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STATE ROAD 100 CRA

STATE ROAD 100 CRA. FY 2012/2013 Annual Report October 29, 2013 Workshop. 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 (ends in 2034)

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STATE ROAD 100 CRA

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  1. STATE ROAD 100 CRA FY 2012/2013 Annual Report October 29, 2013 Workshop

  2. 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 (ends in 2034) • 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

  3. SR100 CRA Area

  4. 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)

  5. Background • Completed Projects • Master Plan Updated • Central Park Improvements • Land Acquisitions in Target Areas (75% of Lots) • I-95 / State Road 100 Gateway Features • Bulldog Drive Project Development and Engineering Report • Bank Debt Refinanced, Additional Financing for Bulldog Drive

  6. Private Sector Investment • Target Center • Red Lobster/ 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

  7. Private Sector Investment Upcoming • Brookhaven Apartments • Discount Tire Store

  8. Tax Increment History

  9. FY2013/2014 CRA Budget

  10. Major projects State Road 100 Corridor Community Redevelopment Agency

  11. 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 • Revised Plan (September 2011) • Phase Project to Meet Current Needs and Avoid Eminent Domain • Reconstruct 2-Lane Roadway with Intersection Improvements at SR100 • Change Traffic Circulation on SR100 and FPC • Improve Stormwater Management to Minimize Flooding of FPC • Safety & Pedestrian Improvements • Updated Project Timeline • Next 3 Months: Finalize Design & Permitting • Early 2014: Bid Solicitation • Spring/Summer 2014: Construction

  12. Bulldog Drive Improvements

  13. 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 • Purchased Pazyniak Property in FY2013

  14. CRA Debt Obligations • CRA is currently evaluating Refinancing Options for City of Palm Coast Interfund Loan

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