Community Redevelopment Agency of the City of Plant City

Transcription

1 Community Redevelopment Agency of the City of Plant City ANNUAL BUDGET FISCAL YEAR October 1, 2012 September 30, 2013 including 5Year Cash Flow Budget FISCAL YEAR through FISCAL YEAR

2 TABLE OF CONTENTS EXECUTIVE DIRECTOR TRANSMITTAL LETTER. REVENUES AND EXPENDITURES 1 2 BONDED INDEBTEDNESS.. 3 CAPITAL IMPROVEMENT PROJECTS YEAR CASHFLOW PROGRAM BUDGET. 9

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4 CITY OF PLANT CITY COMMUNITY REDEVELOPMENT AGENCY TRUST REVENUES ORIGINAL AMENDED ACTUAL BUDGET BUDGET EXPECTED PROPOSED FY 10/11 FY 11/12 FY 11/12 FY 11/12 FY 12/13 County Property Tax Increment 510, , , , ,439 City Property Tax Increment 419, , , , ,568 Tampa Port Authority Tax Increment 16, ,886 14,886 14,886 13,557 Rental Income 7, ,640 7, Loan Proceeds , ,518 0 Brownfield Grants , , ,391 Brownfield Revolving Grant ,000 99, ,000 Brownfield Revolving Loans , , ,000 Interest Income 2, ,000 3,000 1,000 5,000 Reappropriated Funds 1,599, ,612,985 1,612,985 1,280,361 Total CRA Trust Fund Revenues 2,555, ,611 3,890,114 3,378,679 2,567,316 ============ ============ ============ ========== ============ 1

5 CITY OF PLANT CITY COMMUNITY REDEVELOPMENT AGENCY TRUST EXPENDITURES ORIGINAL AMENDED ACTUAL BUDGET BUDGET EXPECTED PROPOSED FY 10/11 FY 11/12 FY 11/12 FY 11/12 FY 12/13 Other Contractual 75, ,000 90,000 90,000 90,000 Property Acquisition/ Infrastructure 535, , , , ,637 Madison Park Drainage , ,000 Wheeler Street Realignment 1, ,856 8, ,000 Grant Hunter Pond Recreation Trail , ,000 Brownfield Grant Hazardous Sub , , ,805 Brownfield Grant Petroleum , ,053 8,947 Brown Field Revolving Loan and Grant , , ,000 Building and Property Repairs 0 8,085 8, ,000 Miscellaneous Subscription and Memberships Property Taxes 4, ,915 1,915 1,839 0 Other Supplies 6, ,305 Downtown Improvements CIP 65, Principal 224, , , , ,259 Interest Expense 29, ,391 26,264 26,264 17,493 Total CRA Trust Fund Expenditures 942, ,611 3,890,114 1,853,757 2,567,316 ========== ========== ========== ========== ========== 2

6 BONDED INDEBTEDNESS Outstanding Principal BANK LOAN COMMUNITY REDEVELOPMENT AGENCY 2004 Series Bank loan, principal and interest, due January 31 each year starting January 31, 2005, through the year DELIVERY DATE SEPTEMBER 14,2004 $2,000,000 $ 396,755 Annual interest rate is 3.42% Proceeds from this loan will finance the cost of various capital improvements within the Community Redevelopment Agency, to repay advances to the CRA from other funds, and to provide for the cost of issuance. The loan is secured by a pledge of the tax increment fund revenues received by the CRA from Hillsborough County for capital improvement purposes. PROMISSORY NOTE COMMUNITY REDEVELOPMENT AGENCY 2011 Promissory Note principal and interest due quarterly over a two year period starting April 1, 2012, and each July 1, October 1, and January 1 thereafter. AGREEMENT DATE OCTOBER 24, 2011 $232,518 $ 145,324 Annual interest rate is 3.00% Proceeds from this loan will finance the Purchase of real estate within the Community Redevelopment Agency. TOTAL COMMUNITY REDEVELOPMENT AGENCY BANK LOANS $ 542,079 3

7 COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PLANT CITY CAPITAL IMPROVEMENT PROJECTS FIVEYEAR PROJECT SCHEDULE USE THIS COLOR CODE TO DECIPHER THE CIP SCHEDULE THAT FOLLOWS. Purple Pink Yellow The funding amount has decreased. This is a new project. The existing amount has increased. COMMUNITY REDEVELOPMENT AGENCY CRA CAPITAL IMPROVEMENTS FIVEYEAR PROJECT SCHEDULE FY FY FY FY FY Parking (p 5) 0 300, , , ,000 previously 300,000 Property Acquisition & Infrastructure Improvements (p 6) 300, , , ,000 previously 500,000 Village Green (p 7) 0 450, ,000 previously 250, ,000 TOTAL 300, , , , ,000 4

8 PROJECT: Department/Program: PARKING Community Redevelopment Agency PRIOR YEAR PAGE NO. 5 Description: Justification: Public parking areas in downtown and Midtown will need to be constructed to handle increased parking demand that occurs with redevelopment. Depending upon the level of demand for public parking and the availability of land, public parking may be successfully created via direct construction of new surface or garage parking by the CRA, or it also may be created via a publicprivate partnership with developers in downtown and Midtown. Public parking is a key element of the Midtown Vision Plan approved by the CRA Board and the City Commission. More accessible and convenient parking will help stimulate additional development and reduce slum and blight in accordance with Chapter 163 of Florida Statutes, thereby enhancing safety, attractiveness, and vitality in the CRA. Creating and maintaining public parking has been a key function of many successful CRAs throughout Florida and the nation. Operating Impact: Varies depending upon the model used to create the public parking. If the CRA directly creates the parking, ongoing operations and maintenance will need to be funded with CRA monies. If a publicprivate partnership is used to create the parking, then operation and maintenance may be negotiated with the benefited property owner(s). ACTIVITY FY FY FY FY FY IMPROVEMENTS 0 300, , , ,000 previously 300,000 TOTAL 0 300, , , ,000 FUNDING SOURCES CRA 0 300, , , ,000 TOTAL 0 300, , , ,000 5

9 PROJECT: Department/Program: PRIOR YEAR PAGE NO. 6 PROPERTY ACQUISITION AND INFRASTRUCTURE IMPROVEMENTS Community Redevelopment Agency Description: Make infrastructure improvements and/or purchase property to attract and support redevelopment activities within the Community Redevelopment Area (CRA). Improvements may include construction of roads, sidewalks, water and sewer systems, stormwater facilities, landscaping, or other public facilities as deemed necessary to promote redevelopment within the CRA. Property may be acquired for infrastructure improvements or for other redevelopment purposes in accordance of Chapter 163 of Florida Statutes. Engineering, design, and planning activities also may be required in order to effectuate the necessary infrastructure improvements or property acquisitions or to promote redevelopment within the CRA. Justification: Reduce slum and blight in accordance with Chapter 163 of Florida Statutes, thereby enhancing safety, attractiveness, and vitality within the CRA. Operating Minimal additional maintenance costs for new or improved infrastructure. Land Impact: scaping may need to be maintained if property is acquired for redevelopment; however, minimal to no additional expenses are anticipated. Impacts the departmental budgets for Parks and Recreation, Facilities Maintenance, and Stormwater. ACTIVITY FY FY FY FY FY PROPERTY ACQUISITION 300, , , ,000 previously 500,000 TOTAL 300, , , ,000 FUNDING SOURCES CRA 300, , , ,000 TOTAL 300, , , ,000 6

10 PROJECT: Department/Program: VILLAGE GREEN Community Redevelopment Agency PRIOR YEAR PAGE NO. 7 Description: The Midtown Plan calls for a recreational green space to be created in the redevelopment district to anchor mixeduse residential / commercial / office development around it. The "village green" will be constructed in an area bounded by Renfro Street to the north, realigned Wheeler Street to the west, Evers Street to the east, and an extended Warren Street to the south. The green will feature passive uses for gathering and socializing. Also, depending upon the need for additional stormwater detention in the area, the green could have either 1) an underground stormwater vault, or 2) a stormwater pond which could double as a water feature. Justification: The village green is an important part of the Midtown Vision Plan approved by the CRA Board and the City Commission. The Vision Plan maps a path to reducing slum and blight in accordance with Chapter 163 of Florida Statutes, thereby enhancing safety, attractiveness, and vitality in the CRA. Creating and maintaining public green space has been an important element of successful CRAs. Operating Routine maintenance of green space. (Landscaping / plantings to be designed for Impact: low maintenance.) ACTIVITY FY FY FY FY FY CONSTRUCTION 450, ,000 previously 250, ,000 TOTAL 0 450, , FUNDING SOURCES CRA 0 450, , TOTAL 0 450, ,

11 Costs in Thousands Community Redevelopment Agency Capital Projects Reappro 5 Year Project Project Name Project priated Total Number & Description Funding Funds DOWNTOWN IMPROVEMENTS CRA1 Parking CRA ,575 Public parking areas in downtown and midtown will need to be constructed to handle increased parking demand that occurs with redevelopment. The completion of this project will increase the City's operating expense. CRA2 Madison Park Drainage 371 CRA Stormwater drainage problems in the Midtownarea must be corrected in order to ease the way for future development. The completion of this project is not anticipated to increase the City's annual operating costs. CRA3 Property Acquisition and CRA Infrastructure Improvements 338 Capital Project ,769 Make Infrastructure Improvements and/or purchase property to attract and support redevelopment activities. within the Community Redevelopment Area. Improvements may include construction of roads, sidewalks, water and sewer systems, stormwater facilities, landscaping, or other public facilities as deemed necessary to promote redevelopment within the CRA. Engineering, design, and planning activities are also a part of this development. The completion of this project is not anticipated to increase the City's annual operating costs. CRA4 Village Green CRA The Midtown Plan calls for a recreational green space to be createdin the redevelopment district to anchor mixeduse residential/comercial/office development around it. The completion of this project will increase the City's operating expense. CRA5 Wheeler Street ReAlignment 372 CRA The Midtown Plan calls for realinging some streets in accordance with the Vision Plan adopted by the CRA board. CIP also reflects a $1.4 millon grant for this project under Street & Traffic Maintenance. The completion of this project will increase the City's operating expense. CRA6 Grant Hunter Pond Rec. 396 CRA This project provides for a walking trail south across Grant Street and circles Grant Hunter pond property. This trail will be connected to the trail looping Snowden Park. The completion of this project is anticipated to have minimal increase in maintenance costs. TOTAL CRA 1, ,159 8

12 CRA 5Year CashFlow Program Budget [FY201213] REVENUE FY FY FY FY FY FY Reappropriated TIF $ 1,612,285 $ 1,574,662 $ 2,303,770 $ 3,039,087 $ 3,796,475 $ 524,975 TIF $ 833,971 $ 779,564 $ 780,000 $ 800,000 $ 900,000 $ 900,000 Interest $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 Grants [1] $ 950,000 $ 1,975,000 $ $ $ $ Sale of Property [2] $ $ 1,000,000 $ 2,000,000 $ 1,000,000 $ 500,000 $ EXPENDITURES TOTAL $ 3,401,256 $ 5,334,226 $ 5,088,770 $ 4,844,087 $ 5,201,475 $ 1,429,975 Operations Staff/Legal Services $ 90,000 $ 90,000 $ 90,000 $ 90,000 $ 90,000 $ 90,000 Property Maintenance/Taxes $ 10,000 $ 5,000 $ 5,000 $ 5,000 $ 20,000 $ 20,000 Supplies/Advertising $ 2,500 $ 20,000 $ 12,500 $ 12,500 $ 6,500 $ 6,500 Subtotal $ 102,500 $ 115,000 $ 107,500 $ 107,500 $ 116,500 $ 116,500 Debt Principal $ 317,194 $ 351,259 $ 350,183 $ $ $ Interest $ 26,264 $ 17,493 $ 17,000 $ $ $ Subtotal $ 343,458 $ 368,752 $ 367,183 $ $ $ Downtown Property Acquisition $ $ $ $ $ $ Parking $ $ $ $ $ 2,000,000 $ 2,000,000 Planning $ $ $ $ 50,000 $ $ Landscaping $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 35,000 $ 35,000 Subtotal $ 25,000 $ 25,000 $ 25,000 $ 75,000 $ 2,035,000 $ 2,035,000 Madison Park Stormwater [3] $ $ 231,204 $ $ $ $ Subtotal $ $ 231,204 $ $ $ $ Midtown Property Acq./Demo $ 369,136 $ 250,000 $ $ $ 500,000 $ 500,000 Planning $ $ $ $ $ $ Marketing/Events $ $ $ $ $ 25,000 $ 25,000 Brownfield Grant Work $ 950,000 $ $ $ $ $ Parking $ $ $ $ $ 2,000,000 $ 2,000,000 Village Green $ $ $ 450,000 $ 250,000 $ $ Hunter/Grant Trail $ $ 250,000 $ $ $ $ Roads/Utilities Wheeler St. (Ph. 1) PD&E; Legal $ 36,500 $ 260,000 $ $ $ $ Construction $ $ 1,400,000 $ $ $ $ Wheeler St. (Ph. 2) $ $ PD&E; Legal $ $ 130,500 $ $ $ $ ROW Acquisition $ $ $ 300,000 $ $ $ Construction $ $ $ 800,000 $ 615,112 $ $ Subtotal $ 1,355,636 $ 2,290,500 $ 1,550,000 $ 865,112 $ 2,525,000 $ 2,525,000 NOTES TOTAL $ 1,826,594 $ 3,030,456 $ 2,049,683 $ 1,047,612 $ 4,676,500 $ 4,676,500 [1] Yeartoyear grant amounts are shown in CRA budget because key projects are also shown; County road grant, DEP trail grant & EPA/RLF brownfield grants are in City's budget. [2] RFP for property redevelopment anticipated to be issued late 2012 or early [3] These project funds are to improve drainage canal in conjunction with Wheeler Street realignment project. 9