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STATE ROAD 100 CRA

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

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STATE ROAD 100 CRA

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  1. STATE ROAD 100 CRA Update to City Council November 13, 2012 Workshop

  2. Background State Road 100 Corridor Community Redevelopment Agency

  3. Prosperity 2021

  4. 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

  5. SR100 CRA Area

  6. 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)

  7. 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

  8. 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

  9. FY2012/2013 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 • 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 • 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

  12. 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

  13. Bulldog Drive Improvements

  14. 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

  15. 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

  16. 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

  17. Next Steps • Next Week • Change Order for Phase 2 of Design Contract • PazyniakProperty Acquisition • Future • Debt Refinancing • Bulldog Drive Construction Contract • Additional Property Acquisitions

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