FERNANDINA BEACH AMELIA RIVER WATERFRONT COMMUNITY REDEVELOPMENT AREA (CRA)

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1 FERNANDINA BEACH AMELIA RIVER WATERFRONT COMMUNITY REDEVELOPMENT AREA (CRA) CRA Basics & Example Cmmunities Histric Fernandina Business Assciatin April 16, 2013

2 What is a CRA? The Cmmunity Redevelpment Act passed in the Flrida Legislature in It prvided the first pprtunity fr legislative assistance t lcal gvernments in eliminating and preventing slum and/r blighted cnditins. It allws lcal gvernments t create Cmmunity Redevelpment Areas and Agencies. A Cmmunity Redevelpment Agency is the entity which carries ut redevelpment initiatives and effrts within a Cmmunity Redevelpment Area. Agency r Area? BOTH! A CRA is a dependent special taxing district set up by the City fr the purpse f eliminating slum and blight, enhancing the tax base and encuraging bth public and private imprvements in the CRA Area. Cvered by F.S. Chapter 163 Part III and Chapter 189 CRA s have terms frm 7-30 years with an average f 20 years in Flrida. The CRA s surce f revenue can be used t make public imprvements. CRA s are utilized by ver 200 cities in Flrida t revitalize urban areas. An integral cmpnent f creating a CRA is the preparatin and adptin f a CRA Master Redevelpment Plan, which sets frth the prgrams fr imprvement fr the redevelpment area. In Fernandina Beach, the CRA (agency) is the City Cmmissin.

3 Redevelpment It s the revitalizatin f a public area. AND, the preservatin f a cmmunity's histry. It s abut building chesiveness within ur cmmunity It is NOT: Relative t CRA s, it is: O Any activity authrized under O Chapter 163, Part III, Flrida Statutes. O O O It revlves arund a publicly custmized plan, funded by the increase in assessed values ver time, called increment. O O O O O Anything spent utside the plan r area Eminent dmain fr redevelpment purpses General gvernment line items Grants r dnatins t nn-prfits r events that have nthing t d with the redevelpment plan Salaries fr city staff that d nt wrk directly n CRA activities Operatins Maintenance nrmally dne by the City Cmprehensive planning, zning r land use

bardwalk/prmenade, and band shell t be used fr gatherings, art cncessins, and musical entertainment Develp a prt f call fr small t medium class cruise ships Ensure that there will be adequate parking

5 Why des the City have a CRA fr this area? Visin 2000 & Visin 2020: Ensure marina cmpletin Develp a riverfrnt walkway Refurbish the marina withut delay and remve restrictins t flw f river thrugh marina Establish a waterfrnt park, bardwalk/prmenade, and band shell t be used fr gatherings, art cncessins, and musical entertainment Develp a prt f call fr small t medium class cruise ships Ensure that there will be adequate parking fr the Waterfrnt Park and dwntwn Waterfrnt Task Frce Recmmendatins: Rip Rap bulkhead Upgrade electric service and bury utilities N new cruise ships Clean up city prperty Design guidelines and architectural review fr new cnstructin. Enhance the viewing area with a bardwalk and benches alng marina. Open bth Alachua and Beech Streets fr vehicular access t Frnt Street and additinal parking and include pedestrian walkways. Direct PAB t create a new zning fr the waterfrnt, which wuld cmbine the best aspects f IW and C-3

6 Blight can be defined as an area including a substantial number f deterirated r deterirating structures, ptentially leading t ecnmic distress r the endangerment f life r prperty.

7 Waterfrnts Flrida Partnership City became a designated Waterfrnts Flrida Partnership cmmunity in Small grant t assist with redevelpment planning. Builds n past waterfrnt planning effrts. Primary Gal t build cnsensus Area includes CRA but als the Central Business District The area under cnsideratin by the Waterfrnts Cmmittee encmpasses the CRA and has held public wrkshps that: Recmmended land uses apprpriate fr the CRA. Recmmended a residential density. Recmmended design elements t be regulated. Develped a master plan fr the area. Develped a strategy t maintain a viable wrking waterfrnt.

8 What is the CRA trying t achieve? Fernandina Beach adpted its CRA Plan in 2005 which set initiatives t: Act as a catalyst fr change by creating functinal and aesthetic imprvements t spark redevelpment Take a leadership rle in effrts visual evidence that the City believes in itself Generate activity and renewed interest expand recreatinal pprtunities + imprve pedestrian access

9 CRA Plan Generally, Blueprint fr redevelpment & reinvestment in the CRA Base Year + Bundaries nt amendable as part f Plan Sets gals, specifies pririties, + identifies prjects Addresses unique custmized needs Radmap fr private sectr Requirements fund in F.S Year Plan- Adpted in May 2005 Established bjectives and strategies that aim t address blighted cnditins as identified in the Finding f Necessity Study in a manner cnsistent with the cmmunity s visin fr the area. Strategies include a generalized timeframe t assist the City in priritizing initiatives. The timeframes are established as a planning guide. Prjects may be repriritized as funding, partnerships r ther pprtunities becme available.

Ybr City CRA Develpment Incentives Business Lan

11 Ybr City CRA Develpment Incentives Business Lan Prgrams and Assistance Enterprise Zne Prgrams Histric Preservatin Incentives Parking Requirement Waiver Strmwater Retentin Waiver Transprtatin Impact Fee Waiver Histric Preservatin Trust Fund Grants and Supprt Façade Imprvement Grant Prgram

12 Dwntwn Gainesville CRA Prjects Dept Avenue Lighting Prject Cst $206,760 The Lunchbx Café $79,000 + Private Investment On-ging Façade Prgram

Bradentn CRA Develpment Incentives In additin t state prgrams eligible fr

Jbs Tax Credit, Prperty Tax Credit, Cmmunity Cntributin Tax Incentive Prgram,

Managed prgrams: Building and Site Enhancement Grant (up t 50% f actual cst

certain areas and emplying lcal residents Unchain My Fence Prgram- Remving

13 Bradentn CRA Develpment Incentives In additin t state prgrams eligible fr redevelping prperties such as, Credit against Sales Tax fr Jb Creatin, Crprate Jbs Tax Credit, Prperty Tax Credit, Cmmunity Cntributin Tax Incentive Prgram, Sales Tax Exemptin fr Electrical Energy the Agency ffers the fllwing City Managed prgrams: Building and Site Enhancement Grant (up t 50% f actual cst and nt t exceed $5,000) Ecnmic Develpment Prgram fr jb creatin specific within certain areas and emplying lcal residents Unchain My Fence Prgram- Remving chain link fences fr mre attractive fencing ptins Onging Prjects Include: Riverwalk Public Art

Sanfrd CRA Prgrams and Grants CRA Event Grant:

emplyee, and Plice and Fire Emplyee csts CRA

14 Sanfrd CRA Prgrams and Grants CRA Event Grant: Waives Csts fr Venue and payment f csts assciated with street clsure, public wrks emplyee, parks dept. emplyee, and Plice and Fire Emplyee csts CRA Façade Grant: up t 50% f prject cst and n greater than $10,000 CRA Rehab Lan Subsidy Grant

Ft. Lauderdale CRA Develpment Incentives Façade Prgram f 75% f a prject ttaling up t $10,000 r less fr a

millin investment Streetscape Prgram t share up t 50% f the cst f required streetscape imprvements within

Lw-Interest Lan Prgram t subsidize 50% f interest nly n the principal amunt f lans btained fr rehab r

Incentive Prgram ffers financial assistance fr tenant relcatin Real Estate Develpment Acceleratr Prgram is

15 Ft. Lauderdale CRA Develpment Incentives Façade Prgram f 75% f a prject ttaling up t $10,000 r less fr a maximum grant f $7,500 Husing Investment Prgram fr large-scale residential prjects with at least a $5 millin investment Streetscape Prgram t share up t 50% f the cst f required streetscape imprvements within public right-f-way Strategic Investment Prgram fr Cmmercial and mixed-use prject csting up t $5 millin Lw-Interest Lan Prgram t subsidize 50% f interest nly n the principal amunt f lans btained fr rehab r recnstructin prjects within the CRA pririty areas up t a maximum f $350,000 Business Relcatin and Incentive Prgram ffers financial assistance fr tenant relcatin Real Estate Develpment Acceleratr Prgram is a perfrmance based tax incentive available t large-scale develpment prjects t prvide supprt during the initial stages f develpment.

16 CRA s and Tax Increment Financing (TIF) Why Timing is s Critical?

17 What is Tax Increment Financing? Tax Increment Financing (TIF) is the funding mechanism used t prvide mney fr redevelpment within the CRA. It allws fr redistributin f tax revenues generated frm the targeted area. Ad valrem prperty values are frzen at base year fr the area and tax revenues due t an increase in prperty value in excess f the base year (up t 95%) g int a CRA trust fund. Example: Prperty A Base Year 2007 $10,000 value City and Cunty Receive $11.12 Current Year 2015 $15,000 value City and Cunty Receive $11.40 Redevelpment Trust Fund Receives $5.32 (95%)

18 What can TIF $ be spent n? Administrative + Overhead t Carry Out the Adpted Plan Planning, Surveys, and Financial Analysis Reimbursement fr start-up csts Acquisitin f real prperty within the CRA Clearance + Site Preparatin Repayment f lans, advances, bnds, bnd anticipatin ntes, and ther debt Cst f issuance, sale, redemptin, retirement r purchase f agency bnds Affrdable husing within the area Cmmunity plicing innvatins (Cde Enfrcement activities) Anything in the Plan r Finding f Necessity, AND within the adpted bundaries

19 TIF $ CANNOT be spent n *Trust fund mney fr any prject, prgram, dnatin, spnsrship, grant that is nt expended in the CRA and nt clearly in the redevelpment plan. * Cnstructin r expansin f administrative buildings fr public bdies r plice + fire, unless each taxing authrity agrees t such methd f financing fr cnstructin r unless the imprvement is part f a cmmunity plicing innvatin. Prjects under any previusly existing CIP r nn-cra funding plan until they are ff that list fr 3 years General gvernment perating expenses unrelated t planning and carrying ut f the CRA plan

20 Where has $ been spent in the Amelia River Waterfrnt CRA? Using seed mney frm the City s general fund ($450, 000) prvided in 2008 and revenues frm the CRA in years ( ) dllars have been spent n the fllwing items. Cnstructin f Sun Shelters + Utility Enclsure Landscaping + Irrigatin ADA Parking; and Prfessinal Services such as: Design and Engineering Surveying Getechnical Data + Analysis Title Research Lbbying

21 Fernandina Beach Amelia River Waterfrnt CRA Financial Summary ,000,000 16,000,000 14,000,000 TAXABLE VALUE 12,000,000 10,000,000 Base Actual 8,000,000 6,000,000 4,000,000 2,000,

22 CRA Prperty Values 2005 Base year Taxable value in Tax increment area (DR-420TIF) 13,665,728 13,665,728 13,665,728 13,665,728 13,901,085 13,901,085 Ttal City Final taxable value DR 422 Tax Increment Value (DR-420 TIF) 14,995,218 16,263,672 15,456,047 12,585,675 11,913,688 1,847,029,060 2,042,725,175 2,046,550,999 1,890,839,757 1,709,450,718 1,636,799,250 1,329,490 2,597,944 1,790,319-1,315,410-1,987,397 CRA Accunt Revenue ACTUAL ACTUAL ACTUAL ACTUAL BUDGET BUDGET PROJECTION BUDGET INCR/ DECR REVENUES Prperty Taxes Prperty Taxes (Cunty) 4,844 6,709 9,841 13, INTEREST 4, TRANSFER FROM GENERAL FUND 450, CASH BALANCE FORWARD TOTAL 466, , ,425 7,000 9, , ,915 6,650 9, , ,223-1, , , , , , , % 0.0% % 143, , % -11.8%

23 CRA Advisry Bard Recmmendatin 1. Reset the CRA Base Year t 2013 Take advantage f the lw prperty values and remve the burden f inflated values 2. Extend the Term f the CRA t 40 years Prvides a lnger perid f time t make imprvements The City can sunset the CRA earlier shuld the Plan be cmpleted earlier. Allws time t cnsider bnds fr imprvements The City Cmmissin is anticipated t make a decisin in June 2013.

FERNANDINA BEACH COMMUNITY REDEVELOPMENT AREA. CRA Agency Meeting February 28, 2012

FERNANDINA BEACH COMMUNITY REDEVELOPMENT AREA CRA Agency Meeting February 28, 2012 What is a CRA? The Cmmunity Redevelpment Act passed in the Flrida Legislature in 1969. It prvided the first pprtunity