Fort Walton Beach Council agenda — 09-11-12 regular CRA — reading text

,SE an d' is V iu UPTOWINs a large pe L998. The national events t] The Comet Street / ent Circle District is bounded by Hollywood Boulevard to the north, Robinwood Drive to e west, the property line of the Fort Walton Beach Housing Authority to the south, and Bass Avenue to the east. This area consists of both single -family homes and high - intensity commercial uses, such as auto repair shops, used car sales, etc. The Beal Parkway Corridor is bounded by Hollywood Boulevard to the north, Bass Avenue to the west, First Street to the south, and Shell Avenue to the east. The properties abutting Beal Parkway are developed primarily as commercial uses, ranging from office complexes to high City of Fort Walton Beach June 2012  2012 Community Redevelopment Plan intensity uses, such as auto repair shops, used car sales, etc. Along the perimeter roads to the east and west, there are residential developments and small office complexes or businesses. The Central City District is bounded by Walter Martin Road to the north, Shell Avenue to the west, First Street to the south, and Tupelo Avenue to the to the east. The properties along Walter Martin Road and Hollywood Boulevard are primarily commercial uses. Properties along First Street are developed as public or quasi -public uses, such as religious institutions, the Okaloosa County School District administrative offices. The remainder of the areas is almost exclusively residential. The Midtown District bisects the Historic Downtown and Up Fourth Street to the north, Tupelo Avenue to the west, First Avenue to the east. All of the properties along Eglin Parkw remainder of the district is a mix of medium- to high-densiI4 uses. The East Brooks Street Di bounded by it treet orth, Florida Blanca / Alconese Avenue to the west, Sa ound to the uth, and Avenue to the east. This area is primarily residential w- density s le family homes to higher intensity medium- density townhome Fort Walton B the o die Gulf Coast between Pensacola and Panama City that i the downtown area is located within the bo ries of the the continued vitality and success of the CRA Area is nece o the econ mi y and the surrounding region. City of Fort Walton Beach June 2012  2012 Community Redevelopment Plan Current CRA Boundaries The Fort Walton Beach and economic core. The area thrives ch today through, dining and recreation to seasonal visitors and igleamily detached to duplexes, townhouses, condominiums all ages, incomes and lifestyles; Unique cultural rtunities, including theater, highlighting the 1 s rich historical background; and Public parks, plazas and open spaces. Major public improvements within the Fort Walton Beach CRA have proven important to the redevelopment effort. Sound Park was constructed across from City Hall in 2007, Chester Pruitt Park received a major upgrade in 2009, Phases IN of the Downtown Streetscape project were completed in 2009, and many commercial property owners have taken advantage of the matching streetscape grant program to improve the rights -of w - ay along major corridors. Significant private June 2012 City of Fort Walton Beach  2012 Community Redevelopment Plan redevelopment efforts have included transforming an outdated strip shopping center ( Fort Walton Square) into Uptown Station, filled with national commercial tenants and bustling with customer activity as well as the construction of several new large -scale waterfront condominiums downtown. Continued attention to fagade improvements, business retention and expansion, and infrastructure improvements are essential to build on the redevelopment efforts. A 2007 update to the CRA Plan began to change the focus of planning and development to a more mixed -use district with greater residential density - recognizing that successful urban centers require both residential and business development. With little vacant land throughout the CRA and the City, growth i possible primarily through increased density and i development. This 2012 update to the CRA Plan continue o focus on more streamlined approaches to the develo 0 mixed -use areas and smart growth through a co ehensive improvement program. o as shifted from trying to Ind forecasting the natural ccommodate and compliment to be accomplished. Short-term ( up t year and long -term ( up to 10 years) capital improvement projects are identified in this pl eans to address current issues, as well as continue to address issues identified in the prior Plans. The Finding of Necessity documentation prepared for the 1982, 1998, and 20 CRA Plans is hereby adopted by reference into the 2012 CRA Plan. Concepts for creative funding options, including private or joint public / private developments that further the goals and objectives of this Plan, are also identified. Other recommendations identify programs and strategies to assist in the overall revitalization of the Fort Walton Beach CRA. This CRA Plan does not recommend any changes to the current CRA boundaries or to the duration of the CRA. The provisions of this Plan shall remain in effect, and serve as a guide for City of Fort Walton Beach June 2012  2012 Community Redevelopment Plan the future redevelopment activities in the entire designated Fort Walton Beach CRA Area through December 31, 2026. Since the enactment of the Community Redevelopment Act of 1969, local governments have utilized the designation of redevelopment areas as an effective method to address blighted conditions within their communities. To understand the purpose and effectiveness of Community Redevelopment Areas, one must understand the process local governments complete to designate Community Redevelopment Areas. City of Fort Walton Beach June 2012  2012 Community Redevelopment Plan Contents: Keys to Success for a Community Redevelopment Area ( CRA)? What is Tax Increment Financing (TIF)? The Fort Walton Beach CRA TIF Fund The CRA Budget Process A^ The language of the Community Redevelopment Ac ovides three crucial " to inspire the local government' s success in addressing blighte itions ' hin their co IV, Local self -determination; An emphatic directive to in the redevelopment efforts; and A method for funding without raising Local self -determination government to create a separate legal entity call a Co via Ordinance and following the requirements of Ch The directive to ipation in redevelopment results in initiating or participation. The CRA should attempt to se fulfilling its roles so that private enterprise can the area' s economic shortcomings as well as to Financing ( TIF), is the primary method of funding for projects though a Redevelopment Trust Fund. Authorized under the Community Redevelopment Act of 1969, ( Section 163. 330, F. S.), the Community Redevelopment Area functions as a Tax Increment Financing District. Often referred to as " TIF,"it is a method to pay for redevelopment through the annual increase in ad valorem tax revenue. The process for calcualating TIF revenue requires first establishing a base assessed value ( Base AV). This is the total assessed value of the property within the district at the date the Redevelopment Trust Fund is established. At that point, the incremental increase in assessed value over the life of the TIF will continue to generate ad valorem revenue, while the excess ( Incremental AV) will be distributed to the TIF agency ( CRA) and the Base AV amount June 2012 City of Fort Walton Beach  2012 Community Redevelopment Plan will continue to be distributed to the original taxing agencies. The revenue collected is used to pay for qualifying programs and projects within the TIF district ( CRA). At the sunset of the TIF, the total revenue collected through the assessed value ( Post TIF AV) will once again be distributed to each of the taxing agencies according to their right. TiF TIF Creation Date Termination Date TIF revenues may be expended by a CRA as described in the CRA Plan for the following purposes, including, of a Administrative and overhead expenses necessary community redevelopment plan adopted by the CRA; Expenses of redevelopment plane analyses, including the reimbursement of the governing bod lases incurred before the CRA Plan was approved and adopted; for redevelopment and relocation edemption premium for loans, advances, of indebtedness; d with the issuance, sale, redemption, retirement, or Jon notes, or other form of indebtedness, including other fund or account provided for in the ordinance or s, or other form of indebtedness; housing within the CRA; policing innovations; At the end of each fisFal year of the CRA, any funds that remain in the Redevelopment Trust Fund after the payment of expenses for the fiscal year, shall be: Returned to each taxing authority which paid the increment in the proportion that