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

February 2012 Packet Pg. 21  7. 1. a 2012 Community Redevelopment Plan Used to reduce the amount of any indebtedness to which TIT revenues are pledged; 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. The original Fort Walton Beach Redevelopment Trust Fund bewitfiNit base year assessed value of $15, 309, 825 in FY 1980 -81. At the time of the CRA "' ton m FY 1999 -2000, the 6, 886, an increase of assessed value of the original CRA area had increased.' $ ,,,, in FY 2011 - 12 is 60,017, 061. The projected assessed value of the or iifi81 CRA'' scssed val . ,; the original CRA 163, 380, 136, and increase of $148, 070, 31 I. The hi a reached $ 203, 719" The economic area occurred in FY 2008 -09, when the assessed downturn began in the original Cl A area in FY.;` 10 anfi,.has decreased sed value s,..,.:::.. each year since. ' < yj,•.," v.; „ "' Insert graph oforiginal CRA assessed values) : F\ area of t6i...,. .. e.. Walton Beach CRA is The base year assessed value of the 37, 439, 782 in FY 1999 -00. The projected" se e of the ez ;: ded portion of the CRA in he_ ighest assessed value of the FY 2011 - 12 is $ 75, 810, 333, an increase o't::$ 38, 2007= en the assessed value reached expanded portion of the C rea occurredL turn began i he expande' CRA area in FY 2008 -09 and has 111, 800, 01 I. The eco,nad$1r decreased in assessed • tue each .. since at a er rate than the original CRA area. Insert graph ofexpande a stu ds) e The TIT r S` RA he expansion in 1998 steadily increased until capping out in FY 204: 8 and FY 9. Si Y 008 -09, there has been a steady decrease in the TIF reveaf" e to the econo down .. February 2012 City of Fort Walton Beach PackekPg. 22  7. 1. a 2012 Community Redevelopment Plan CRA Ad Valorem Revenues 1999. 2011 2, 000,000 1, 750,000 1, 500, 000 1, 250, 000 1, 000, 000 750, 000 500, 000 250, 000 0 99-' 00 00201 01 = 02 0203 03-'04 04-•05 0506 os- m 07-' 08 oe -oo - 0910 1011 Year Insert graph I discussion of 5 -year projections for TIF The revenue collected in the Redeveloprt Fund is ret "' red, jnto the CRA within the ent Act an guidelines established by the Community and objectives set forth in the CRA Plan. dete Ydaccordance with the goals annually and is equal to 95 percent of the difference between: a) The amount o valor`'s xes levied' ch year by each taxing authority, exclusive of any amoun " apy deb ' rvice millage vn taxable real property contained within the geographic boun `" of munity redgykfopment area; and b) Thg. 4i" d va taxes. w would have been produced by the rate upon ich the it c „ O gar by or for each taxing authority, exclusive of any debt ice mil age the to ' ' the assessed value of the taxable real properly in the c unity redevel- ent ar as shown upon the most recent assessment roll used in con n with the ' ation of such property by each taxing authority prior to the effecti e of the nance providing for the funding of the trust fund. Budge[ development fregins 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. This is the opportunity each year for the public to contribute to the development of the CRA budget and provide valuable input on CRA programs and projects. Budget items must be consistent with the goals and objectives of the CRA Plan and be consistent with the overall mission of the Community Redevelopment Area. For this reason, all submission, requests, and staff generated budget items of Fort Walton Beach February 2012 Packet Pg. 23  7. t. a 2012 Community Redevelopment Plan must be evaluated against the primary purpose of the CRA, which is to eliminate blight and slum. More specifically, programs and projects focus on three general areas as identified in the Florida Statutes: 1. Encouraging private enterprise. This shall include the consideration of certain development and job creation incentives as well as the acquisition and transfer of real property in the CRA in order to promote revitalization and redevelopment ( Sections 163. 345, 163. 370, and 163. 380, F. SJ. 2. Installation of necessary public improvements. his , 0',,, include installation, grounds, and other public construction, or reconstruction of streets, utilities, 1 gl areas as well as furnishing and repair of these facilit e.: ' 163. 370( c)(3), F. S.) 3. Provision of affordable housing. This e the a' ition of property, transfer.';, city, and other demolition, removal of buildings and in activities for purposes of meeting the h; rnd obiectives C CRA Plan e Section 163. 370, F. SJ. Once developed, the draft annual budget will be submitftp the Community Redevelopment Agency Board of Commissioners in Ap May and finalift' June or July. The CRA Board in Septembe the. ise 1 year of October 1" and City Council will then adopt the fina nced witli`> revenues each year. through September 30th. CPA expenditurepTu February Budget Development Begins Public Input March Sought April Draft Programs and Project presented to ( Board May June Annual Budget presented to CRA Board July August Annual Budget Finalized Fiscal Year Ends September Annual Budget Adopted September 301h October November Fiscal Year Begins October 15' February 2012 City of Fort Walton Beach Packet Pg. 24t  7. 1. a 2012 Community Redevelopment Plan The Fort Walton Beach CRA is an incredible tool, which if used properly will benefit not only those in the blighted area, but the community as a whole. Throughout the budget process it is essential to remain focused on the primary function of the CRA, and to ensure that CRA goals and objectives are being met, at least in part, in every project or program. The remainder of this document will describe the goals, objectives, and strategics of the Fort Walton Beach CRA in more detail. me City of Fort February 2012 Packet Pg. 25  7. t. a 2012 Community Redevelopment Plan Goals, Objectives, & Strategies Land use, infrastructure, transportation, design, housing, and economic development compromise the primary sustenance of the Fort Walton Beach CRA. Each category presents unique redevelopment challenges, yet each category also