The City of Hollywood is facing a large budget gap and is looking for ways to close this gap.
One option that is being researched is dissolving the Community Redevelopment Agency (CRA) Beach District. Despite tremendous growth in taxable value the City is still facing a significant budget deficit due to legacy costs and structural imbalances. The success of the CRA Beach District has led to exponential growth in the tax increment but basic expenses are outpacing revenues. CRA tax revenue is unavailable to help the City as a whole.
If the Hollywood Commission decides to dissolve the CRA Beach District, many steps and negotiations would need to take place. The City and Broward County would need to discuss items such as paying off existing Beach District debt, transition of employees, beach maintenance and other services, according to Joann Hussey, spokesperson for Hollywood.
The City is doing its due diligence in researching options to close the budget gap during the few weeks the Commission is on break. Options will be presented to the Commission when they return August 26th.
