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

the amount of the payment of such taxing authority bears to the total amount paid into the Trust Fund by all taxing authorities for that year; Used to reduce the amount of any indebtedness to which TIF revenues are pledged; June 2012 City of Fort Walton Beach  2012 Community Redevelopment Plan Deposited into an escrow account for the purposes of later reducing any indebtedness to which TIF revenues are pledged; or Appropriated to a specific redevelopment project pursuant to an approved CRA Plan that will be completed within three ( 3) years from the date of such appropriation. 2. 2 The Fort Walton Beach CRA TIF Fund The original Fort Walton Beach Redevelopment Trust Fund began value of $15, 309, 825 in FY 1980 -81. At the time of the CRA exp assessed value of the original CRA area had increased to 60, 017, 061. The projected assessed value of the origin 163, 380, 136, and increase of $ 148, 070, 311. The highest essed area occurred in FY 2008 -09, when the assessed valu c d $: downturn began in the original CRA area in FY 20 0 a has i each year since. Assessed Value Within 250, 000, 000 200, 000, 000 150, 000, 000 Assessed Value 100, 000, 000 50, 000, 000 1980- FY 1999 -00 F- 09 FY 2011 -12 projected) The TIF revenues o kA after the expansion in 1998 steadily increased until capping out in FY 2007 -08 and FY 08- 09. Since FY 2008 -09, there has been a steady decrease in the TIF revenues due to the economic downturn. June 2012 City of Fort Walton Beach  2012 Community Redevelopment Plan Assessed Value with Expanded CRA Boundaries 120, 000, 000 100, 000, 000 80, 000, 000 60, 000, 000 Assessed Value] 40,000, 000 20, 000, 000 0 O CO O O N^ a r N CI CD r V O O d R r N N p a LL U. CL U N rO N CRA Ad Valorem Revenues 1999 -2011 w a 0 2, 000, 000 a 1, 750, 000 0N N 1, 500, 000 0 N 1, 250, 000 NN 1, 000, 000 rn 750, 000 N r 500, 000 0 N tD 250, 000 0 0 a 99200 00201 01202 02203 03204 04205 05206 06207 07208 08 -'09 09-10 10211 Year U N T- CD N t0 The rev in t deve ment Trust Fund is reinvested into the CRA within the LL guidelines by mmunity Redevelopment Act and in accordance with the goals and objective h in tIthIRA Plan. The increment is determined annually and is equal to r CD 95 percent of E s 1r a) The amount o valorem taxes levied each year by each taxing authority, exclusive of Q any amount f m "any debt service millage, on taxable real property contained within the geographic boundaries of a community redevelopment area; and b) The amount of ad valorem taxes which would have been produced by the rate upon which the tax is levied each year by or for each taxing authority, exclusive of any debt service millage, upon the total of the assessed value of the taxable real property in the community redevelopment area as shown upon the most recent assessment roll used in City of Fort Walton Beach June 2012  2012 Community Redevelopment Plan connection with the taxation of such property by each taxing authority prior to the effective date of the ordinance providing for the funding of the trust fund. 2. 3- The CRA Budget Process Budget development begins early each year, usually in February or March. Each year, CRA staff begins to develop and compile an annual plan of programs and projects that meet the goals of the Community Redevelopment Area Plan. During this time, the City will solicit participation from residents and businesses located within the boundaries of the CRA. T * is the opportunity each year for the public to contribute to the development of the CRA g end provide valuable input on CRA programs and projects. Budget items must be sistent with the goals and objectives of the CRA Plan and be consistent with the o ion of the Community Redevelopment Area. For this reason, all submission, reque and s enerated budget items must be evaluated against the primary purpose of the hich is iminate blight and thre general are identified in the slum. More specifically, programs and projects focu Florida Statutes: 1. Encouraging private enterprise. This sha 1 consideration of certain development and job creation incentives as we he acquisition and transfer of real property in the CRA in orde romote revitali and redevelopment ( Sections 163. 345, 163. 370, and 163. 380, , 2. Installation of necessary public " ' mp'r Th' shall include installation, construction, or reconstruction of st is ,, iliti , playgrounds, and other public areas as well as and repair ese facili s ( Section 163. 370( c)( 3), F. S.) 3. Provision ordabl ousing. h 1 include the acquisition of property, demolition/ rem of n s and i vements, transfer of property, and other activi ' or purp using goals and objectives of the CRA Plan 0, F. Onc loped, the dra ual will be submitted to the Community Redevelopment Agency of Commiss rs in ril or May and finalized in June or July. The CRA Board 15` and City C will