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State Road 100 Corridor Redevelopment: Project Overview

Explore the redevelopment initiatives along the SR-100 corridor, including property acquisitions, project status, budget breakdown, and future plans for revitalization. Learn about the key stakeholders, financing strategies, and upcoming milestones.

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State Road 100 Corridor Redevelopment: Project Overview

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  1. STATE ROAD 100 CORRIDORCOMMUNITY REDEVELOPMENT AREAStatus of Property Acquisitions June 8, 2010Presentation for City Council Workshop

  2. SR 100 CRA Background and Purpose • Background • Established April 20, 2004 • 30 Year Time Horizon • Tax Increment Financing (future revenue from CRA pays for improvements to encourage redevelopment) • Purpose • Improve and/or Redevelop Blighted Areas • Midway Subdivision • Whispering Pines Subdivision • Establish the City’s “Downtown” or Urban Core • Encourage Development of Additional Commercial Corridor (Alternative to Palm Coast Parkway)

  3. SR 100 CRA Completed Projects • Master Plan Updated • Central Park Improvements • Land Acquisitions • I-95 / State Road 100 Gateway Features • Bulldog Drive Project Development and Engineering Report • CRA Financing Approved

  4. Future Capital Improvements High Priority Projects • Bulldog Drive • Central Park Enhancements Phases II and III • Civic Architecture (Community Center) • Other (Historic Property/Site Rehabilitation) • State Road 100 (Sidewalk, Traffic Signal/Mast Arm Assembly, Gateway Signage)

  5. Existing Bulldog Drive Corridor

  6. Potential Bulldog Drive Enhancements

  7. FY 2009/2010 Projections • Tax Increment Revenue . . . . . . . . . . .$ 1,386,523 • Investment Earnings . . . . . . . . . . . . . .$ 25,000 • Loan Proceeds . . . . . . . . . . . . . . . . . . $ 4,000,000 TOTAL REVENUES. . . . . . . . . . . . . . .$ 5,411,523 • Professional Services. . . . . . . . . . . . . $ 100,000 • Land Purchases . . . . . . . . . . . . . . . . . $ 2,900,000 • Bulldog Drive Design. . . . . . . . . . . . . $ 300,000 • Central Park . . . . . . . . . . . . . . . . . . . . $ 120,000 • Debt Service . . . . . . . . . . . . . . . . . . . .$ 652,220 • Contingency . . . . . . . . . . . . . . . . . . . . $ 1,339,303 TOTAL EXPENSES. . . . . . . . . . . . . . $ 5,411,523

  8. Implementation Short-Term • Approve Current Loan • Complete Right-of-Way Acquisition for Bulldog Drive • Complete Design & Construction Plans for Bulldog Drive • Additional Property Acquisitions in Target Areas • Central Park Improvements Long-Term • Additional Financing (Repayment of City Note) • Bulldog Drive Construction • Additional Capital Improvements per CRA Plan

  9. Right-of-Way Acquisition Status Flagler County School District Ajram Cole Third Coast Holdings, LLC

  10. Third Coast Holdings Acquisition • Appraisal • Arms Length Transaction Opinion of Value: $1,050,000 • Arms Length Transaction (sort of) • Negotiations • Third Coast Holdings (TCH) Offered to Sell Property to City for $1,400,000 • Initial Offer by City Staff was Appraised Value for $1,050,000 • Further Negotiations Concluded with Tentative Agreement • $1,150,000 Purchase Price (including necessary remediation) • $100,000 for Demolition of Structures and Septic Removal

  11. Third Coast Holdings Acquisition • Considerations • Alternative to Reaching Agreement would be either Eminent Domain or Revising Preliminary Roadway Design • Acquisition Improves City Holdings • Control Important Corner Entrance to Downtown • Adds Value to Adjacent Holdings • Accommodate Stormwater Off-Site to Increase Value • Eliminates State Road 100 Uncertainties (Future ROW) • Removes Blighted Properties along Major Corridor

  12. Implementation Short-Term • Approve Current Loan • Complete Right-of-Way Acquisition for Bulldog Drive • Complete Design & Construction Plans for Bulldog Drive • Additional Property Acquisitions in Target Areas • Central Park Improvements Long-Term • Additional Financing (Repayment of City Note) • Bulldog Drive Construction • Additional Capital Improvements per CRA Plan

  13. Additional Acquisitions Interested Property Owners that Contacted City

  14. Additional Acquisitions • Jane & Jason LLC • 13,000 square feet (11,500 net of easement) • Appraisal: $126,500 (based on $11/s.f.) • Offer Accepted • Stevens • 12,405 square feet • Appraisal: $124,050 (based on $10/s.f.) • Offer Accepted • Wilcox • 44,000 square feet (4 lots) • Appraisal: $440,000 (based on $10/s.f.) • Offer Rejected

  15. Budget for Land Purchases 09/10 • Land Purchases . . . . . . . . . . . . . . . . . $ 2,900,000 • Purchased to Date $ 800,000 • Proposed Purchases $ 1,550,000 • Balance $ 550,000 • Contingency . . . . . . . . . . . . . . . . . . . . $ 1,339,303

  16. Next Steps • Consider Third Coast Holdings LLC Acquisition (June 15 CRA Board & City Council) • Consider Additional Property Acquisitions in Target Area (June 15 CRA Board & City Council) • Jane & Jason LLC • Stevens • Staff Continue Negotiations with Remaining Acquisition Needed for Bulldog Drive – Ajram

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