Transcript STATE ROAD 100 CRA - Palm Coast, Florida

STATE ROAD 100 CRA
Update to City Council
November 13, 2012 Workshop
BACKGROUND
State Road 100 Corridor Community Redevelopment Agency
Prosperity 2021
Background
• State Road 100 Corridor Community Redevelopment
Agency (SR100 CRA) Established in 2004
• City Council Serves as SR100 CRA Board (separate entity)
• 30 Year Time Horizon
• Master Plan Updated in 2008 (Lists Eligible Projects/Programs)
• Funded through Tax Increment
• Property Values Frozen in 2004 for City and County
• Increase in Value = Tax Increment
• Tax Increment Deposited in SR100 CRA Trust Fund
• Projects can be Financed based on Dedicated Funds
SR100 CRA Area
Background
• SR100 CRA Purpose
• Reduce or Eliminate Blight
• Whispering Pines
• Midway
• Increase Tax Base and Encourage Public/Private Investment
• Establish City’s Downtown or Urban Core
• Establish Another Commercial Corridor (In Addition to PC Parkway)
Background
• Completed Projects
• Master Plan Updated
• Central Park Improvements
• Land Acquisitions in Target Areas (74% of Lots)
• I-95 / State Road 100 Gateway Features
• Bulldog Drive Project Development and Engineering Report
Private Sector Investment
• Target Center
• Red Lobster/
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Olive Garden
Publix Shopping
Center
Epic Theatres
Pinnacles
Professional
Park
City Centre
Hilton Garden
Inn
Panera Bread
Imagine School
Medical Offices
Banks, Banks, &
More Banks
FY2012/2013 CRA Budget
Revenues
Expenses
$50,000
$11,941
$856,519
$521,000
$744,269
$641,575
$2,346,384
$500,000
$3,800,000
$2,000,000
County Tax Increment
Interest Revenue
Operating Expenses
Bulldog Drive Improvements
City Tax Increment
Debt Proceeds
Land Purchases
Debt Service
Appropriated Fund Balance
Contingency
MAJOR PROJECTS
State Road 100 Corridor Community Redevelopment Agency
Bulldog Drive Improvements
• Original Plan (October 2010)
• Construct Complete 4-Lane Urban Roadway (Multi-Use Path,
Sidewalk, Landscaped Median, and SR100 Intersection
Improvements) in One Phase
• Property Acquisitions of All Property Abutting Bulldog Drive
Necessary
• School Board Interlocal Agreement for Property
• Most Private Property Acquired (Except One Owner)
• Revised Plan (September 2011)
• Phase Project to Meet Current Needs and Avoid Eminent Domain
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Reconstruct 2-Lane Roadway with Intersection Improvements at SR100
Change Traffic Circulation on SR100 and FPC
Improve Stormwater Management to Minimize Flooding of FPC
Pedestrian Improvements
Bulldog Drive Improvements
• Original Contract with WilsonMiller, Inc.
• Approved in October 2010 for $348,000
• Based on Original Plan
• Design Contract for Phase 2
• Change Order in Amount of $212,999.57
• Necessitated by Revised Plan (Phasing of Project)
• Discussed with City Council in September 2011
Bulldog Drive Improvements
Refinancing
• Debt Issued in April 2010
• Amount: $4,000,000
• Payment: $365,000 per year, 15 years
• Interest Rate: 4.34%
• Refinancing
• Take Advantage of Low-Interest Rates
• Possible Saving of $28,000-$32,000 Per Year
• Borrow Additional Funds to Complete Construction of Bulldog Drive
Improvements ($2,000,000)
• Adequate Coverage for Debt Payment
• Estimated Total Debt Payment of $530,000 - $550,000
• Estimated Tax Increment for FY2013 = $1,314,581
Land Acquisition in Target Area
• Strategy to Reduce or Eliminate Blight
• Antiquated Subdivisions (No Infrastructure, Prone to Flooding)
• SR100 CRA Board Direction to Purchase Property at
Appraised Value from Willing Sellers
• Pazyniak Property – Appraised Value of $146,500
Interfund Loan
• City provided Interfund Loans starting in 2004 to carry out
SR 100 CRA Projects and Programs
• Outstanding Principal Balance of the Loan is $5,792,529
• SR100 CRA Interest only (5%) Annual Payments of $285,751
Next Steps
• Next Week
• Change Order for Phase 2 of Design Contract
• Pazyniak Property Acquisition
• Future
• Debt Refinancing
• Bulldog Drive Construction Contract
• Additional Property Acquisitions