How to Create a CRIAMichelle Stephens2024-02-12T10:21:44-08:00
How to Create a Community Revitalization and Investment Authority (CRIA)
Government Code 62000 et. seq.
- Municipality (City/County)
- Legal counsel
- Economic advisor
- Define/refine boundaries that meet eligibility criteria
- Project property tax increment from participating taxing entities
- Evaluate bonding/financing capacity
- Identify eligible projects and programs
- Electeds
- Other taxing entities (negotiate MOU to form JPA)
- Stakeholders (property owners and residents)
- Select Board members
- If multiple taxing entities, adopt resolution approving MOU to form JPA
- Adopt resolution(s) consenting to CRIA and property tax contribution rate
- Transmit consenting resolution to county auditor-controller
- Boundary map and legal description
- Determination of eligibility
- Goals and objectives
- Projects and programs
- Time limits to establish and repay debt
- Notice of informational meeting to property owners and residents (via mail and authority website post at least 10 days prior to meeting)
- Draft Plan made available to public and each property owner
- Hold informational meeting (at least 30 days prior to Notice of 1st public hearing)
- Document and review comments
- Notice and Hold 1st Public Hearing – Hear Public Comment
- Notice and Hold 2nd Public Hearing – Consider Comments, Modify or Reject Plan
- Notice and Hold 3rd Public Hearing/Protest Proceeding – Consider All Protests and Adopt or Terminate Plan
- May Adopt if less than 25% file protest
- Hold Election if 25-50% file protest (within 90 days)
- Terminate if over 50% of property owners and residents file protest
- Authority Board Adopts Plan via Resolution
- Transmit Statement of CRIA Formation to State and County Agencies
THE OVERALL ADOPTION PROCESS TYPICALLY TAKES 12-18 MONTHS, HOWEVER, EVERY COMMUNITY WILL BE DIFFERENT BASED ON LOCAL POLITICAL CONSIDERATIONS AND RESOURCES
Learn more about these tools at https://caled.org/project-development-finance-pdf-division/https://caled.org/everything-ed/caleds-economic-development-finance-real-estate-committee/
Click here for a PDF version of the above chart.