After 10 years, the CRA performance will be assessed and commissioners will receive recommendations from the county to determine if TIF contributions should be adjusted or ended.

Recommended TIF Expenditures over a 20-year period are:

-         $13 million for affordable housing

-         $9.5 million for economic development

-         $4 million for CRA administration

-         $2 million for mobility improvements

$47,000 will be contributed to the redevelopment trust fund for the fiscal year 2024, which may change based on tax roll assessments in the area. Commissioners' approval of the ordinance and resolution were met with applause.