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FY2011/2012 CRA ANNUAL REPORT
State Road 100 Corridor
Community Redevelopment Agency
1 FY2011/2012 CRA ANNUAL REPORT
November 9, 2012
Table of Contents Introduction .................................................................... 1
Frequently Asked Questions ........................................... 2
FY 2011/2012 Revenues .................................................. 3
FY 2011/2012 Expenses .................................................. 3
FY 2012/2013 Budget ...................................................... 4
Major Ongoing Projects .................................................. 5
Other Items of Interest ................................................... 7
Introduction The State Road 100 Corridor Community Redevelopment Agency (SR 100 CRA) Fiscal Year
2011/2012 Annual Report describes all activities for the period October 1, 2011 through
September 30, 2012. The report includes a complete financial statement of the SR 100 CRA’s
revenues and expenses, amount of tax increment funds collected and a record of SR 100 CRA’s
activities for the fiscal year.
The SR 100 CRA was created in 2004 as a measure to assist the City of Palm Coast in its efforts to
encourage investment, economic development, and redevelopment in the State Road 100
Corridor area. Redevelopment is necessary to create the community envisioned by the City’s
citizens, merchants, and visitors. The SR 100 CRA continues to pursue voluntary acquisition of
properties as part of its strategy to eliminate the blight identified in 2004. In addition, the SR
100 CRA continues to focus on the highest priority project: Bulldog Drive Improvements.
2 FY2011/2012 CRA ANNUAL REPORT
November 9, 2012
Frequently Asked Questions
What is a Community Redevelopment Agency (CRA)?
A Community Redevelopment Agency (CRA) is a dependent taxing district established by local
government for the purpose of carrying out redevelopment activities that include reducing or
eliminating blight, increasing the tax base, and encouraging public and private investments in
the redevelopment area. The members of the City Council also serve as the Board members of
the SR 100 CRA.
Why create a CRA?
CRAs are created to assist
local governments in pursuing
redevelopment in targeted
areas that are characterized
by blight and disinvestment.
By establishing a CRA, local
governments are given a
financial and planning
mechanism by which to
redevelop areas where private
market forces aren’t working.
Where are the designated CRA
areas?
The SR 100 CRA encompasses 2,946 acres and is generally located east of Belle Terre Parkway,
north of the State Road 100 centerline, south of Royal Palms Parkway, and approximately 0.75
miles east of Interstate 95.
What type of activities will happen in CRA areas?
Redevelopment activities are outlined in the SR 100 CRA Redevelopment Plan. The
Redevelopment Plan is a document that is approved by the City and the SR 100 CRA Board. The
Redevelopment Plan outlines the goals and objectives for the district, and more importantly,
outlines the specific programs and capital improvements designed to reach those goals.
How are redevelopment activities funded?
Activities in CRA districts are predominantly funded by tax increment. Tax increment is
calculated based on the dollar value of all real property in the Community Redevelopment Area
at the time CRA district is created, also known as the “frozen value”. Taxing authorities who
contribute to the tax increment continue to receive property tax revenues based on the frozen
value. However, any tax revenues from increases in real property value, referred to as
“increment”, are deposited into the Community Redevelopment Agency Trust Fund and
3 FY2011/2012 CRA ANNUAL REPORT
November 9, 2012
dedicated to the redevelopment area. It is important to note the property tax revenue collected
by the School Board and any special district (ex: SJRWMD) are not affected under the tax
increment financing process. Tax increment revenues can be used immediately, saved for a
particular project, or bonded to maximize the funds available. Any funds received from a tax
increment financing area must be used in accordance with the Redevelopment Plan for specific
redevelopment purposes within the targeted area, and not for general governmental purposes.
FY 2011/2012 Revenues During the 2011/2012 Fiscal Year, the SR 100 CRA Trust Fund received a total of $1,314,581 in
tax increment funds ($798,707 from Flagler County and $515,874 from the City of Palm Coast).
In addition, $3,000 (preliminary) in interest income was earned and $2,122,311 was carried over
from the previous year.
The tax increment funds received this past year of $1,314,581 represents a 3.3% increase from
the previous year’s receipt of $1,272,800 of tax increment funds.
$798,707
$3,000
$515,874
$2,122,311
County Tax Increment Interest Revenue
City Tax Increment Appropriated Fund Balance
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
2005 2006 2007 2008 2009 2010 2011 2012 2013*
Tax Increment History
County
City
*Projection for 2013
4 FY2011/2012 CRA ANNUAL REPORT
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FY 2011/2012 Expenses During the 2011/2012 Fiscal Year, the SR 100 CRA Trust Fund expended a total of $769,747. The
expenses reflect the top priority identified in the SR 100 CRA Redevelopment Plan: Bulldog Drive
Improvements.
FY 2011/2012 Expenses
Operating Expenses $3,266
Bulldog Drive Improvements - Design $115,792
Debit Service $650,689
Total $769,747
FY 2012/2013 Budget The 2012/2013 Fiscal Year Budget for the SR 100 CRA Trust Fund is $5,735,844. This budget
includes debt proceeds in order to complete the SR 100 CRA top priority project: Bulldog Drive
Improvements. In addition, this budget includes $500,000 for land purchases in the two target
acquisition areas.
$856,519
$11,941
$521,000
$2,000,000
$2,346,384
Revenues
County Tax Increment
Interest Revenue
City Tax Increment
Debt Proceeds
Appropriated Fund Balance
$50,000
$3,800,000
$500,000
$641,575
$744,269
Expenses
Operating ExpensesBulldog Drive ImprovementsLand PurchasesDebt ServiceContingency
5 FY2011/2012 CRA ANNUAL REPORT
November 9, 2012
Major Ongoing Projects
Bulldog Drive Improvements On October 5, 2010, the SR 100 CRA
Board approved a Work Order with
WilsonMiller, Inc., to design the
Bulldog Drive Improvements. The
project consists of a four-lane
roadway that will continue north
and connect to the recently
constructed Central Avenue in Town
Center. The four-lane urban, typical
roadway section will have four 12-
foot through lanes (two in each
direction) separated by a 24-foot raised landscaped median, a 10-foot concrete multi-use
pathway on the west side, and a 6-foot sidewalk on the east side and curb and gutter. The
existing traffic signal at SR100 and Bulldog Drive will be replaced with two poles and mast arms
to accommodate the proposed roadway improvements.
After initial difficulty was encountered in obtaining the necessary right-of-way for the ultimate
four-lane roadway, the SR 100 Board was briefed on a modification to the design the phase the
improvements. Approval was given to proceed with completing a layout of the proposed
improvements and obtaining a St. Johns River Water Management District (SJRWMD) permit for
the interim two-lane reconstruction of Bulldog Drive with a northbound left turn lane into the
high school with ultimate improvements at the new signalized intersection of SR100 & Bulldog
Drive. The design includes improvements on SR100 to add turn lanes, shift the high school main
entrance and modifications of the internal traffic/bus circulation of the high school site due to
the associated improvements on
SR100 and Bulldog Drive.
Over the past year, City staff
and WilsonMiller, Inc. have
been working with the
Florida Department of
Transportation staff, School
District and Florida-Palm
Coast High School staff to
develop improvements that
are acceptable and meet
necessary traffic, safety and
circulation requirements.
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November 9, 2012
The stormwater system has been analyzed and meetings have been held with SJRWMD to
discuss options to improve the existing system to minimize the ponding/flooding on the FPC
site; a permit application has been submitted and the design engineers are currently addressing
comments from SJRWMD as well as comments from the School District Engineer consultant and
Town Center Engineer Consultant. The expectation is to finalize the stormwater improvements
over the next several months and complete the design drawings so that the project can be bid
and construction can begin just before school lets out for the summer of 2013.
Land Purchases The State Road 100 Corridor Community Redevelopment Area (SR 100 CRA) Plan outlines two
target areas for redevelopment. These areas, Midway and Whispering Pines, are antiquated
subdivisions with no existing infrastructure except for dirt driveways. The SR 100 CRA has
acquired many of these properties as part of an overall strategy to eliminate blight in the area
and aggregate property for future redevelopment. The SR 100 CRA Board has directed to City
staff to pursue voluntary acquisitions where the property owners are willing to sell their
property at the appraised value. As willing property owners come forward, City staff will bring
forward items for City Council and SR 100 CRA Board consideration. City staff continue to talk to
interested parties about redevelopment of City-owned property along State Road 100.
7 FY2011/2012 CRA ANNUAL REPORT
November 9, 2012
Other Items of Interest
Real Estate Market Conditions in SR 100 Area The local Palm Coast real estate market continues to stabilize following the national economic
downturn. City staff reviewed all sales transactions occurring since January 1, 2011 within the SR
100 CRA area (see table on the next page). The distressed sales represented 43% of the
transactions and were only for vacant commercial or agricultural land.
Parcel ID Owner Address Type Sales Date Distressed 09-12-31-2475-00000-0030
B & E INVESTMENT PROPERTIES
120 FLAGLER DRIVE
COMMUNITY 20120227 NO
07-12-31-4955-00000-00B0
INLAND DIVERSIFIED PALM COAST
NOTE 20111221 NO
07-12-31-4956-00000-006A
INLAND DIVERSIFIED PALM COAST
5290 HIGHWAY 100 E
COMMUNITY 20111221 NO
07-12-31-4955-00000-0010
INLAND DIVERSIFIED PALM COAST
120 BELLE TERRE PARKWAY
FINANCIAL 20111221 NO
07-12-31-4955-00000-0030
INLAND DIVERSIFIED PALM COAST
5200 E HIGHWAY 100
COMMUNITY 20111221 NO
07-12-31-4955-00000-0040
INLAND DIVERSIFIED PALM COAST
STATE ROAD 100 STORES, 1 20111221 NO
07-12-31-4956-00000-0050
WEINGARTEN INVESTMENTS INC
LANDING BLVD RV/MH PARK 20111108 NO
09-12-31-0000-01010-0000
EAGLE FL III SPE LLC VACANT MIX 20111007 YES
06-12-31-5815-00000-0140
FLORIDA LANDMARK COMMUNITIES
18 MARKET AVE VACANT COM 20110830 YES
06-12-31-5815-00000-0150
FLORIDA LANDMARK COMMUNITIES
24 MARKET AVE VACANT COM 20110830 YES
08-12-31-5835-00010-002D
ZAHSR LLC 102 BROOKHAVEN CT
CONDOMINIU 20110828 NO
40-12-31-0000-01010-0010
HEARTWOOD 4 LLC ACREAGE- N 20110817 YES
39-12-31-0000-01010-0050
HEARTWOOD 4 LLC ACREAGE- N 20110817 YES
04-12-31-0000-04030-0000
HEARTWOOD 4 LLC ACREAGE- N 20110814 YES
09-12-31-5117-00080-0020
HARRY & GRACE LLC 80 PINNACLES DRIVE
PROF CONDO 20110701 NO
09-12-31-5117-00080-0010
BELLANDONI LLC 84 PINNACLES DRIVE
PROF CONDO 20110701 NO
09-12-31-2475-00000-0020
INLAND AMERICAN ST FLORIDA
100 FLAGLER PLAZA DRIVE
FINANCIAL 20110627 NO
05-12-31-0650-000A0-0016
FLORIDA LANDMARK COMMUNITIES
VACANT COM 20110520 YES
05-12-31-0650-000A0-0014
FLORIDA LANDMARK COMMUNITIES
VACANT COM 20110520 YES
06-12-31-5825-00000-007A
TD BANK CITY PLACE VACANT COM 20110425 YES
08-12-31-5816-00000-0020
COVELLI FLORIDA PROPERTIES INC
SR 100 VACANT COM 20110405 NO
08-12-31-5835-00030-012B
IORIO MARILYN AND MARIO SICA
104 BROOKHAVEN CT
CONDOMINIU 20110318 NO
39-12-31-3380-00000-0080
LOT 8 KINGS POINTE LLC
6100 STATE ROAD 100 E
VACANT COM 20110210 YES
8 FY2011/2012 CRA ANNUAL REPORT
November 9, 2012
Repayment of City of Palm Coast Interfund Loan
The City of Palm Coast provided interfund loans starting in 2004 to carry out SR 100 CRA
projects and programs. The outstanding principal balance of the loan is $5,792,529 and the SR
100 CRA currently makes interest only annual payments of $285,751 (interest rate of 5%). In the
future, the SR 100 CRA Board may choose to begin payment of principal to repay the
outstanding balance, once high priority projects are completed (i.e. Bulldog Drive
Improvements).