Fort Walton Beach Council agenda — 02-14-12 cra — reading text

highlighting the City' 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 ectscape project were Park received a major upgrade in 2009, Phases I -V of the Downto advantage of the matching completed in 2009, and many commercial property owners have t " streetscape grant program to improve the rights -of w - ay along idors. Significant private redevelopment efforts have included transforming an ou ed shopping center ( Fort Walton Square) into Uptown Station, filled with national;, o ercial Os and bustling with or condominiums customer activity as well as the construction of several , g - scale wa s, business retention ' xpansion, and downtown. Continued attention to fagade improve infrastructure improvements are essential to build,, e redevpment efforts. A 2007 update to the CRA Plan began to change the planning and development to amore mixed -use distri greater residential density - recogniziri require both residential and busin little vacant land throughout the CRA an t hd su e I men, . owth is 1 possible primarily through increased sity... development. This 2012 , to the CRA ' continu focus on more stream zi'" ches to these evelopme of mixed -use areas an ' art gro' through a % pmprehensive improvement Growth and ment'syed`s3g€ff y in the CRA with the omrc * bcgt m 2008 and into 2010, but '+ the la e the CRA a r on " jq c- evaluate priorities and pos if to focus ' s on Sfic strategies to truly achieve read econo ' evit zation in the CRA. The focus has shifted from trying to force" a d develop t pattern to instead, realizing and forecasting the natural development p and iding the tools necessary to accommodate and compliment redevelopment. Iu em ' ing years of the CRA, much is left to be accomplished. To bring forth the new priorities and strategies, the CRA Board of Commissioners directed staff to begin updating the existing CRA Plan, which was last updated in 2007, in part because much of the information in that plan was outdated, but also because many of the recommendations from the 2007 CRA Plan have either been implemented or are no longer applicable as the economic climate of the area has changed. The 2012 CRA Plan includes all elements required by Chapter 163 of the Florida Statutes for a community redevelopment plan. City of Fort Walton Beach February 2012 PacketPgy78-  7. 1. a 2012 Community Redevelopment Plan Short -term ( up to five years) and long -term ( up to 10 years) capital improvement projects are identified in this plan as a means to address current issues, as well as continue to address issues identified in the prior CRA Plans. The Finding of Necessity documentation prepared for the 1982, 1998, and 2007 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 curreagboundaries or to the duration of the CRA. The provisions of this Plan shall remain i ct, and serve as a guide for the future redevelopment activities in the entire designat o lton Beach CRA Area through December 31, 2026. k, of 1969, loe, its have Since the enactment of the Community Redev hive method blighted utilized the designation of redevelopment are conditions within their communities. To undersl to designate Redevelopment Areas, one must understand the Community Redevelopment Areas. m 2012 City of Fort Walton Beach Packet Pg. 19  7. 1. a 2012 Community Redevelopment Plan r 1 r ' ff 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 The language of the Community Redevelopment 4Ay. y:. mvides three crucial ° k b o spire the local government' s success in addressing blighted c "' ons w [ heir comma Local self-determination; f. An emphatic directive to maximiz ate enterprise p'z;: , rpation in the redevelopment efforts; and A method for funding without raising adjtionaf "*;.,¢' Local self-determinatio i3ys a [ ram for the IdEal government to create a separate legal entity call a C.,,,,, unity R eloprr Nncy ( CRA) via Ordinance and following the requirements of Ch7ipte Part : of the The J@9cipation in redevelopment results in initiating sector participation. The CRA should attempt to e fulfilling its roles so that private enterprise can app4fW'.; yources , to asst the area' s economic shortcomings as well as to operate a table venture The third " key , Incre t Financing ( TIF), is the primary method of funding for projects and programs setuiheA 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 City of Fort Walton Beach February 2012 Packet Pg,. 20  71. 2012 Community Redevelopment Plan excess ( Incremental AV) will be distributed to the TIE agency ( CRA) and the Base AV amount will continue to be distributed to the original taxing agencies. The revenue v collected is used to pay for qualifying programs and projects within the TIE district CRA). At the sunset of the TIT, the total revenue collected through the assessed value Post TIT AV) will once again iination Date be distributed to each of the taxing agencies according to their right. TIE revenues may be expended by a CRA as PNfollowing purposes, including, but not limited to: Administrative and overhead expens or incid to; ihe implementation of a community redevelopment plan adopte Expenses of redevelopment planning, nal analyses, including the expenses incurred before the reimbursement of the; ing body CRA Plan was apps a kppted; The acquisition. .;; the redevel pVI area; The clearance and pr leay:.cedeveldffi' ent area for redevelopment and relocation of site oc i[ hin The " ayment d: st or any redemption premium for loans, advances, bond anticipa other form of indebtedness; All a es incidents: or couRected with the issuance, sale, redemption, retirement, or purchas'd:` 11 bonds, id anticipation notes, or other form of indebtedness, including funding of eserve, omption, or other fund or account provided for in the ordinance or resolution audi" ng s bonds, notes, or other form of indebtedness; The development housing within the CRA; The development community policing innovations; At the end of each fiscal 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 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; City of Fort Walton Beach