01/29/2007COMMUNITY REDEVELOPMENT AGENCY
AGENDA
Location: Council Chambers - City Hall
Date: 1/29/2007- 1:30 PM
1. Call to Order
2. CRA Items
2.1 Approval of 1-16-2007 CRA Minutes
Attachments
2.2 Approve the extension of the Agreement for Development and Disposition of Property between the
Community Redevelopment Agency of the City of Clearwater, Florida and the Balk Company, Inc.,
effective March 4, 2002, and previously extended on January 16, 2007 until the end of business on
Monday, February 13, 2007 for the sole and exclusive purpose of considering assignment of the
developer's interest to the Fairway Development Group, Inc. of Sarasota, Florida.
Attachments
2.3 Adopt proposed Community Redevelopment Agency policy entitled" Use of Tax Increment Funds", dated
January 29, 2007.
Attachments
2.4 Discussion regarding the CRA Six-year Plan
Attachments
3. Other Business
4. Adjourn
Meeting Date: 1/29/2007
x `?k g Community Redevelopment
Agency Agenda
Council Chambers - City Hall
SUBJECT / RECOMMENDATION:
Approval of 1-16-2007 CRA Minutes
SUMMARY:
Review Approval: 1) Clerk
Cover Memo
Item # 1
Meeting Date: 1/29/2007
x `?k g Community Redevelopment
Agency Agenda
Council Chambers - City Hall
SUBJECT / RECOMMENDATION:
Approve the extension of the Agreement for Development and Disposition of Property between the Community Redevelopment Agency
of the City of Clearwater, Florida and the Balk Company, Inc., effective March 4, 2002, and previously extended on January 16, 2007
until the end of business on Monday, February 13, 2007 for the sole and exclusive purpose of considering assignment of the developer's
interest to the Fairway Development Group, Inc. of Sarasota, Florida.
SUMMARY:
The CRA Executive Director and the City Attorney are recommending the extension in order to complete due diligence on the proposed
assignment.
Review Approval: 1) Office of Management and Budget 2) Legal 3) Clerk 4) Assistant City Manager 5) Clerk 6) City Manager 7) Clerk
Cover Memo
Item # 2
Meeting Date: 1/29/2007
"' ?`?'I 4 k cl i
Community Redevelopment
C zg
Agency Agenda
Council Chambers - City Hall
SUBJECT / RECOMMENDATION:
Adopt proposed Community Redevelopment Agency policy entitled" Use of Tax Increment Funds", dated January 29, 2007.
SUMMARY:
Pursuant to indications by the Board at recent CRA meetings that there was a desire for a more formal policy to govern the use of TIF
funds, staff has prepared a TIF utilization policy for the CRA. This was discussed at the January 16th CRA meeting, after which
changes were incorporated to reflect the discussion.
This proposed policy represents a synthesis of several Florida CRA policies governing TIF utilization, "best practices" gleaned from
annual meetings such as the Florida Redevelopment Association and the Government Finance Officers Association, as well as direct
staff experience. It has been "tailored" to fit Clearwater's overall operations and procedures. Comments by the Finance Director and
City Attorney have been incorporated.
This policy is intended to meet three objectives; 1) establish an empirical basis for the allocation of TIF funds to private and public
development projects; 2) provide Board guidance to CRA staff on the utilization of TIF funds generated in the CRA; and, 3) allow the
public and development interests to understand the process and bases upon which decisions to allocate TIF funds will be made by the
CRA.
Review Approval: 1) Office of Management and Budget 2) Legal 3) Clerk 4) Assistant City Manager 5) Clerk 6) City Manager 7) Clerk
Cover Memo
Attachment number 1
Page 1 of 6
Community Redevelopment Agency
Use of Tax Increment Funds
Policy
January 29, 2007
1. Purpose Statement
The purpose of this policy is to:
A. Guide Community Redevelopment Agency (CRA) Board and staff in
preparing analysis and recommendations regarding the use of Tax
Increment Financing (TIF)1 as well as negotiating contract terms with
developers;
B. Guide CRA staff in negotiating Term Sheets and proposed Development
Agreements with developers seeking TIF assistance;
C. Provide framework within which the CRA Board and the CRA staff can
evaluate and compare proposed uses of TIF; and
D. Inform the development community and the public of the CRA's position
on the use of TIF and the process through which decisions regarding the
commitment of the funds are to be made.
II. Redevelopment Objectives
The use of TIF funds is intended to facilitate the following redevelopment
objectives:
A. Implement redevelopment projects that meet and further the objectives of,
and are consistent with the principles and goals in, the Clearwater
Downtown Redevelopment Plan, adopted by the City Commission on
December 4, 2003 (Plan), and as subsequently amended.
B. Expand the Downtown Clearwater economic base to create increased
employment, economic activity, and sustainable development.
C. Provide an increased array of housing types that are affordable to a broad
range of household income levels.
' For purposes of this Policy, "Tax Increment Financing" means the use of funds in the CRA Community
Redevelopment Trust Fund to provide project financial assistance.
Attachment number 1
Page 2 of 6
III. General Guidelines in the Use of Tax Increment Financing
A. Private Developments
The use of TIF to incentivize and/or assist private development in the
redevelopment area shall be determined as follows:
1. TIF will only be used when a clearly defined redevelopment objective
is served and only to the degree necessary to accomplish that
development objective.
2. TIF will only be used to assist private development when it is
demonstrated by both the developer and CRA/City staff analysis that
"but for" the amount of tax increment assistance being requested the
redevelopment project as a whole, or the portion thereof directly
related to the redevelopment objective, would not occur.
3. Tax Increment Financing will only be used in cases when: (i) the CRA
has the financial capacity to provide the needed project financial
assistance; (ii) the CRA deems it fiscally prudent to provide such
assistance; and (iii) the developer can clearly demonstrate to the
satisfaction of the CRA that the proposed redevelopment project will
be able to meet the financial and public purpose commitments outlined
in the redevelopment agreement between the CRA and the developer.
4. The CRA and the City will seek opportunities to recapture the amount
of the project financial assistance, to the maximum extent feasible,
after allowing the developer a reasonable return.
B. Public Improvements
The use of TIF to fund public infrastructure improvements developed by
the City of Clearwater (City) and/or the CRA that are funded (partially or
wholly) by tax increment funds will be prioritized using the CRA's Five
Year Capital Plan and the City's Capital Improvement Plane.
Criteria for evaluating proposed projects shall include:
1. The project's consistency with the Clearwater Downtown
Redevelopment Plan;
z Use of tax increment funds to pay for infrastructure projects in the City's CIP will comply with the
limitations set forth in s. 163.370(2), Florida Statutes.
2
Attachment number 1
Page 3 of 6
2. The project's strategic importance i.e. its need to proceed prior to the
implementation of other high priority projects in achieving the
objectives of the Plan;
3. The project's costibenefit ratio;
4. The project's ability to leverage other public funds and/or private
investment.
IV. Evaluation Criteria for Private Project Assistance Requests
Requests for TIF funds should be consistent with the following evaluation
criteria:
A. Compliance with the Clearwater Downtown Redevelopment Plan - All
projects must be consistent with and further the objectives of the
Clearwater Downtown Redevelopment Plan. A developer seeking project
financial assistance must demonstrate that the project is in compliance
with the then current version of the Downtown Redevelopment Plan
including statements justifying the public purpose of any proposed
development.
B. Need for Public Assistance - The need for public assistance must be
demonstrated and documented by the developer to the satisfaction of
CRA/City staff and the CRA. Documentation must demonstrate that "but
for" the amount of tax increment assistance being requested the
development project as a whole, or the portion thereof directly related to
the redevelopment objective, would not occur.
All such documentation, including development budgets, cash flow
projections, market studies and other financial and market information,
must be submitted by the developer in accordance with the CRA's
requirements in order to be considered for funding.
The request for project financial assistance must be based on financial
considerations, so the developer must demonstrate to the satisfaction of
the CRA the profitability and feasibility of the project (i.e. gross profit,
cash flow before taxes, cash-on-cash return, I RR, etc.), both with and
without TIF.
In determining the timing and magnitude of TIF assistance, however, the
staff shall in the first instance be directed by the Board desire that not
more than fifty (50) percent of the anticipated Tax Increment Fund yield
over the first five stabilized years of operation of a project be considered
for project assistance. However, the Executive Director may recommend a
higher percentage in any particular case where the financial and/or public
benefit circumstances seem to support a higher allocation.
3
Attachment number 1
Page 4 of 6
This fifty (50) percent threshold shall not apply to public-private
partnerships, joint ventures or other similar joint development projects
where the CRA is investing in or acquiring public facilities/improvements
(i. e. public parking) and utilizing TIF to fund the facilities/improvements.
C. Amount of Public Assistance versus Private Investment - A
redevelopment proposal requesting TIF assistance must maximize the ratio
of private investment to public assistance. Public assistance as a
percentage of total development costs will be determined for each project
(or discrete portion of the project receiving Tax Increment Financing
assistance) and compared to other redevelopment projects or subprojects
of similar scope and magnitude in the downtown redevelopment area,
whenever possible.
D. Term of Public Assistance - The length of the term of the TIF assistance
shall be kept to the minimum necessary to achieve the desired result. The
proposed term of any TIF assistance shall be fully documented and
presented to the CRA Board.
E. Development Benefits and Costs - The direct and indirect benefits of the
proposed redevelopment project shall be determined and quantified to the
extent possible. Benefits may include, but are not limited to: (i)
employment (i.e., number of jobs retained or created, percentage of jobs
held by City residents, wage and salary information, etc.); (ii) tax base
effect (i.e., estimated market value of new development, new property
taxes generated, etc.); (iii) housing stock created or enhanced (number of
new rental or ownership units, sale price or rental rates of units, etc.); and
(iv) other benefits relating to the CRA's and City's redevelopment objects.
Direct costs of the proposed redevelopment to both the CRA and the City
shall also be identified. Such costs shall include, but are not limited to: (i)
additional required infrastructure; (ii) proposed waiver of fees; (iii)
ongoing expense impact on the CRA and/or City budget. The timeframe
used for these cost estimates shall equal the timeframe of the proposed
Tax Increment Financing assistance and shall separately identify any
projected recapture of Tax Increment Financing funds.
F. Recapture of Public Subsidy - It is the CRA's goal to recapture as great a
percentage as feasible of the TIF assistance. Methods to recapture shall
include, but shall not be limited to: long-term ground leases; loans; sale
and/or refinancing provisions; and, equity participation, to the extent
permitted by law.
4
Attachment number 1
Page 5 of 6
III. Economic Analysis and Risk Assessment Process
A. Proposed uses of TIF will be subject to rigorous economic analysis and
risk assessment. CRA and City staff, as well as consultants when
necessary, will conduct the analysis and assessment process. Analysis and
assessment reports to the CRA Executive Director will include:
Public Purpose served by the requested financial assistance to the
project;
2. Demonstrated need for public investment or subsidy (the "but for"
test);
3. Developer's financial capacity and experience;
4. Risks associated with the project;
5. Impacts on the CRA capacity of the Redevelopment Trust Fund,
taking into account current and future demands on money in the Fund;
6. Impacts, be they positive or negative, on other private sector projects
where TIF has been or is being provided or committed;
7. Ratio of the amount of public financial assistance to private
investment3.
8. Action to be taken by the CRA as recommended by the CRA
Executive Director and/or consultants.
B. Projects requesting TIF funding may, at the discretion of the CRA
Executive Director, be subjected to a more extensive review and
evaluation, including appropriate market analysis.
VI. Use of City and County Portion of TIF
Not withstanding any provision of this policy, the portion of TIF received by
the CRA representing the Pinellas County tax levy on properties in the CRA
area shall only be expended on uses authorized for such purpose by the Board
of County Commissioners. Currently, authorized uses are: capital
improvements; land acquisition; and, environmental remediation (Ordinance
7153-03, as amended by Ordinance 7231-03).
Not withstanding any provision of this policy, the portion of TIF received by
the CRA representing the City of Clearwater tax levy on properties in the
3 "Private investment" refers to land, soft and hard construction costs appropriate to the type of
development contemplated, which shall be solely determined by the CRA.
5
Attachment number 1
Page 6 of 6
CRA area shall only be expended on uses authorized for such purpose by the
Clearwater Downtown Redevelopment Plan, effective February 3, 2004.
Currently, authorized uses are: CRA area brownfields environmental cleanup;
CRA building fagade improvement program; downtown land acquisition;
CRA redevelopment incentive funding; retail lease /location incentives; CRA
affordable and transitional housing projects; and, CRA revolving loan fund.
VII. Documentation of Tax Increment Financing Assistance
Redevelopment Agreement - TIF assistance will be provided to a
redevelopment project only through and in accordance with the terms of a
Redevelopment Agreement entered into between the developer and the CRA.
Interlocal Agreement- Any participation by the City will be subject to and
governed by an interlocal agreement between the City and the CRA.
VIII. Changes/Waiver
This policy may be changed or waived by the CRA board on a case-by-case
basis as deemed appropriate.
6
,y( P" CRA TIF Policy Draft Suggested Changes
II Redevelopment Objectives
The use of TIF funds is intended to facilitate the following redevelopment
objectives:
A. Implement redevelopment projects that meet and further the objectives of,
and are consistent with the principles and goals in, the Clearwater
Downtown Redevelopment Plan, adopted by the City Commission on
December 4, 2003 (Plan), and as subsequently amended.
B. Expand the Downtown Clearwater economic base to create increased
employment, economic activity, and sustainable development.
C. Provide an increased array of housing types that are affordable to a broad
range of housing income levels.
D. Insure adequate public infrastructure within Downtown that is su ortive
of the downtown plan.
E. Create a distinctive vibrant Downtown consistent with Clear-water's vision
i. Provide a safe comfortable walkable Downtown
ii. Provide a vibrant Downtown that's mindful of its heritage where
everyone can feel welcome and all elements of city life come
together
III. Public Improvements
I. The project's consistency with the Clearwater Downtown Redevelopment
Plan;
2. The project's strategic importance i.e. its need to proceed prior to the
implementation of other high priority projects in achieving the objectives of
the Plan;
3. The project's cost/benefit ratio;
4. The project's ability to leverage other public funds and/or private investment.
5. Projects which show a earlier visual improvement within the Downtown
Redevelo ment District will be given higher priority weighting.
OP A
Meeting Date: 1/29/2007
x `?k g Community Redevelopment
Agency Agenda
Council Chambers - City Hall
SUBJECT / RECOMMENDATION:
Discussion regarding the CRA Six-year Plan
SUMMARY:
Review Approval: 1) Clerk
Cover Memo
Item # 4
To: City Council
Cc: Horne, William; Akin,Pam; Simmons,Margie; Campos,Geraldine Attachment number 1
Subject: REVISED DISCUSSION DRAFT-CRA SIX YEAR PLAN Page
As requested, attached please find a discussion draft of a six year expenditure plan for the CRA. This will be an agenda item for the
January 29 CRA meeting.
In developing this discussion draft, staff has utilized best available information on known and projected TIF commitments; known and
projected city current project commitments; and, projections concerning future new initiatives/expenditure categories identified in the
Clearwater Downtown Redevelopment Plan ( i. e. retail attraction/assistance; affordable housing projects; etc.). As with any expenditure
plan of this type, the level of certainty of planned expenditures varies from category to category. For instance, we have not yet developed
facade guidelines for Cleveland Street. Therefore the planned expenditures represent "best estimates" of required appropriations. On the
other hand, TIF reimbursement commitments for most of the development projects have a higher degree of certainty.
In developing this discussion draft we have only utilized expenditure categories that are currently authorized in the Downtown
Redevelopment Plan. We feel they sufficiently address the priority areas for CRA over the Plan period as we understand them at this
time..
Any variance from the Plan would require, according to the City Attorney, a formal Plan amendment to authorize a new expenditure
category. For instance, the question of utilizing TIF for sidewalk installation and maintenance has been raised at several meetings. Such
expenditures would not currently appear to be authorized by the Plan. The CRA could amend the Plan to allow use of the City portion for
sidewalk purposes if deemed appropriate. However, based on the importance to the redevelopment effort of other established categories
(affordable housing; retail assistance; etc.), and the relatively modest totals projected for the Redevelopment Fund over the next several
years, staff would not recommend such a change at this time. In the end, however, the CRA Board has the final decision on expenditure
priorities.
Once a Plan has been adopted by the CRA, it would be our intent to provide a recommended update annually, to reflect changes in
conditions and move the six year Plan period forward by one year.
Feel free to contact me if you have a question or desire clarification on anything contained in the plan
Rod Irwin
Assistant City Manager
for Economic Development
City of Clearwater
112 So. Osceola Ave.
Clearwater, Florida 33756
727-562-4058(0)
727-562-4052(F)
rod.i rwin@myclearwater.com
Item # 4
age 1 of3number2
CRA - SIX YEAR PLAN* PAachment
Discussion Draft
Revenue Source 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 Total
County Portion (Growth) Growth TIF(1) 1,115,384 1,162,303 1,231,100 1,302,378 1,331,477 1,353,776 7,496,418
City Portion (Growth) Growth TIF 1,062,123 1,106,801 1,172,314 1,240,188 1,267,897 1,289,132 7,138,453
DDB Portion (Growth) Growth TIF 164,364 171,708 181,793 192,282 195,009 197,763 1,102,920
Total Projected TIF (Growth Only) 2,341,871 2,440,812 2,585,207 2,734,847 2,794,383 2,840,671 15,737,792
Project TIF (New & Proposed Projects) (2)
Clearwater Centre County TIF 252,243 254,766 257,314 764,323
City TIF 240,198 242,600 245,026 727,824
DDBTIF 46,114 46,575 47,041 139,730
Total 538,555 543,941 549,381 1,631,877
Marriott Residence Inn CountyTlF 60,170 60,772 61,379 182,321
City TIF 57,297 57,870 58,448 173,615
DDB TIF 11,000 11,110 11,221 33,331
Total 128,467 129,752 131,048 389,267
Station Square Condominiums County TIF 138,194 139,576 140,972 418,742
City TIF 131,595 132,911 134,240 398,746
DDB TIF 25,264 25,517 25,772 76,553
Total 295,053 298,004 300,984 894,041
Water's Edge (Opus) CountyTlF 332,975 336,305 339,668 1,008,948
City TIF 317,075 320,246 323,448 960,769
DDB TIF 60,873 61,482 62,097 184,452
Total 710,923 718,033 725,213 2,154,169
Total Projected New Project TIF 0 0 0 1,672,998 1,689,730 1,706,626 5,069,354
Other Revenue Interest 10,000 10,000 10,000 10,000 10,000 10,000 60,000
DDB Admin 53,143 55,269 57,479 59,779 62,170 64,657 352,496
Land Sales (3)
Total Other 63,143 65,269 67,479 69,779 72,170 74,657 412,496
Less DDB TIF Portion (4) 164,364 171,708 181,793 335,533 339,693 343,894 1,536,986
Total Projected TIF 2,240,650 2,334,372 2,470,893 4,142,091 4,216,590 4,278,059 19,682,656
Program Funds Balances Source 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 Total
94714 City Downtown Redevelopment CRA 1,587,644 1,587,644
94765 IMR/CGI - Environmental CRA 90,258 90,258
99885 Clearwater Auto Site-EPA Loan Brownfields Revolv. Loan 210,485 210,485
99963 Economic Dev. Incentives CRA 146,683 146,683
99968 Cleveland Street Maint CRA 20,190 20,190
99979 Historical Facade Pgm CRA 77,034 77,034
99986 Mediterranean Village CRA 206,247 206,247
99988 IMR/CGI Dev. Agr. CRA 302,401 302,401
Total Program Fund Balances 2,640,941 2,640,941
Total Funds Available 4,881,591 2,334,372 2,470,893 4,142,091 4,216,590 4,278,059 22,323,597
PDFConvert.2700.1.Six-Year Plan FY07 (Revised)- CRA1 Page 1 of 3 1te4 142/07
CRA - SIX YEAR PLAN*
number2
Aachment
a
ge2of3
P
Discussion Draft
Commifinenfs/Cify Projecfs Source 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 Tofal
92269 Cleveland Sfreefscape II (5) County TIF 300,000 500,000 800,000 800,000 800,000 3,200,000
City TIF 0
Other (IMR/CGI 99988) 302,401 302,401
Total 302,401 300,000 500,000 800,000 800,000 800,000 3,502,401
99885 Brownfields Projects (6) County TIF 400,000 400,000
City TIF 55,000 55,000
Other (99885 Acct) 210,485 210,485
Total 265,485 400,000 0 0 0 0 665,485
99968 Cleveland Street Mainf County TIF 0
City TIF 15,000 15,000 15,000 15,000 60,000
Other (99969 Acct) 20,190 20,190
Total 20,190 0 15,000 15,000 15,000 15,000 80,190
99979 Facade Program Imp. (7) County TIF 0
City TIF 100,000 50,000 150,000 150,000 450,000
Other (99979 Acct) 77,034 77,034
Total 77,034 100,000 0 50,000 150,000 150,000 527,034
Station Square Park (8) County TIF 400,000 250,000 650,000
City TIF 0
Other 350,000 350,000
Total 750,000 250,000 0 0 0 0 1,000,000
Downtown Boat Slips County TIF 500,000 500,000
City TIF 0
Other 0
Total 0 0 500,000 0 0 0 500,000
East Gateway Projects (9) County TIF 100,000 80,000 100,000 100,000 100,000 480,000
City TIF 250,000 250,000
Other 0
Total 100,000 250,000 80,000 100,000 100,000 100,000 730,000
Affordable Housing Projects (10) CountyTlF 200,000 150,000 250,000 250,000 250,000 1,100,000
City TIF 0
Other 0
Total 0 200,000 150,000 250,000 250,000 250,000 1,100,000
Retail Affracfion/Assisfance(11) CountyTlF 0
City TIF 100,000 100,000 100,000 100,000 100,000 500,000
Other 0
Total 0 100,000 100,000 100,000 100,000 100,000 500,000
IMR/CGI Environmental 94765 Acct 90,258
CRA Operating and Admin City TIF 797,307 698,175 722,950 748,718 767,334 786,613 4,521,097
Tofal City Projecf Commifinenfs 2,402,675 2,298,175 2,067,950 2,063,718 2,182,334 2,201,613 13,216,465
Commifinenfs/Dev. Agreemenfs Source 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 Tofal
Clearwater Centre (12) County TIF 615,000 615,000
City TIF 0
Other (Redev Acct) 426,000 426,000
Total 1,041,000 0 0 0 0 0 1,041,000
Marriott Residence Inn (13) County TIF 42,119 42,540 42,965 127,625
City TIF 168,000 40,108 40,509 40,914 289,531
Other 0
Total 0 0 168,000 82,227 83,049 83,879 417,155
Station Square Development County TIF 0
City TIF 230,000 230,000 460,000
Other 0
Total 0 0 0 230,000 230,000 0 460,000
Water's Edge (Opus) (14) CountyTlF 166,488 168,153 169,834 504,474
City TIF 158,538 160,123 161,724 480,385
Other 0
Total 0 0 0 325,025 328,276 331,558 984,859
Mediterranean Village Med. Vill - 99986 206,247 10,000 216,247
Tofal Dev. Agr. Commifinenfs 1,247,247 10,000 168,000 637,252 641,325 415,437 3,119,261
Tofal Commifinenfs 3,649,922 2,308,175 2,235,950 2,700,970 2,823,659 2,617,050 16,335,726
PDFConvert.2700.1.Six-Year Plan FY07 (Revised)- CRA1 Page 2 of 3 1te4 14 2/07
CRA - SIX YEAR PLAN*
Discussion Draft
Attachment number 2
Page 3 of 3
Summary Source 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 Tofal
Funds Available
CountyTlF 1,115,384 1,162,303 1,231,100 2,085,960 2,122,896 2,153,109 9,870,752
City and Other 3,766,207 1,172,069 1,239,793 2,056,131 2,093,694 2,124,950 12,452,845
Total 4,881,591 2,334,372 2,470,893 4,142,091 4,216,590 4,278,059 22,323,597
Total Commitments
CountyTlF 1,115,000 1,150,000 1,230,000 1,358,607 1,360,693 1,362,799 7,577,099
City and Other 2,534,922 1,158,175 1,005,950 1,342,363 1,462,966 1,254,251 8,758,627
Total 3,649,922 2,308,175 2,235,950 2,700,970 2,823,659 2,617,050 16,335,726
Funds Available After Commitments
County TIF Redevelopment 384 12,303 1,100 727,353 762,203 790,310 2,293,654
City TIF Redevelopment 1,231,285 13,894 233,843 713,768 630,728 870,700 3,694,218
Total 1,231,669 26,197 234,943 1,441,121 1,392,931 1,661,009 5,987,871
BALANCE OF UNCOMMITTED REVENUES REMAINING AFTER CURRENT COMMITMENTS
1,231,669 26,197 234,943 1,441,121 1,392,931 1,661,009 5,987,871
N otes:
*Six Year Plan includes proposed capital projects for the next five years and current funding commitments through Development Agreements,
and other program fund projects. The revenues combine the Old and New (Expanded) CRA.
(1) Growth is from Swan Development Advisors Report. Projections assume a percent growth in tax roll only with no added projects
for the most conservative estimate. Growth for Old CRA per year is 3%, 4%, 4% 1%, 1%, 1%. Growth for New CRA is 1%, 2%, 2%, 2%, 1%.
(2) Assumes tax increment revenue for new projects will begin in FY 2009-2010 and have same growth rate as tax base above.
(3) Land sales for Mediterranean Village and Clearwater Auto may generate additional funds; exact amount unknown at this time.
(4) Current Interlocal Agreement (approved yearly) between CRA and DDB reimburses DDB its portion of the tax increment.
(5) Cleveland Streetscape Phase 2 is from Myrtle to Missouri. This estimate is for planning purposes only as no updated costs are available.
(6) Brownfields projects assume funds may be needed for the completion of Clearwater Automotive project and also includes land acquisition
costs for the adjacent Aamco Transmission property.
(7) Facade Program is for the implementation of the Sidewalk Cafe District and upcoming revised facade program guidelines.
(8) Station Square Park construction was estimated at $1.4 million in June 2006. Revised cost estimates will be completed later this year.
$436,000 is available from DOT for this project.
(9) Assumes a set aside for the implementation of the East Gateway 5-year Action Plan (to be completed in Spring 07).
(10) Affordable housing projects may include transitional housing in CHIP area and other East Gateway projects.
(11) For the implementation of Vaughn Wedeen's report recommendations commissioned by the DDB.
(12) Clearwater Center Development Agreement--Utility, Streetscape and Impact fee payment not to exceed $1,041,000.
(13) Marriott Residence Inn Development Agreement --$168,000 impact fee payment and 70% of TIF generated to be reimbursed up to $400,000.
(14) Water's Edge Development Agreement -- 50% of TIF generated to be reimbursed up to $1,035,000 for streetscape and impact fees.
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