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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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State road 100 cra

STATE ROAD 100 CRA

FY 2012/2013 Annual Report

October 29, 2013 Workshop


Background

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


Sr100 cra area

SR100 CRA Area


Background1

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)


Background2

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


Private sector investment

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


Private sector investment1

Private Sector Investment

Upcoming

  • Brookhaven Apartments

  • Discount Tire Store


Tax increment history

Tax Increment History


Fy2013 2014 cra budget

FY2013/2014 CRA Budget


Major projects

Major projects

State Road 100 Corridor Community Redevelopment Agency


Bulldog drive improvements

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


Bulldog drive improvements1

Bulldog Drive Improvements


Land acquisition in target area

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


Cra debt obligations

CRA Debt Obligations

  • CRA is currently evaluating Refinancing Options for City of Palm Coast Interfund Loan


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