City of Cape Canaveral Community Redevelopment Agency Annual Report

Transcription

1 City of Cape Canaveral Community Redevelopment Agency Annual Report Fiscal Year City of Cape Canaveral Community Redevelopment Agency 100 Polk Avenue - Cape Canaveral, FL Phone

2 TABLE OF CONTENTS Letter of Transmittal 3 SECTION I. Community Redevelopment Agency Officials 4 SECTION II. Introduction 5 SECTION III. Financial Statements/Taxable Value 7 SECTION IV. Accomplishments 9 SECTION V. Summary 14 Community Redevelopment Agency Annual report Page 12

3 City of Cape Canaveral Community Redevelopment Agency 100 Polk A venue, Cape Canaveral, FL (321 ) Brevard County Property Appraiser City of Cape Canaveral City Council Brevard County County Manager March 27, 2018 RE: City of Cape Canaveral Community Redevelopment Agency Annual Report - FY Ladies and Gentlemen, Please find enclosed the City of Cape Canaveral Community Redevelopment Agency Annual Financial Report for Per F.S (3)(c), "... An agency authorized to transact business and exercise powers under this part shall file with the governing body, on or before March 31 of each year, a report of its activities for the preceding fiscal year, which report shall include a complete financial statement setting forth its assets, liabilities, income, and operating expenses as of the end of such fiscal year. At the time of filing the report, the agency shall publish in a newspaper of general circulation in the community a notice to the effect that such report has been filed with the county or municipality and that the report is available for inspection during business hours in the office of the clerk of the city or county commission and in the office of the agency." The fiscal year for the CRA is October 1 through September 30. This Report is for the period from October 1, 2016 to September 30, 2017 (FY ). Should you have any questions, please contact me at OJ ' ~ David Dickey, Community Redevelopment Agency Director Attachment Cc: David L. Greene, City Manager/CRA Registered Agent Anthony Garganese, City/CRA Attorney Mia Goforth, City/CRA Clerk SECTION I Community Redevelopment Agency Annual report Page I 3

4 Community Redevelopment Agency Officials The activities and programs offered within the City of Cape Canaveral (City) Community Redevelopment Area are administered by the Community Redevelopment Agency (CRA). The City CRA consists of five members who are the same individuals as those serving as the City Council. The CRA Board is staffed by the City at no cost to the CRA. CRA Board members and Staff at the close of the 2016/17 fiscal year are listed below. CRA Board Members Betty Walsh, Brendan McMillin, Bob Hoog, Mike Brown, Rocky Randels Chairman Vice Chairman Board Member Board Member Board Member Registered Agent CRA Attorney CRA Director CRA Clerk Financial Officer CRA Board & Staff Bob Hoog (City Mayor) Betty Walsh (City Mayor Pro Tern) Mike Brown (City Council Member) Rocky Randels (City Council Member) Brendan McMillin (City Council Member) David L. Greene (City Manager) Anthony Garganese (City Attorney) David Dickey (City Community Development Dir.) Mia Goforth, CMC (City Clerk) John DeLeo (City Finance Director) SECTION II Introduction Community Redevelopment Agency Annual report Page 14

5 PURPOSE STATEMENT The purpose of the City of Cape Canaveral Redevelopment Plan is to establish an economically viable program for managed growth which will stimulate economic development and improve the quality of life in the community and surrounding areas Chapter (8), Florida Statute, requires that the City file an annual report of its financial activities with the taxing authorities each year for the preceding fiscal year. This annual report has been prepared to meet that obligation and is filed for fiscal year 2016/17 ending September 30, This report sets forth: (1) the organization and membership of the Community Redevelopment Agency and its Board members, (2) organization and membership of the administration, (3) public and private projects within the CRA Area and (4) financial statement of liabilities, income and operating expenses. In 2009, the City initiated the "Envision Cape Canaveral" effort, which set the stage for a series of redevelopment activities. One of these, the establishment of a City Vision Statement, ultimately led to the creation of the City's CRA. Between the years of 2007 and 2011, property valuation data, collected from the Brevard County Property Appraiser's Office, indicates an average decline of 41 percent in commercial and industrial areas and 47 percent in residential areas within the Community Redevelopment Area. The City CRA was established in 2012 with the signing of an Interlocal Agreement between the City and Brevard County. The CRA includes 766 acres or 56 percent of the City's land area (see Figure 1). Community Redevelopment Agency Annual report Page I 5

6 CITY OF CAPE CANAVERAL FINDING OF NECESSITY FIG RE 1: CRA BO DARY 0 - LEGENP D Cl\.A BOm-"DARY " c:n~~ }I; :1'»U Figure 1 Community Redevelopment Agency Annual report Page I 6

7 SECTION III Financial Statements/Taxable Value The CRA is funded through tax increment financing which earmarks a specific portion of property tax revenue for redevelopment within the CRA area without levying additional taxes. Within the CRA area, Brevard County and the City continue to receive property tax revenue based on the property values of the area in the CRA's base year. As indicated below in Figure 2, the CRA area has increased in value approximately $99 million since its creation in CRA Valuation Vt VJ z ~ ~ 150 ::E 100 so 0 Base Year Figure 2 Community Redevelopment Agency Annual report Page 17

8 CITY OF CAPE CANAVERAL, FLORIDA STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY FUND FOR THE YEAR ENDED SEPTEMBER 30, 2017 Budgeted Amounts Variance Positive Original Final Actual (Negative) Revenues Taxes Intergovernmental , ,003 Total Revenues 475, , ,003 Expenditures Current: Community Redevelopment 54, , ,732 90,094 Capital Outlay 285, , ,320 53,500 Total Expenditures 339, , , ,594 Excess (deficiency) of revenues Over expenditures 135,681 23, , ,594 Other financing sources Transfers in 60,000 60,000 Transfers out (135,681) (83,357) (83,357) Total other financing sources (135,681) (23,357) (23,357) Net change in fund balances 143, ,594 Fund balances, beginning of year (466,535) (466,535) (466,535) Fund balances, end of year (466,535) (466,535) (322,941) 143,594 Source: City of Cape Canaveral Comprehensive Annual Financial Report Community Redevelopment Agency Annual report Page I 8

9 SECTION IV Accomplishments The City CRA is in its 5th year of operation and has increased in value approximately $100 million since its creation in The resulting Tax Increment Revenue allows for the continued expansion of public infrastructure and other programs that directly affects our City. Some of the notable projects - both public and private - during 2016/17 include: North Atlantic Avenue Streetscape Project This Project included construction of improvements to North Atlantic Avenue from the intersection with SR Al A to Port Canaveral. Streetscape improvements included construction of storm water bio-swales, a pedway/sidewalk system and an irrigation system. Solar-powered lighting, pole banners, decorative crosswalks and landscaping were also installed. CRA funds were pledged towards the project. Community Redevelopment Agency Annual report Page I 9

10 Lift Station No. 6 Community Redevelopment Agency Annual report Page I 10

11 Lift Station No. 6 primarily services the area located north of West Central Boulevard and east of SR AIA. Replacement of this Lift Station included construction of a new wet well; installation of new pumps, electronics and plumbing; and installation of new water and sewer lines to service existing and future developments in the northern portion of the City. Due to the criticality of the new lift station, an emergency generator was also installed. CRA funds were pledged for the repayment of costs associated with oversizing the station for future growth in this area of the City. New Commercial Projects Announced Several significant commercial projects within the CRA area were announced during the reporting period, including: Dual-Branded Hotel Astronaut Boulevard. This project includes 254 rooms and is valued at $25 million. Community Redevelopment Agency Annual report Page 111

12 Springhill Suites Hotel W. Central Boulevard. This project includes 150 rooms and is valued at $13 million. Comprehensive Health Services, Inc Astronaut Boulvard - Comprehensive Health Services, Inc. announced in early 2017 that it would be relocating its Corporate Headquarters to Cape Canaveral. The redevelopment includes a $13 million capital investment and employing 400 full-time equivalent employees with an average annual salary of $66,000. Community Redevelopment Agency Annual report Page I 12

13 ~. Community Redevelopment Agency Annual report Page I 13

14 SECTIONV Summary The CRA continued to build forward momentum through the fiscal year as evidenced by a 12 percent increase in its assessed value and the announcment of several large commercial projects, including: Dual Brand Hotel Astronaut Boulevard - $25 million Springhill Suites Hotel W. Central Boulevrad - $13 million Comprehensive Health Services, Inc Astronaut Blvd. - $4 million The CRA is a tool for the city and property owners to help improve property values, business revenues and economic growth within the City of Cape Canaveral. The CRA strives to provide comprehensive support for the community, property owners and businesses. For more information visit the CRA's webpage at You can learn about: Attending upcoming Board meetings Minutes and agendas from prior meetings Financial information for the CRA Contact information on how the CRA can help you All CRA Board meetings are open to the public and are held quarterly in the Council Chambers at City Hall, 100 Polk Avenue. Please check the City Calendar at for meeting dates. We encourage you to attend! Community Redevelopment Agency Annual report Page I 14