BVRAC

2013-01-23T11:28:00.000-08:00

B.V.R.A.C stands for Bahama Village Redevelopment Advisory Committee. BVRAC was established in 2009 to oversee the expenditure of Tax Increment Financing Funds (TIFF) dollars within the Bahama Village Community Redevelopment Area. TIFF dollars are generated under a complex formula that annually calculates the values of properties within the CRA and allocates an incremental portion of the property taxes raised therein, to be used for redevelopment therein.

Over a period of many years, the TIFF tax raised millions of dollars. At various times the money was spent on affordable housing, neighborhood policing, repairs to significantly historic buildings including several churches and buildings used by fraternal organizations, and for a variety of smaller programs and projects of benefit to the Bahama Village community.

Bahama Village Redevelopment Area

As can be seen on the map, the CRA extends beyond Fort Street onto the Truman Waterfront. That portion has been designated as the site of the Assisted Care Living Facility (ACLF), a change from the original intent which was for that tract and an additional tract seaward, totaling 6.6 acres, to be developed as a combination of affordable housing, some small retail, and community space for the benefit of the residents of Bahama Village.

The clock is now running on the lease that lease that was granted to Florida Keys Assisted Care Coalition FKACC. They have less than six months left to bring forward a realizable plan for the use of the acreage. And if they don't?

Bahama Village Key West

BVRAC