FY2011/2012 CRA ANNUAL REPORTdocs.palmcoastgov.com/business/sr100cra/sr100-cra-annual...FY 2012/2013...

FY2011/2012 CRA ANNUAL REPORT

State Road 100 Corridor

Community Redevelopment Agency

1 FY2011/2012 CRA ANNUAL REPORT

November 9, 2012

Table of Contents Introduction .................................................................... 1

Frequently Asked Questions ........................................... 2

FY 2011/2012 Revenues .................................................. 3

FY 2011/2012 Expenses .................................................. 3

FY 2012/2013 Budget ...................................................... 4

Major Ongoing Projects .................................................. 5

Other Items of Interest ................................................... 7

Introduction The State Road 100 Corridor Community Redevelopment Agency (SR 100 CRA) Fiscal Year

2011/2012 Annual Report describes all activities for the period October 1, 2011 through

September 30, 2012. The report includes a complete financial statement of the SR 100 CRA’s

revenues and expenses, amount of tax increment funds collected and a record of SR 100 CRA’s

activities for the fiscal year.

The SR 100 CRA was created in 2004 as a measure to assist the City of Palm Coast in its efforts to

encourage investment, economic development, and redevelopment in the State Road 100

Corridor area. Redevelopment is necessary to create the community envisioned by the City’s

citizens, merchants, and visitors. The SR 100 CRA continues to pursue voluntary acquisition of

properties as part of its strategy to eliminate the blight identified in 2004. In addition, the SR

100 CRA continues to focus on the highest priority project: Bulldog Drive Improvements.


November 9, 2012

Frequently Asked Questions

What is a Community Redevelopment Agency (CRA)?

A Community Redevelopment Agency (CRA) is a dependent taxing district established by local

government for the purpose of carrying out redevelopment activities that include reducing or

eliminating blight, increasing the tax base, and encouraging public and private investments in

the redevelopment area. The members of the City Council also serve as the Board members of

the SR 100 CRA.

Why create a CRA?

CRAs are created to assist

local governments in pursuing

redevelopment in targeted

areas that are characterized

by blight and disinvestment.

By establishing a CRA, local

governments are given a

financial and planning

mechanism by which to

redevelop areas where private

market forces aren’t working.

Where are the designated CRA

areas?

The SR 100 CRA encompasses 2,946 acres and is generally located east of Belle Terre Parkway,

north of the State Road 100 centerline, south of Royal Palms Parkway, and approximately 0.75

miles east of Interstate 95.

What type of activities will happen in CRA areas?

Redevelopment activities are outlined in the SR 100 CRA Redevelopment Plan. The

Redevelopment Plan is a document that is approved by the City and the SR 100 CRA Board. The

Redevelopment Plan outlines the goals and objectives for the district, and more importantly,

outlines the specific programs and capital improvements designed to reach those goals.

How are redevelopment activities funded?

Activities in CRA districts are predominantly funded by tax increment. Tax increment is

calculated based on the dollar value of all real property in the Community Redevelopment Area

at the time CRA district is created, also known as the “frozen value”. Taxing authorities who

contribute to the tax increment continue to receive property tax revenues based on the frozen

value. However, any tax revenues from increases in real property value, referred to as

“increment”, are deposited into the Community Redevelopment Agency Trust Fund and


November 9, 2012

dedicated to the redevelopment area. It is important to note the property tax revenue collected

by the School Board and any special district (ex: SJRWMD) are not affected under the tax

increment financing process. Tax increment revenues can be used immediately, saved for a

particular project, or bonded to maximize the funds available. Any funds received from a tax

increment financing area must be used in accordance with the Redevelopment Plan for specific

redevelopment purposes within the targeted area, and not for general governmental purposes.

FY 2011/2012 Revenues During the 2011/2012 Fiscal Year, the SR 100 CRA Trust Fund received a total of $1,314,581 in

tax increment funds ($798,707 from Flagler County and $515,874 from the City of Palm Coast).

In addition, $3,000 (preliminary) in interest income was earned and $2,122,311 was carried over

from the previous year.

The tax increment funds received this past year of $1,314,581 represents a 3.3% increase from

the previous year’s receipt of $1,272,800 of tax increment funds.

$798,707

$3,000

$515,874

$2,122,311

County Tax Increment Interest Revenue

City Tax Increment Appropriated Fund Balance

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

2005 2006 2007 2008 2009 2010 2011 2012 2013*

Tax Increment History

County

City

*Projection for 2013


November 9, 2012

FY 2011/2012 Expenses During the 2011/2012 Fiscal Year, the SR 100 CRA Trust Fund expended a total of $769,747. The

expenses reflect the top priority identified in the SR 100 CRA Redevelopment Plan: Bulldog Drive

Improvements.

FY 2011/2012 Expenses

Operating Expenses $3,266

Bulldog Drive Improvements - Design $115,792

Debit Service $650,689

Total $769,747

FY 2012/2013 Budget The 2012/2013 Fiscal Year Budget for the SR 100 CRA Trust Fund is $5,735,844. This budget

includes debt proceeds in order to complete the SR 100 CRA top priority project: Bulldog Drive

Improvements. In addition, this budget includes $500,000 for land purchases in the two target

acquisition areas.

$856,519

$11,941

$521,000

$2,000,000

$2,346,384

Revenues

County Tax Increment

Interest Revenue

City Tax Increment

Debt Proceeds

Appropriated Fund Balance

$50,000

$3,800,000

$500,000

$641,575

$744,269

Expenses

Operating ExpensesBulldog Drive ImprovementsLand PurchasesDebt ServiceContingency


November 9, 2012

Major Ongoing Projects

Bulldog Drive Improvements On October 5, 2010, the SR 100 CRA

Board approved a Work Order with

WilsonMiller, Inc., to design the

Bulldog Drive Improvements. The

project consists of a four-lane

roadway that will continue north

and connect to the recently

constructed Central Avenue in Town

Center. The four-lane urban, typical

roadway section will have four 12-

foot through lanes (two in each

direction) separated by a 24-foot raised landscaped median, a 10-foot concrete multi-use

pathway on the west side, and a 6-foot sidewalk on the east side and curb and gutter. The

existing traffic signal at SR100 and Bulldog Drive will be replaced with two poles and mast arms

to accommodate the proposed roadway improvements.

After initial difficulty was encountered in obtaining the necessary right-of-way for the ultimate

four-lane roadway, the SR 100 Board was briefed on a modification to the design the phase the

improvements. Approval was given to proceed with completing a layout of the proposed

improvements and obtaining a St. Johns River Water Management District (SJRWMD) permit for

the interim two-lane reconstruction of Bulldog Drive with a northbound left turn lane into the

high school with ultimate improvements at the new signalized intersection of SR100 & Bulldog

Drive. The design includes improvements on SR100 to add turn lanes, shift the high school main

entrance and modifications of the internal traffic/bus circulation of the high school site due to

the associated improvements on

SR100 and Bulldog Drive.

Over the past year, City staff

and WilsonMiller, Inc. have

been working with the

Florida Department of

Transportation staff, School

District and Florida-Palm

Coast High School staff to

develop improvements that

are acceptable and meet

necessary traffic, safety and

circulation requirements.


November 9, 2012

The stormwater system has been analyzed and meetings have been held with SJRWMD to

discuss options to improve the existing system to minimize the ponding/flooding on the FPC

site; a permit application has been submitted and the design engineers are currently addressing

comments from SJRWMD as well as comments from the School District Engineer consultant and

Town Center Engineer Consultant. The expectation is to finalize the stormwater improvements

over the next several months and complete the design drawings so that the project can be bid

and construction can begin just before school lets out for the summer of 2013.

Land Purchases The State Road 100 Corridor Community Redevelopment Area (SR 100 CRA) Plan outlines two

target areas for redevelopment. These areas, Midway and Whispering Pines, are antiquated

subdivisions with no existing infrastructure except for dirt driveways. The SR 100 CRA has

acquired many of these properties as part of an overall strategy to eliminate blight in the area

and aggregate property for future redevelopment. The SR 100 CRA Board has directed to City

staff to pursue voluntary acquisitions where the property owners are willing to sell their

property at the appraised value. As willing property owners come forward, City staff will bring

forward items for City Council and SR 100 CRA Board consideration. City staff continue to talk to

interested parties about redevelopment of City-owned property along State Road 100.


November 9, 2012

Other Items of Interest

Real Estate Market Conditions in SR 100 Area The local Palm Coast real estate market continues to stabilize following the national economic

downturn. City staff reviewed all sales transactions occurring since January 1, 2011 within the SR

100 CRA area (see table on the next page). The distressed sales represented 43% of the

transactions and were only for vacant commercial or agricultural land.

Parcel ID Owner Address Type Sales Date Distressed 09-12-31-2475-00000-0030

B & E INVESTMENT PROPERTIES

120 FLAGLER DRIVE

COMMUNITY 20120227 NO

07-12-31-4955-00000-00B0

INLAND DIVERSIFIED PALM COAST

NOTE 20111221 NO

07-12-31-4956-00000-006A


5290 HIGHWAY 100 E


07-12-31-4955-00000-0010


120 BELLE TERRE PARKWAY

FINANCIAL 20111221 NO

07-12-31-4955-00000-0030


5200 E HIGHWAY 100


07-12-31-4955-00000-0040


STATE ROAD 100 STORES, 1 20111221 NO

07-12-31-4956-00000-0050

WEINGARTEN INVESTMENTS INC

LANDING BLVD RV/MH PARK 20111108 NO

09-12-31-0000-01010-0000

EAGLE FL III SPE LLC VACANT MIX 20111007 YES

06-12-31-5815-00000-0140

FLORIDA LANDMARK COMMUNITIES

18 MARKET AVE VACANT COM 20110830 YES

06-12-31-5815-00000-0150


24 MARKET AVE VACANT COM 20110830 YES

08-12-31-5835-00010-002D

ZAHSR LLC 102 BROOKHAVEN CT

CONDOMINIU 20110828 NO

40-12-31-0000-01010-0010

HEARTWOOD 4 LLC ACREAGE- N 20110817 YES

39-12-31-0000-01010-0050


04-12-31-0000-04030-0000


09-12-31-5117-00080-0020

HARRY & GRACE LLC 80 PINNACLES DRIVE

PROF CONDO 20110701 NO

09-12-31-5117-00080-0010

BELLANDONI LLC 84 PINNACLES DRIVE

PROF CONDO 20110701 NO

09-12-31-2475-00000-0020

INLAND AMERICAN ST FLORIDA

100 FLAGLER PLAZA DRIVE

FINANCIAL 20110627 NO

05-12-31-0650-000A0-0016


VACANT COM 20110520 YES

05-12-31-0650-000A0-0014



06-12-31-5825-00000-007A

TD BANK CITY PLACE VACANT COM 20110425 YES

08-12-31-5816-00000-0020

COVELLI FLORIDA PROPERTIES INC

SR 100 VACANT COM 20110405 NO

08-12-31-5835-00030-012B

IORIO MARILYN AND MARIO SICA

104 BROOKHAVEN CT

CONDOMINIU 20110318 NO

39-12-31-3380-00000-0080

LOT 8 KINGS POINTE LLC

6100 STATE ROAD 100 E



November 9, 2012

Repayment of City of Palm Coast Interfund Loan

The City of Palm Coast provided interfund loans starting in 2004 to carry out SR 100 CRA

projects and programs. The outstanding principal balance of the loan is $5,792,529 and the SR

100 CRA currently makes interest only annual payments of $285,751 (interest rate of 5%). In the

future, the SR 100 CRA Board may choose to begin payment of principal to repay the

outstanding balance, once high priority projects are completed (i.e. Bulldog Drive

Improvements).

FY2011/2012 CRA ANNUAL REPORTdocs.palmcoastgov.com/business/sr100cra/sr100-cra-annual...FY 2012/2013...

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