TOWN OF JUPITER Community Redevelopment Agency

Transcription

1 TOWN OF JUPITER Community Redevelopment Agency DATE: September 14, 2012 TO: THRU: FROM: Honorable Chair and Commissioners of the Community Redevelopment Agency Andrew D. Lukasik, Executive Director Brenda Arnold, CRA Program Manager and Michael Villella, Director of Finance SUBJECT: Agenda Item - Resolution No. CRA 3-12 Adopting the CRA Capital Investment Program for Fiscal Years 2013 through EXECUTIVE SUMMARY: (for CRA meeting 9/27/12) Resolution No. CRA 3-12 adopts the Community Redevelopment Agency (CRA) Capital Investment Program (CIP) for fiscal years 2013 through The five year proposed CIP total equals $7.3 million and includes $4.8 million for the A1A/Jupiter Beach Road project that includes the undergrounding of electric utilities along the corridor. In addition, the CIP includes $1.1 million for the Lighthouse Promenade which may be completed by a private developer who currently owns an adjacent parcel of land. Funding for the total CIP will be accomplished from the combination of CRA ad valorem revenues, transportation enhancement grants, loans from the General Fund (GF) and advances of costs from the water and stormwater utilities. A cash flow analysis detailing the cash activities of CRA is provided for your review. In order to complete the projects detailed in the CIP, a GF loan of $1.8 million is required, this loan as currently detailed in the cash flow analysis, waives interest for five years then begins accruing interest at the same 3% rate of the existing CRA loan from the GF. The loan repayment schedule and agreement will be presented at the October10 th CRA meeting. RECOMMENDATION: Staff recommends the Board of Commissioners approve Resolution No. CRA 3-12 and adopt the CRA Capital Investment Program Budget for Fiscal Years Strategic Priority: Being Uniquely Jupiter Attachments: Resolution No. CRA 3-12 CRA Capital Investment Program Budget & CIP Sheets for Fiscal Years Cash Flow Analysis Funding Source: NA Approved in Budget $ Sources: Additional Funding Required $ Sources: K:\Staff\RIVERWALK--ALL AREAS\BUDGETs ALL Years-Oper-CIP-Projections\CRA 2013 Oper & CIP Budget\Exec Sum for Res 3-12 CIP Budget doc

2 RESOLUTION NO. CRA 3-12 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE TOWN OF JUPITER COMMUNITY REDEVELOPMENT AGENCY APPROVING AND APPROPRIATING A CAPITAL BUDGET FOR FISCAL YEAR AND PROVIDING FOR A FIVE YEAR WHEREAS, the Town Council of the Town of Jupiter has created a Community Redevelopment Agency (the CRA) pursuant to Chapter 163, Part III, Florida Statutes: ; and WHEREAS, the CRA has the responsibility to budget and appropriate funds for the capital improvement projects it proposes to implement within the CRA s boundaries; and WHEREAS, good financial planning necessitates the promulgation of a comprehensive five year Community Investment Program for capital projects within the CRA s boundaries ; and WHEREAS, the Board of Commissioners as the governing authority of the CRA has conducted one or more public hearings to consider a budget and to appropriate funds for capital projects within the CRA s boundaries and has set forth a five year Community Investment Program to implement same. BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE TOWN OF JUPITER COMMUNITY REDEVELOPMENT AGENCY Section 1. The Board of Commissioners as the governing body of the CRA hereby adopts its Fiscal Year capital budget setting forth a five year Community Investment Program for projects within the CRA s boundaries. Section 2. This Resolution shall take effect immediately upon adoption. p:\docs\26503\00004\doc\1e61913.doc K:\Staff\RIVERWALK--ALL AREAS\BUDGETs ALL Years-Oper-CIP-Projections\CRA 2013 Oper & CIP Budget\CRA Res-#3-12BAIRDS with revisions cip budget_.doc

3 PROPOSED Fiscal Years

4 TOWN OF JUPITER CRA Project Description Pg Total Oxbow Switchback 6 $ 46,200 $ 308,000 $ - $ - $ - $ 354,200 A-1-A - Jupiter Beach Road to U. S Highway One 8 1,100,000 3,737,000 4,837,000 Burt Reynolds Bridge / Colonial Bank - Riverwalk 10 75,000 75, ,000 1,020,000 Lighthouse Promenade 12 1,110,000 1,110,000 TOTAL $ 1,146,200 $ 4,120,000 $ 1,185,000 $ 870,000 $ - $ 7,321,200 Project Funding Total CRA General Revenues $ 46,200 $ 1,791,827 $ 685, ,000 $ 2,893,027 General Fund Loan 1,100,000 1,100,000 Water / Stormater 774, ,173 Grants : Transportation enhancement 1,400,000 1,400,000 FIND 154, , ,000 1,154,000 TOTAL $ 1,146,200 $ 4,120,000 $ 1,185,000 $ 870,000 $ 7,321,200 $ - $ - $ - $ - $ - $ -

5 Strategic Priority : Department : CRA/Engineering Jupiter as a Unique Livable Community Project No. : Project Name : Year(s) : Oxbow Switchback Projected In-Service Date : 2015 Project Description : This will be a two phased project. Phase I will be the connection in partnership with FDOT in conjunction with the replacement of the US 1 fixed bridges. For this phase, the Riverwalk will be located on the west side of the southern bridge with the crossing to the east side located under the bridge. Phase II will be the responsibility of the CRA to design and construct. This phase includes a switchback to be located at the west side of the bridge connecting the Riverwalk facility from the top of the bridge to under the bridge as well as the connection at the east side of the bridge to Burt Reynolds Park. Link to Strategic Plan : Jupiter as a Unique Livable Community Need, Justification, Benefits : This bridge connection will provide residents and visitors safe access to Burt Reynolds 'Park and Harbourside by going underneath the new fixed bridge opposed to having to cross 4 lanes of traffic at Piatt Place. Location & Area Map Project Photo Piatt Place Oxbow bridge Harbourside Comments :

6 FINANCIAL INFORMATION Project Name : Oxbow Switchback Project No. Strategic Priority : Jupiter as a Unique Livable Community Department : CRA/Engineering Prior to After Total Project Budget : Land acquisition $ - Planning / Design $ - Engineering $ 46,200 $ 46,200 Construction $ 308,000 $ 308,000 Equipment $ - SFWMD Permits * $ 45,000 $ 45,000 Total Budget $ 45,000 $ 46,200 $ 308,000 $ - $ - $ - $ - $ 399,200 Funding Sources : CRA funds $ 45,000 $ 23,100 $ 154,000 $ 222,100 Impact fees $ - Grant Rev.(FIND) $ 23,100 $ 154,000 $ 177,100 Stormwater $ - Fund balance $ - Total Revenues $ 45,000 $ 46,200 $ 308,000 $ - $ - $ - $ - $ 399,200 Operating : Personnel $ - Operating $ - Capital $ - Other $ - Total Operating $ - $ - $ - $ - $ - $ - $ - $ - PREVIOUS YEARS FINANCIAL ACTIVITY Prior to FY 2008 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 Total Amount Budgeted $ - $ - $ 566,500 $ - $ - $ - $ 566,500 Amount Expended $ - $ - $ - $ - $ - $ - $ - Balance $ 566,500 Note: This is an estimated cost that will be amended once SFWMD Permits are obtained.

7 Strategic Priority : Department: CRA/ Engineering Jupiter as a Unique Livable Community Project No. : Project Name : Year(s) : A1A - Jupiter Beach Road to U. S. Highway One Projected In-Service Date : 2015 Project Description : Upon completion, this project will provide a bicycle pedestrian friendly A1A Corridor that will include installation of bike lanes, continuous sidewalks, pedestrian crosswalks, landscape, irrigation & street lights, Additionally, there will be roadway & infrastructure improvements associated with the reconstruction along with the installation of underground utilities. Link to Strategic Plan : Jupiter as a Unique Livable Community Mobility Within Jupiter Need, Justification, Benefits : The reconstruction of this road is a necessary component of the redevelopment of the Inlet Village. The roadway will be reconstructed to accommodate pedestrian and bicyclist with the installation of signalized crosswalks, continuous and connected sidewalks and bike lanes. It will include a new storm water system incorporating curb, gutter and exfiltration system, underground utilities, street trees, landscaping, street lights and where possible, on street parking. Location & Area Map Project Photo Comments : As the Inlet Village has become a destination location for residents, visitors & tourists, A1A has become the recreation corridor that is used by pedestrians & bicyclists seeking to patronize the businesses, parks & natural arras located within the Inlet Village. This project will be constructed in two phases and the first phase will be utility relocation, undergrounding and reconstruction. The second phase will include stormwater, roadway and landscape construction.

8 FINANCIAL INFORMATION Project Name : A-1-A - Jupiter Beach Road to U. S. Highway One Project No. Strategic Priority : Jupiter as a Unique Livable Community Department : CRA/ Engineering Prior to After Total Project Budget : Land acquisition $ - Planning / Design $ 247,200 $ 247,200 Engineering $ 400,000 $ 237,000 TBD $ 637,000 Construction $ 3,500,000 TBD $ 3,500,000 Other-underground $ - utilities $ 1,100,000 $ 1,100,000 Total Budget $ 647,200 $ 1,100,000 $ 3,737,000 $ - $ - $ - $ - $ 5,484,200 Funding Sources : CRA revenues $ 647,200 $ 1,562,827 $ 2,210,027 Impact fees *Grant revenues $ 1,400,000 $ 1,400,000 **Stormwater $ 774,173 $ 774,173 Water R & R funds $ - ***Loan $ 1,100,000 $ 1,100,000 Total Revenues $ 647,200 $ 1,100,000 $ 3,737,000 $ - $ - $ - $ - $ 5,484,200 Operating : Personnel $ - Operating $ - Capital $ - Other $ - Total Operating $ - $ - $ - $ - $ - $ - $ - $ - PREVIOUS YEARS FINANCIAL ACTIVITY Prior to FY 2008 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 Total Amount Budgeted $ 200,000 $ 47,200 $ - $ - $ 200,000 $ - $ 447,200 Amount Expended $ - $ 38,133 $ 41,996 $ - $ 74,948 $ - $ 155,077 6/3/2011 Balance $ 292,123 *2009 TE Grant/Funds Available 2012/2013 *2010 TE Grant/Funds Available 2013/2014 Project may be accelerated per FDOT with acceleration of LAP Agreement (A) $237,000 has been added in 2014 for a resident compliance specialist & consultant inspector if needed to ensure compliance with rules related to grants. **Funding for Water included in Inlet Village Watermain Replacement ***Loan from the Town's General Fund

9 Strategic Priority : Department : CRA/ Engineering Jupiter as a Unique Livable Community Project No. : Project Name : Year(s) : Burt Reynolds Bridge/Colonial Bank - Riverwalk Projected In-Service Date : 2016 Project Description : Design, permit and construct the Riverwalk Burt Reynolds Bridge from the park to A1A. The Bridge will span approx. 210 feet and will include a 350 ft. upland connection to A1A (Ocean Ave.) Preliminary plans are being prepared to determine ultimate design of the connection. Link to Strategic Plan : Jupiter as a Unique Livable Community Need, Justification, Benefits : Upon completion, this connection will finish a critical link from Burt Reynolds Park to A1A and the Inlet Village. Location & Area Map Project Photo BR Bridge-Riverwalk Comments : This project will require an Easement Agreement from the property owners of the Colonial Bank parcel and will probably include some minor modifications to the parking lot at Colonial Bank. This cost will be amended as a detail design is developed. 10

10 FINANCIAL INFORMATION Project Name : Burt Reynolds Bridge/Colonial Bank- Riverwalk Project No. Strategic Priority : Jupiter as a Unique Livable Community Department : CRA/ Engineering Prior to After Total Project Budget : Land acquisition $ - Planning / Design $ 50,000 $ 50,000 Engineering $ 75,000 $ 75,000 $ 150,000 Construction $ 760,000 $ 760,000 TOJ Engr. Fee $ 80,000 $ 80,000 Other * $ 30,000 $ 30,000 $ 60,000 Total Budget $ 80,000 $ - $ 75,000 $ 75,000 $ 870,000 $ - $ - $ 1,100,000 Funding Sources : CRA funds $ 80,000 $ 75,000 $ 75,000 $ 370,000 $ 600,000 FIND Grant $ 500,000 $ 500,000 Stormwater $ - Water R & R funds $ - Fund balance $ - Total Revenues $ 80,000 $ - $ 75,000 $ 75,000 $ 870,000 $ - $ - $ 1,100,000 Operating : Personnel $ - Operating $ - Capital $ - Other $ - Total Operating $ - $ - $ - $ - $ - $ - $ - $ - PREVIOUS YEARS FINANCIAL ACTIVITY Prior to FY 2008 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 Total Amount Budgeted $ - $ - $ - $ 80,000 $ - $ - $ 80,000 Amount Expended $ - $ - $ - $ 11,965 $ - $ - $ 11,965 1/26/2012 Balance $ 68,035 NOTE: * Engineer soft cost for project oversight 11

11 Strategic Priority : Department : CRA/Engineering Jupiter as a Unique Livable Community Project No. : Project Name : Year(s) : Lighthouse Promenade Projected In-Service Date : TBD Project Description : The planning dollars are necessary to develop a conceptual plan for the CRA Commission review and approval. Additionally, to be able to develop accurate cost estimate for constructiona conceptual plan will be presented to the CRA Commission during the June or July CRA meeting. upon approval of the concept plan, a construction estimate will be developed & included in the CIP sheet. Link to Strategic Plan : Uniquely Jupiter Need, Justification, Benefits : Provides public access to the waterfront and a catalyst project for the Inlet Village. Location & Area Map Project Photo Comments : This project was added to the CRA C-I-P per the CRA Commission's request. Any mitigation costs incurred will be paid from a separate project line item created specifically for mitigation costs.

12 FINANCIAL INFORMATION Project Name : Lighthouse Promenade Project No. Strategic Priority : Jupiter as a Unique Livable Community Department : CRA/Engineering Prior to After Total Project Budget : Land acquisition $ - Planning / Design $ 10,000 $ 10,000 Engineering (TOJ) $ 80,000 $ 80,000 Construction $ 1,000,000 $ 1,000,000 Equipment $ - Other * $ 30,000 $ 30,000 Total Budget $ 10,000 $ - $ - $ 1,110,000 $ - $ - $ 1,120,000 Funding Sources : CRA Revenues $ 10,000 $ 610,000 $ 620,000 Impact fees $ - Grant - FIND $ 500,000 $ 500,000 Stormwater $ - Water R & R funds $ - Fund balance $ - Total Revenues $ 10,000 $ - $ - $ 1,110,000 $ - $ - $ 1,120,000 Operating : Personnel $ - Operating $ - Capital $ - Other $ - Total Operating $ - $ - $ - $ - $ - $ - $ - $ - PREVIOUS YEARS FINANCIAL ACTIVITY Prior to FY 2008 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 Total Amount Budgeted $ - $ 10,000 $ - $ - $ - $ - $ 10,000 Amount Expended $ - $ 1,250 $ - $ - $ - $ - $ 1,250 Balance $8,750 NOTE: This sheet to be updated prior to final budget and adoption in Sept.,2011. NOTE: * Engineer soft cost for project oversight

13 TOWN OF JUPITER COMMUNITY REDEVELOPMENT AGENCY CASH FLOW ANALYSIS ASSUMPTIONS ASSUMED GROWTH RATES: Ad Valorem base 2.50% Millage Growth 0% New Projects added to valuations Harbourside 2015 Interest Rates: Original GF loans 3.0% GF/CIP loans 3.0% (0% for years ) 14

14 9/11/ CRA Life Estimated Beginning Balance $ 2,186,597 $ 348,250 $ 533,669 $ 2,789,123 $ 351,000 $ 144,515 Plus: Projected Operating Revenue 912, , , ,641 1,413,840 1,449,186 Find Grant Pyt - CDD Loan - 1,419, CDD Loan Repayment 640,706 1,600,526 Projected Transfers (Water/SW) 774,173 Transportation Grant 1,400,000 Find Grant 154, , ,000 Loan from GF/CIP - 900, ,000 Revenue Subtotal 912,898 3,630,107 3,962,400 2,254,641 1,913,840 1,949,186 LESS: Operating Costs 451, , , , , ,180 Harbouside CDD payment 350, ,000 Loan to CDD 1,257,125 2,403,783 Scheduled Princial Pyt to GF 250,000 75,000 50,000 50,000 50, ,000 Interest Payment to GF 182, , , , , ,267 Repayment to GF/CIP Capital Expenditures 610, ,908 1,146,200 4,120,000 1,185, ,000 Unspent Capital Budget Expense Subtotal 2,751,245 3,444,688 1,706,946 4,692,765 2,120,325 1,868,447 Estimated Ending Balance $ 2,186,597 $ 348,250 $ 533,669 $ 2,789,123 $ 351,000 $ 144,515 $ 225,253 Original GF Loan Interest Rate 3.00% Beginning Balance 6,583,899 6,083,899 5,833,899 5,758,899 5,708,899 5,658,899 5,608,899 Principal Payment 500, ,000 75,000 50,000 50,000 50, ,000 6,083,899 5,833,899 5,758,899 5,708,899 5,658,899 5,608,899 5,508,899 Interest Expense 197, , , , , , ,267

15 9/11/2012 CRA Life Estimated Beginning Balance Plus: Projected Operating Revenue Find Grant Pyt - CDD Loan CDD Loan Repayment Projected Transfers (Water/SW) Transportation Grant Find Grant Loan from GF/CIP Revenue Subtotal LESS: Operating Costs Harbouside CDD payment Loan to CDD Scheduled Princial Pyt to GF Interest Payment to GF Repayment to GF/CIP Capital Expenditures Unspent Capital Budget Expense Subtotal Estimated Ending Balance Original GF Loan Interest Rate Beginning Balance Principal Payment Interest Expense $ 225,253 $ 400,015 $ 502,096 $ 534,793 $ 501,399 $ 505,205 $ 546,501 1,485,416 1,522,551 1,560,615 1,599,630 1,639,621 1,680,612 1,722,627 1,485,416 1,522,551 1,560,615 1,599,630 1,639,621 1,680,612 1,722, , , , , , , , , , , , , , , , , , , , , , , , , , , ,267 93, , , , , , , , ,310,655 1,420,470 1,527,918 1,633,024 1,635,815 1,639,316 1,643,558 $ 400,015 $ 502,096 $ 534,793 $ 501,399 $ 505,205 $ 546,501 $ 625,569 5,508,899 5,308,899 5,008,899 4,608,899 4,108,899 3,608,899 3,108, , , , , , , ,000 5,308,899 5,008,899 4,608,899 4,108,899 3,608,899 3,108,899 2,608, , , , , , ,267 93,267

16 9/11/2012 CRA Life Estimated Beginning Balance Plus: Projected Operating Revenue Find Grant Pyt - CDD Loan CDD Loan Repayment Projected Transfers (Water/SW) Transportation Grant Find Grant Loan from GF/CIP Revenue Subtotal LESS: Operating Costs Harbouside CDD payment Loan to CDD Scheduled Princial Pyt to GF Interest Payment to GF Repayment to GF/CIP Capital Expenditures Unspent Capital Budget Expense Subtotal Estimated Ending Balance Original GF Loan Interest Rate Beginning Balance Principal Payment Interest Expense $ 625,569 $ 642,692 $ 601,144 $ 448,382 $ 890,404 $ 1,880,717 1,765,693 1,809,835 1,855,081 1,901,458 1,948,994 1,997,719 1,765,693 1,809,835 1,855,081 1,901,458 1,948,994 1,997, , , , , , , , , , , , , , , , ,899-78,267 60,267 39,267 15, , , , ,748,570 1,851,382 2,007,843 1,459, , ,028 $ 642,692 $ 601,144 $ 448,382 $ 890,404 $ 1,880,717 $ 2,895,408 2,608,899 2,008,899 1,308, , , , , , ,008,899 1,308, , ,267 60,267 39,267 15,