Fort Walton Beach Council agenda — 06-12-2012 regular — reading text

Packet Pg. 474  14.S. b Have you ever received a Grantor Loan through the CRA and /or the City of Fort Walton Beach? Yes No Required Documents: Completed and signed Revolving Loan application. Proof of property ownership or, if a tenant, a written approval letter from the property owner verifying that the property owner approves the proposed enhancements. Business Plan. Proof of 15% equity. Any information required by the administering bank to obtain financing. Packet Pg. 115 2  14. 5. b OWNER' S CONSENT AND DESIGNATION OF AGENCY I certify that I have examined the application and that all statements submitted are true and accurate to the best of my knowledge. I understand that the Revolving Loan Fund benefits are contingent upon CRA approval and funding availability and are not to be construed as an entitlement or right of a property owner or applicant. I further understand that I am responsible for providing permits and /or any construction documents required for any work. Further, I under stand this application; attachments and fees become part of the official records of the City of Fort Walton Beach, Florida, and are not returnable. Owner' s Signature) day of The foregoing instrument was acknowledged before me this who is personally known to 20--- by as Identification me or has produced and who did take an oath. Signature of Notary Public) Printed Name of Notary Public) Commission # My commission expires Notary' s Seal) Packet Pg. 116  F146 City ENGINEERING Council of Fort Walton Beach 0 To: & UTILITY SERVICES MEMORANDUM Michael D. Beedie, Acting City Manager From: Michael Beedie, Engineering & Utility Services Director Date: June 12, 2012 Subject: CRA Land Value Investment Program BACKGROUND: 1. 1. On April 10, 2012, the CRA Board unanimously recommended to move forward with four Economic Incentive Programs, including the CRA Land Value Investment Program. 2. DISCUSSION: 2. 1. The Land Value Investment Program is designed to stimulate growth in the community by returning vacant and undemtilized properties to a productive use. 2. 2. The program begins with a survey of vacant and underutilized properties. Then, each property is analyzed to determine the cost/benefit ratio of acquiring and rehabilitating the property. Once improved, the property is marketed to potential developers for the highest and best use through a competitive bidding process. 3. FINANCIAL INFORMATION: 3. 1. In the FY 2011 -12 CRA budget, a total of $217,936 was allocated towards Economic Incentive Programs. This is in addition to $ 500, 000 that was allocated in the FY 2010- 11 CRA budget. 4. RECOMMENDATION: 4. 1. Staff respectfully recommends City Council approval of the CRA Land Value Investment Program. Upon approval, Staff will create and maintain a database of identified properties for use in the program and begin identifying potential subject properties. ATTACHMENTS: PDT) CRA Land Value Investmcnt Program Guidelines ( PDF) CRA Land Value investment Program Flyer ( SIGNATURE BLOCK: Christopher Frasseth Completed 06/ 01/ 2012 11: 23 AM Stella Jones Completed 06/01/ 2012 11: 25 AM Tim Bolduc Completed 06/01/ 2012 3: 56 PM Michael Beedie Skipped 06/ 01/ 2012 3: 23 PM Carole Jones Completed 06/ 04/ 2012 8: 39 AM Padtet Pg. 117  14. 6 City ENGINEERING Council of Fort Walton Beach 0 To: & UTILITY SERVICES MEMORANDUM Michael D. Beedie, Acting City Manager From: Michael Beedie, Engineering & Utility Services Director Date: June 12, 2012 Subject: CRA Land Value Investment Program Finance Completed 06/05/ 2012 7: 29 AM City Manager Completed 06/05/ 2012 8: 07 AM City Council Pending Packet Pg. 116 Purpose & Overview The Fort Walton Beach Community Redevelopment Agency Land Value Investment Program is aE0rmn` an incentive program intended to support growth and investment in the community by NcE stimulating revitalization and returning vacant properties to a productive use. The purpose of the c program is to contribute to the overall goal of eliminating blight in the CFA. By investing in the m property, the CRA turns a blighted and undesirable location into an enticing investment for cN private developers. U Program Description mid This program identifies properties throughout the CRA which are abandoned or foreclosed and N determines whether or not acquisition and rehabilitation of the property will encourage private c a investment. Once identified, qualified properties are purchased and improved prior to returning t70 them to the market for sale or lease to private developers. Em P0 a` CRA funds can be used to acquire and rehabilitate properties within the CRA with the goal of c returning the property back to market value for sale or lease by the CRA to private developers. NECs7, N Priorities for Use of Property A Neighborhood revitalization; Jm Return of property to productive tax paying status; U Affordable housing; cN If necessary, remediation of brownfield sites to encourage economic development. rE auN Eligibility Properties must be located within the boundaries of the Community Redevelopment Area. The City of Fort Walton Beach CRA staff will create and maintain an inventory of vacant and  I 14.6. a I underutilized properties which will be used to prioritize project funding. Each property will be evaluated against the goals and objectives of the CRA Plan. Individuals and entities that were the prior owners of the property at the time of the tax foreclosure which transferred title to the CRA are not eligible to be the transferee of such property under this program. E20 a` cNudE C Exclusions and Conditions d All improvements must conform to the city' s Land Development Code and be consistent with the goals and objectives of the CRA Plan. Approval of sale or lease agreement is subject to bank m J approval. Applicants shall be required to maintain all improvements completed under this a 0 program for a period as specified in the agreement. mmm The City reserves the right to amend the program guidelines and application process from time to uc time as needed. ° ai l7 En Overview of Process o M 1. The location and condition of the property will be evaluated for potential improvements. c 2. The property is acquired using CRA funds. aE 3. The property is improved and a plan is developed for reentry into the marketplace.