CCCRACambria County Conservation and Recreation Authority (Pennsylvania)
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In addition to a diverse base of commercial and residential structures, the CCCRA includes CityPlace, a popular mixed-use development featuring upscale shopping and entertainment (CDD special assessment/revenue bonds rated 'A' by Fitch).
Coverage of senior lien debt service by CCCRA increment revenues remains robust at 4.
According to Fitch's stress model, CCCRA TAV could drop by 50% and still generate sufficient tax increment revenues to cover MADS by at least 1.
Taxable values within the CCCRA nearly tripled between fiscals 2002 and 2009.
Since fiscal 2009 and including preliminary valuations for 2012, the CCCRA lost nearly one fifth of its tax base.
The CCCRA encompasses much of the downtown portion of the city and includes the project area and district.
Coverage revenues are drawn from a much broader and more diverse CCCRA tax base, which is nearly 6.
The $2 million generated from CCCRA properties outside the project area approximate 48% of annual debt service costs without taking into account the other 20% of project area tax increments.
4 million of total CCCRA tax increment revenues provided a robust 3.
The obligation of the CCCRA to repay the city, and to a lesser extent the county and Downtown Development Authority DDA, for subordinate obligations annually provides a further cushion.