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SR 100 CRA Background and Purpose

STATE ROAD 100 CORRIDOR COMMUNITY REDEVELOPMENT AREA Status of Property Acquisitions June 8, 2010 Presentation for City Council Workshop. SR 100 CRA Background and Purpose. Background Established April 20, 2004 30 Year Time Horizon

thaddeus-lowery
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SR 100 CRA Background and Purpose

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  1. STATE ROAD 100 CORRIDORCOMMUNITY REDEVELOPMENT AREAStatus of Property Acquisitions June 8, 2010Presentation for City Council Workshop

  2. SR 100 CRA Background and Purpose • Background • Established April 20, 2004 • 30 Year Time Horizon • Tax Increment Financing (future revenue from CRA pays for improvements to encourage redevelopment) • Purpose • Improve and/or Redevelop Blighted Areas • Midway Subdivision • Whispering Pines Subdivision • Establish the City’s “Downtown” or Urban Core • Encourage Development of Additional Commercial Corridor (Alternative to Palm Coast Parkway)

  3. SR 100 CRA Completed Projects • Master Plan Updated • Central Park Improvements • Land Acquisitions • I-95 / State Road 100 Gateway Features • Bulldog Drive Project Development and Engineering Report • CRA Financing Approved

  4. Future Capital Improvements High Priority Projects • Bulldog Drive • Central Park Enhancements Phases II and III • Civic Architecture (Community Center) • Other (Historic Property/Site Rehabilitation) • State Road 100 (Sidewalk, Traffic Signal/Mast Arm Assembly, Gateway Signage)

  5. Existing Bulldog Drive Corridor

  6. Potential Bulldog Drive Enhancements

  7. FY 2009/2010 Projections • Tax Increment Revenue . . . . . . . . . . .$ 1,386,523 • Investment Earnings . . . . . . . . . . . . . .$ 25,000 • Loan Proceeds . . . . . . . . . . . . . . . . . . $ 4,000,000 TOTAL REVENUES. . . . . . . . . . . . . . .$ 5,411,523 • Professional Services. . . . . . . . . . . . . $ 100,000 • Land Purchases . . . . . . . . . . . . . . . . . $ 2,900,000 • Bulldog Drive Design. . . . . . . . . . . . . $ 300,000 • Central Park . . . . . . . . . . . . . . . . . . . . $ 120,000 • Debt Service . . . . . . . . . . . . . . . . . . . .$ 652,220 • Contingency . . . . . . . . . . . . . . . . . . . . $ 1,339,303 TOTAL EXPENSES. . . . . . . . . . . . . . $ 5,411,523

  8. Implementation Short-Term • Approve Current Loan • Complete Right-of-Way Acquisition for Bulldog Drive • Complete Design & Construction Plans for Bulldog Drive • Additional Property Acquisitions in Target Areas • Central Park Improvements Long-Term • Additional Financing (Repayment of City Note) • Bulldog Drive Construction • Additional Capital Improvements per CRA Plan

  9. Right-of-Way Acquisition Status Flagler County School District Ajram Cole Third Coast Holdings, LLC

  10. Third Coast Holdings Acquisition • Appraisal • Arms Length Transaction Opinion of Value: $1,050,000 • Arms Length Transaction (sort of) • Negotiations • Third Coast Holdings (TCH) Offered to Sell Property to City for $1,400,000 • Initial Offer by City Staff was Appraised Value for $1,050,000 • Further Negotiations Concluded with Tentative Agreement • $1,150,000 Purchase Price (including necessary remediation) • $100,000 for Demolition of Structures and Septic Removal

  11. Third Coast Holdings Acquisition • Considerations • Alternative to Reaching Agreement would be either Eminent Domain or Revising Preliminary Roadway Design • Acquisition Improves City Holdings • Control Important Corner Entrance to Downtown • Adds Value to Adjacent Holdings • Accommodate Stormwater Off-Site to Increase Value • Eliminates State Road 100 Uncertainties (Future ROW) • Removes Blighted Properties along Major Corridor

  12. Implementation Short-Term • Approve Current Loan • Complete Right-of-Way Acquisition for Bulldog Drive • Complete Design & Construction Plans for Bulldog Drive • Additional Property Acquisitions in Target Areas • Central Park Improvements Long-Term • Additional Financing (Repayment of City Note) • Bulldog Drive Construction • Additional Capital Improvements per CRA Plan

  13. Additional Acquisitions Interested Property Owners that Contacted City

  14. Additional Acquisitions • Jane & Jason LLC • 13,000 square feet (11,500 net of easement) • Appraisal: $126,500 (based on $11/s.f.) • Offer Accepted • Stevens • 12,405 square feet • Appraisal: $124,050 (based on $10/s.f.) • Offer Accepted • Wilcox • 44,000 square feet (4 lots) • Appraisal: $440,000 (based on $10/s.f.) • Offer Rejected

  15. Budget for Land Purchases 09/10 • Land Purchases . . . . . . . . . . . . . . . . . $ 2,900,000 • Purchased to Date $ 800,000 • Proposed Purchases $ 1,550,000 • Balance $ 550,000 • Contingency . . . . . . . . . . . . . . . . . . . . $ 1,339,303

  16. Next Steps • Consider Third Coast Holdings LLC Acquisition (June 15 CRA Board & City Council) • Consider Additional Property Acquisitions in Target Area (June 15 CRA Board & City Council) • Jane & Jason LLC • Stevens • Staff Continue Negotiations with Remaining Acquisition Needed for Bulldog Drive – Ajram

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