Fort Walton Beach Council agenda — 10-12-10 Special-Joint Meeting CC & CRA — reading text

Special Council October 12, 2010 Page 1 of 1 Special Council October 1-2. 201.0 u AGENDA CITY OF FORT WALTON BEACH SPECIAL MEETING October 12, 2010 5: 00pm CALL TO ORDER PLEDGE OF ALLEGIANCE 1. APPROVAL OF AGENDA 2. DISCUSSION 2, 1 Joint Meeting of City Council and Community Redevelopment Agency 3. ADJOURNMENT Any person who decides to appeal any decision made with respect to any matter at this meeting will need a record of the proceedings, and for such purpose may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. ( Chapter 286. 0105 F. S.) The City of Fort Walton Beach adheres to the American with Disabilities Act and will make reasonable modifications for access to this meeting upon request. Please call City Clerk Helen Spencer at 850 -833- 9509 to make a request. For Hearing Impaired dial the City Hall TDD # 850- 833 -9925 or 1- 800 -955- 8771 ( TDD) or 1- 800 -955 -8770 ( Voice). Requests must be received at least 48 hours in advance of the meeting in order to allow the City time to provide requested service. Last Updated ( Thursday, 07 October 2010 08: 36) http: / www.fwb.org / /index.php/ agenda -a- minutes /848 -special- council -october- 12- 2010.htm... 10/ 7/ 2010  CITY OF FORT WALTON BEACH MEMORANDUM To: Robert Mearns, City Manager From: Tim Bolduc, C. B. O., Building Official Estelle Jones, City Planner Through: Michael D. Beedie, P. E., Engineering and Utility Services Director Date: October 4, 2010 Subject: Discussion of Future Ideas and Direction for the Community Redevelopment Area ( CRA) 1. INTRODUCTION: 1. 1 Florida law, under chapter 163 part III Florida Statutes, authorizes local governments to designate up to eighty percent of a municipality as a Community Redevelopment Area ( CRA). The Community Redevelopment Act, adopted in 1969, is intended to help communities revitalize, improve, and enhance the designated area. In order to establish a CRA, the local government must find that the designated area is in some way blighted, a slum, contains a shortage of affordable housing, or that redevelopment of the area is necessary in the interest public health, safety, and welfare. 1. 2 The CRA is funded through Tax Increment Financing ( TIF) revenue. Under the TIF program, the value of real property in the district is determined on a date determined. The total real property value for all property within the district then becomes the frozen tax base. The increase in total taxable property value between the base year and subsequent years it the increment that when taxed, yields the revenue to be used to correct the predetermined issues of concern within the district. This funding, when invested in the district, should result in the correction of the designated problems, increase property values, and stimulate economic revitalization within the district. 1. 3 The Community Redevelopment Agency ( CRA) requested a Special Joint Meeting with City Council at their September 1, 2010 meeting. 1. 4 The purpose of the meeting is to discuss future ideas and direction for the Community Redevelopment Area for 2010 -2012. With the ever changing economy, it is important for the CRA to stay in tune with the direction and goals of the City Council. 2. DISCUSSION: 2. 1 The total fund revenue for CRA FY 2010 -2011 is $ 3, 580, 362, which includes the following expense items: 2. 1. 1 $ 5, 700 for Bike Racks, Benches, Trash Receptacles, Picnic Tables. The purpose of these capital programs is to support and promote the pedestrian and multimodal characteristics of the district. This item is consistent with the transportation goals of Chapter 7 in the CRA plan. 2. 1. 2 $ 20,000 for a Downtown Business Plan ( in conjunction with COC). The purpose of the program is to support organizations that assist in the development and promotion of the district, such as the Greater Fort Walton Beach Area Chamber of Commerce. 2. 1. 3 $ 50, 000 for Streetscape Matching Grants. The CRA established a matching grant program to leverage funding and create public and private partnerships in revitalizing the streetscape through the district. This is a program that provides a tangible incentive for property owners to participate in streetscape improvements in district. 2. 1. 4 $ 47, 500 for promotional activities within the CRA. This program is intended to fund necessary reporting, branding for each neighborhood in the district, and an advertising campaign to promote the district. Chapter 9 of the CRA Plan identifies the need to create and fund programs that develop a marketable identity and entice new business to the area. 2. 1. 5 $ 150, 000 for CIP 5018 — Pavement Improvements in the CRA. Capital improvement programs, such as pavement improvement projects, help to improve the quality of public infrastructure overall in the district consistent with section 11. 4. 1 of the CRA Plan. 2. 1. 6 $ 50, 000 for CIP 5118 — Heritage Park and Cultural Center Improvements. This capital improvement program is intended to enhance the appearance of the Cultural Center in the downtown area to promote greater recognition of the heritage and cultural benefits of the area. 2. 1. 7 $ 37, 800 for CIP 5306 — Sidewalk Improvements in the CRA. Capital improvement programs, such as sidewalk improvements, help to improve the overall quality of public infrastructure in the district consistent with objective 11. 4. 1 of the CRA Plan as well as the multimodal goals found in Chapter 7. 2. 1. 8 $ 50, 000 for CIP 5606 - Nuisance Abatement projects in the CRA. Since one of the major objectives of the CRA is to identify and eliminate blight, the funding provided in this capital improvement program is intended to assist with the removal of such blight on properties not being maintained by the property owner. This type of abatement will be administered through the Code Enforcement division in the City, and is an aggressive way for the City to protect the property values of surrounding parcels. 2. 1. 9 $ 2, 000,000 for CIP 5607 — Soundside Development Demolition and Infrastructure. Affordable housing is a major objective of the CRA Plan and is an issue that the CRA board is addressing through its involvement  in Soundside development. The CRA, through this capital improvement, is leveraging TIF funding to finance the infrastructure for the project. This type of project serves a dual purpose in the CRA plan with the removal of the existing blighted buildings and the use of funding as a loan to stimulate affordable housing. 2. 1. 10 $ 500, 000 for CIP 5608 — Various Economic Incentive Programs for the CRA. This capital improvement program is intended to provide funding for new and innovative programs that will promote economic revitalization in the district. These projects include but are not limited to, fagade matching grant parking improvements, commercial programs, revolving loan funds, creating targeted industries programs, and targeted infill programs. The programs are intended to entice new businesses to locate within the CRA and encourage current businesses to expand. The commercial revolving loan fund, for example, would cover qualifying expenses for businesses to close the gap on conventional financing. 2. 2 The City has contracted with the University of Florida to update the CRA plan; the work on the plan began in September and will continue through December of this year. On October 6, 2010, the CRA and the MPB held a joint meeting with the team working on the project to discuss the direction of the plan. This is the first update to the plan since 2007. The new plan will serve as a five year guide for programs and projects within the CRA. 2. 3 As the CRA begins developing projects and programs for next fiscal year ( 2011- 2012), the Board requests direction and input in order to coordinate with the City to best utilize dollars in the CRA and serve the businesses, residents, and visitors of Fort Walton Beach. Some of the opportunities open to the CRA for the upcoming year include, the following: 2. 3. 1 Expanding on programs already in place, such as the matching grant and infrastructure programs. 2. 3. 2 Looking at new and innovative ways to leverage funding for major projects such as underground utilities, streetscape, infrastructure improvements, waterfront improvements, and the like. There are several ways to leverage TIF funding including debt certificates and bonding. 2. 3. 3 Acquiring blighted and vacant properties in the district to be improved and returned to the market. 2. 3. 4 Developing a method to evaluate cost benefit analysis and return on investment for each program and project funded through the CRA district. 2. 3. 5 Developing creative projects that market Fort Walton Beach as a destination location. 2. 3. 6 Exploring opportunities to expand the district to include additional blighted areas in the City. 3 3. FINANCIAL INFORMATION 3. 1 The total fund revenue for CRA for FY 2010 -2011 is $ 3, 580, 362, as follows: 3. 1. 1 $ 2, 000, 000 Appropriation from Fund Balance 3. 1. 2 $ 30, 000 from Interest