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STATE ROAD 100 CRAFY 2012/2013 Annual Report
October 29, 2013 Workshop
Background• State Road 100 Corridor Community Redevelopment
Agency (SR100 CRA) Established in 2004• City Council Serves as SR100 CRA Board (separate entity)• 30 Year Time Horizon (ends in 2034)• Master Plan Updated in 2008 (Lists Eligible Projects/Programs)• Funded through Tax Increment
• Property Values Frozen in 2004 for City and County• Increase in Value = Tax Increment• Tax Increment Deposited in SR100 CRA Trust Fund• Projects can be Financed based on Dedicated Funds
SR100 CRA Area
Background• SR100 CRA Purpose
• Reduce or Eliminate Blight• Whispering Pines• Midway
• Increase Tax Base and Encourage Public/Private Investment• Establish City’s Downtown or Urban Core• Establish Another Commercial Corridor (In Addition to PC Parkway)
Background• Completed Projects
• Master Plan Updated• Central Park Improvements• Land Acquisitions in Target Areas (75% of Lots)• I-95 / State Road 100 Gateway Features• Bulldog Drive Project Development and Engineering Report• Bank Debt Refinanced, Additional Financing for Bulldog Drive
Private Sector Investment• Target Center• Red Lobster/
Olive Garden• Publix Shopping
Center• Epic Theatres• Pinnacles
Professional Park
• City Centre• Hilton Garden Inn• Panera Bread• Imagine School• Medical Offices• Banks, Banks, &
More Banks
Private Sector Investment
Upcoming• Brookhaven
Apartments• Discount
Tire Store
Tax Increment History
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014*$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000 Tax Increment History
CountyCity
FY2013/2014 CRA Budget
$960,543
$513,391
$3,000
$4,572,817
Revenues
County Tax Increment
City Tax Increment
Interest Revenue
Appropriated Fund Balance
$50,000
$4,675,000
$512,250
$812,501
Expenses
Operating ExpensesBulldog Drive ImprovementsLand PurchasesDebt Service
MAJOR PROJECTSState Road 100 Corridor Community Redevelopment Agency
Bulldog Drive Improvements• Original Plan (October 2010)
• Construct Complete 4-Lane Urban Roadway (Multi-Use Path, Sidewalk, Landscaped Median, and SR100 Intersection Improvements) in One Phase
• Revised Plan (September 2011)• Phase Project to Meet Current Needs and Avoid Eminent Domain
• Reconstruct 2-Lane Roadway with Intersection Improvements at SR100• Change Traffic Circulation on SR100 and FPC• Improve Stormwater Management to Minimize Flooding of FPC• Safety & Pedestrian Improvements
• Updated Project Timeline• Next 3 Months: Finalize Design & Permitting• Early 2014: Bid Solicitation• Spring/Summer 2014: Construction
Bulldog Drive Improvements
Land Acquisition in Target Area
• Strategy to Reduce or Eliminate Blight• Antiquated Subdivisions (No Infrastructure, Prone to Flooding)
• SR100 CRA Board Direction to Purchase Property at Appraised Value from Willing Sellers
• Purchased Pazyniak Property in FY2013
CRA Debt Obligations• CRA is currently evaluating Refinancing Options for City
of Palm Coast Interfund Loan
Debtor Principal Interest Rate
Maturity Date FY2013/2014 Payment
City of Palm Coast $5,792,529 5% - $285,751 (interest only)
BB&T Bank $5,448,000 2.29% October 2024 $526,760