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CRA FY 2002-2003 ANNUAL REPORT CRAFY 2002-2003 Annual Report I I I I I I I I I I I I I I I I I I I City of Clearwater Community Redevelopment Agency FY 2002-2003 Annual Report Prepared for: Pinellas County Board of County Commissioners March 2004 Prepared by: CRA Staff/Economic Development and Housing Department (2& V qlt?i 6tf G '5~'J I I I I I I I I I I I I I I I I I I I FY 02-03 eRA Annual Report A. Introduction The Florida Community Redevelopment Act of 1969 (Florida Statutes: Title XI, Chapter 163, Part III) provides a vehicle for local communities to form a Community Redevelopment Agency (CRA) and create a Redevelopment Trust Fund through Tax Increment Financing (TIF) for financing improvements within a target area. The City of Clearwater established its CRA in Fiscal Year 1981-1982. Pursuant to Chapter 163.356(3)(c) ofthe Florida Statutes, a progress report of the year's redevelopment activities, including a complete financial statement of assets, liabilities, income and expenses, is due on March 31 of each year. This annual report briefly summarizes the redevelopment activities conducted by the CRA in FY 02-03 and includes the year's financial statements. The CRA's budget for FY 2002-2003 was $918,824 as finalized in the first quarter when final TIF figures were received. In FY 02-03, the CRA concentrated on several major new projects for the redevelopment area including expanding the existing boundaries of the district, attracting new urban housing into the Downtown Core, and preparing for several major infrastructure improvements such as the Cleveland Street Streetscape, Downtown Wayfinding Signage, and a Downtown Marina. In addition, an updated Downtown Redevelopment Plan outlined specific strategies and projects to address housing, economic development, infrastructure, public safety, and community facilities and resources in the expanded CRA. The CRA worked closely with developers, the Downtown Development Board, Main Street Program, property owners, Regional Chamber of Commerce, and other stakeholders to coordinate projects that impact the Downtown and spur catalytic development with the CRA district. B. New Projects Expansion of the Community Redevelopment Area In 1981, the City of Clearwater adopted a Community Redevelopment Area (CRA) for Downtown that only encompassed approximately 247 acres of the urban core from the downtown waterfront to about Missouri Avenue. Due to changing market conditions and the construction of the new Memorial Causeway Bridge, the CRA needed to be expanded to encourage more residential, office, and retail investment, and redevelopment within Downtown. After extensive research and fieldwork documenting the existing housing, commercial, crime incidents and other existing conditions in the area to document "slum and blight" conditions, a Findings and Declaration of Necessity Analysis was completed in June 2002. ill Fall 2002, the City Commission/CRA and Pinellas County Board of Commissioners approved the expansion boundaries ofthe CRA from approximately 2 FY 02-03 eRA Annual Report I I I I I I I I I I I I I I I I I I I Missouri Avenue to Highland Avenue, and from Drew Street to Court Street, or the "East Gateway" neighborhood totaling approximately 201 acres. In accordance with state laws, a detailed Redevelopment Plan was prepared for the area including TIF projections for the new area, all part of the updated Clearwater Downtown Redevelopment Plan. The County approved the Downtown Redevelopment Plan in December 2003 and the city received approval for Tax Increment Financing in February 2004. The expanded CRA area now totals 448 acres. The CRA contributed significant staff time to this project as well as associated production costs for the report including the addition of an intern position for a 3-month period. National Marketing Brochure for Downtown In an effort to ensure that Downtown Clearwater is given the widest exposure within the national development marketplace, the Economic Development and Housing Department prepared and distributed a national marketing brochure in February 2003 to over 4,500 leading national developers and investors, as well as retail establishments. The four-color professional piece denotes the development parcels and areas that are prime for future residential, retail, office, hotel and entertainment venues, within the downtown core, along Gulf to Bay Boulevard, and Clearwater Beach. The brochure was the winner of the Economic Development Special Purpose Brochure Award given by the International Economic Development Council in September 2003. The CRA covered a portion of the production costs of the brochure, $13,516 for design, layout, and printing. Streetscape, Wayfinding and Station Square Park Master Plan Creating a pedestrian-friendly, destination downtown environment, coupled with significant entrance and directional signage is a key element of the Downtown revitalization strategy. The City retained Bellomo-Herbert and Company, Landscape Architects, in August 2002, to develop a Master Streetscape and Wayfinding Program for Downtown (including the expanded CRA area). The firm prepared a Streetscape and Wayfinding Master Plan as well as conceptual plans for the expansion of Coachman Park and the redevelopment of Station Square Park. The firm also prepared construction documents for the wayfinding signage portion of the master plan to be implemented by Summer 2004. The firm is now preparing construction drawings for the streetscape improvements on Cleveland Street between Osceola and Myrtle Avenues and Station Square Park with construction scheduled to begin in late 2004. 3 I I I I I I I I I I I I I I I I I I I FY 02-03 eRA Annual Report The City contracted with Bellomo-Herbert for a total of $50~000 for the Streetscape, W ayfinding~ and Station Square Park Master Plan with the CRA contributing $20,000 to this project. The CRA allocated $27,380 for the preparation of the Wayfinding and Signage construction documents. The cost of preparing the construction documents for the Cleveland Street Streetscape in the amount of$371,828 is being funded from Penny for Pinellas. The anticipated $4.7 million construction cost will be funded from Penny for Pinellas and from the CRA budget in upcoming fiscal years. Feasibility for a Downtown Marina A feasibility study and report, concluded in September 2003, provided a conceptual layout for a downtown marina and determined that a Downtown marina can be permittable. Consultants determined that a marina is feasible with approximately 138 to 140 slips anticipated depending upon final construction plans and permits. The project would be designed to minimize the environmental impact to the seagrasses as well as complement the conceptual plans for the redevelopment of Coachman Park with wide boardwalks and other architectural features. Approving the use of the property as a marina at the base ofthe "Bluff~ will need to go before the city voters in a referendum. The CRA allocated $34,477 as a shared payment for a consulting contract with Wade- Trim Engineers, Inc. in the amount of $98,504 to determine the feasibility and permitting process associated with the future design and development of a city marina. Station Square Parking Lot Redevelopment Project The primary strategy for downtown revitalization is the attraction of quality~ new urban market-rate housing. The attraction of residents into our downtown acts as a catalyst for increased retail, restaurants and entertainment venues. The CRA made one of its prime real estate sites available for redevelopment as a catalyst for new urban housing and retail in the Downtown core. The CRA owns the 35,968+/- square-foot site, which currently is used as a public parking surface. The CRA issued a Request for Proposals and Qualifications (RFPQ) for the redevelopment of the Station Square Parking Lot Site on Cleveland Street as an office/retail/residential infill development. In July 2003, the CRA selected Beck LLC as the developer for the project and authorized the negotiation of a development agreement. The CRA covered the production costs associated with the development of the RFPQ including appraisals. 4 FY 02-03 eRA Annual Report I 1 I I, I 1 I I 1 1 I I 1 I I I I 1 1 Clearwater Automotive Land Exchange/Property Purchase Long an impediment to the future redevelopment around the Town Lake area and the CGI Campus, this automotive scrap storage facility was acquired by the City in October 2003 through an exchange of real property between the City and Clearwater Mall, LLC for $1,200,000. This exchange contract resulted in a remnant parcel that the CRA acquired so as to consolidate the block into a potential redevelopment site. The 7,850 square foot parcel is adjacent to the Clearwater Auto Salvage Yard and was purchased for $48,000. Due to multiple prior commitments on current CRA funds, the Downtown Development Board (DDB) agreed to loan the CRA $48,000 for this purchase at 0% interest, on the provision that the DDB would share proportionately in any future gain through the future sale of this potential redevelopment parcel of combined parcels. CRA committed to pay for the real estate taxes of the entire property. Downtown Design Guidelines As part of the preparation ofthe Clearwater Downtown Redevelopment Plan, the CRA funded one third of the cost ($10,000) of preparing design guidelines for the area. The remaining amount was covered by a grant source and the City's Planning Department. C. Multi-year Projects and Commitments Mediterranean Village On March 7,2002, the City Commission approved an Interlocal Agreement between the City and CRA regarding the Brownfields site initially known as Dimmitt Chevrolet Property B to facilitate the proposed redevelopment of the site (now called the Mediterranean Village in the Park Townhomes). The CRA purchased the land and is paying impact fees, permit fees, utility cOllllections fees and stormwater fees for this 100- unit residential project estimated at $18 million. The City has committed to certain environmental remedial actions on the property pursuant to the BSRA (Brownfields Site Rehabilitation Agreement) entered into between the City and FDEP (Florida Department of Environmental Protection) on July 26,2001. As part ofthe 3-year Development Agreement, the CRA committed to pay for the impact, permit and other associated development fees. This year's portion is $115,483. In addition, the CRA covered a portion oflegal fees to complete the required actions of the Agreement ($30,000 for legal counsel Akerman Senterfitt & Eidson, P.A. for ongoing environmental legal advice) and a portion of the remediation activities conducted by URS 5 I I I I I I I I I I I I I I I I I I I FY 02-03 eRA Annual Report Corporation ($37,968). Furthermore, the annual commitment for the loan for the purchase ofthe property is $175,000 (includes principal and interest). IMRlCGI Landscaping Fund According to the Development Agreement between the City and IMR/CGI, the CRA made a multi-year commitment to allocate the TIF generated from this project in a project fund to pay for streetscape or landscaping improvements around the immediate site. The CRA funded the final year commitment in the amount of$121,829 into this fund. IMRlCGI Environmental As part ofthe Development Agreement, the CRA committed to ongoing environmental monitoring ofthe site. Jolley Trolley The CRA subsidizes the Jolley Trolley, a non-profit trolley system, to provide reduced rate service between the Downtown and the beach. The CRA's annual contribution is $50,000. Downtown Clearwater Farmer's Market The Downtown Clearwater Farmer's Market, in its eighth year of operation, sells fresh produce, baked goods, gourmet foods, unique gifts, crafts, flowers, and plants on Wednesday mornings from October through April in Station Square Park. The CRA funds the Farmer's Market annually for $5,000. D. eRA Programs Main Street Program The Economic Development and Housing Department administers the city's Main Street Program through a full-time Main Street Coordinator and four standing committees - the Joint Venture Committee, the Promotion Committee, the Design Committee, and the Economic Development Committee. The Executive Director of the CRA chairs the Joint Venture Committee containing representatives from each of the Main Street committees, the Downtown Development Board, and the City Commission (now Council). The committees were involved in a host of activities during the year that included: · Developed welcome packet for new downtown businesses · Completed Cleveland Street Post Office landscaping project . Created new program logo for Main Street Program 6 FY 02-03 eRA Annual Report I I I I I I I I I I I I I I I I I I I . Held celebration to mark the 5th year of Main Street Program . Coordinated successful Downtown Clearwater Arts Stroll . Created Main Street Update Quarterly Newsletter . Created Downtown Dining Guide . Received Best Press Kit Award by Florida Festivals & Events for the Downtown Dining Guide . Provided business assistance to 77 inquiries Fac;ade Improvement Grants Program The CRA offers a Facade/ Storefront Improvement Grant to attract new businesses and to retain existing businesses within the district. The facade improvement program encourages aesthetic improvements and retention of character in the urban design district. The grant offers up to a maximum amount of $5,000 per building owner or tenant. The funding formula is a 50/50 split between the applicant and CRA. The CRA funded seven fa~ade improvements grants totaling $30,729. Cleveland Street Maintenance The CRA has committed $10,000 per year for the general maintenance of planters, bricks, street furniture, etc. on Cleveland Street and has included items such as pressure washing the sidewalks and updating the planter flowers twice a year. Downtown Parking Incentive Fund The CRA allocated $21,360 for incentives to Downtown businesses to remain in the CRA or to encourage other businesses to relocate into the area should parking costs be an issue. Downtown-Gateway Strategic Action Program The Downtown-Gateway Strategic Action Program began in February 2002 as a partnership between the CRA, Main Street Program, DDB, the Regional Chamber of Commerce, property owners and tenants to identify specific actions for improving downtown Clearwater. Through a strategy meeting and tour of the area, the group identified the strengths, challenges, and opportunities Downtown as well as short-term action items to be accomplished in one to three years. From these meetings, a matrix was developed defining projects, programs, and costs by year as well as priorities for the future redevelopment of Downtown and the Gateway. The Downtown-Gateway Strategic Action Program is reviewed and revised on a yearly basis. 7 I I I I I I I I I I I I I I I I CITY OF CLEARWATER. FLORIDA Special Revenue Funds Combining Statements of Revenues, Expenditures, and Changes In Fund Balance NonmaJor Governmental Funds YEAR ENDED SEPTEMBER 30, 2003 WITH COMPARATIVE TOTAL FIGURES FOR 2002 2002 Revenues: Taxes $ $ Licenses, Permits and Fees Intergovernmental Revenues: Grants Infrastructure Tax Local Option Sales Tax Other 465,516 373,583 $ 465,516 $ 373,583 Fines, Forfeitures and Penalties Miscellaneous Revenues: Earnings on Investments 23,520 50,123 Other 73,034 234,348 96,554 284,471 Total Revenues 562,070 658,054 Expenditures: Current: General Government Public Safety Physical Environment Economic Environment 223,015 309,160 Human Services Culture and Recreation Capital Outlay 223,015 309,160 Total Expenditures Excess of Revenues Over Expenditures 339,056 348,894 Other Financing Sources (Uses): Operating Transfers In 375,033 334,783 Operating Transfers Out (723,258) (664,253) (348,224 ) (329,470) Excess (Deficiency) of Revenues and Other Financing Sources Over Expenditures and Other Financing Uses (9,169) 19,424 Fund Balances, Beginning of Year 21,737 2,313 Residual Equity Transfers In Residual Equity Transfers Out Fund Balances, End of Year $ 12,568 $ 21,737 I See accompanying notes to Financial Statements. I I U:\CRA\budgets\[Fln Stmts .xls]monthly 3/311200410:55 CITY OF CLEARWATER. FLORIDA COMMUNITY REDEVELOPMENT AGENCY SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL (GAAP BASIS) YEAR ENDED SEPTEMBER 30. 2003 WITH COMPARATIVE TOTAL FIGURES FOR 2002 Variance Budgeted Amounts 2003 with Final 2002 Budget Actual Positive Actual Original Final Amounts (Negative) Amounts Revenues: Intergovemmental $ 459,562 465,516 465,516 (0) 373,583 Miscellaneous Revenues: Eamlngs on Investments 15,000 15,000 23,520 8,520 50,123 Other 63,275 63,275 73,035 9,760 234,348 78,275 78,275 96,555 18,280 284,471 Total Revenues 537,837 543,791 562,071 18,280 658,054 Expenditures: Current - Economic Environment 413,755 405,655 223,015 182,840 309,160 Excess of Revenues Over Expenditures 124,082 138,136 339,057 200,921 348,894 Other Financing Sources (Uses): Operating Transfers In 354,160 375,033 375,033 0 334,783 Operating Transfers Out (478,242) (513,169) (723,258) (210,089) (664,253) (124,082) (138,136) (348,224) (210,088) (329,470) Excess (Deficiency) of Revenues and Other Financing Sources Over Expenditures and Other (9,168) (9,168) 19,424 Fund Balance, Beginning of Year 21,737 21,737 21,737 0 2,313 Residual Equity Transfer Out Fund Balance, End of Year $ 21,737 21,737 12,569 (9,168) 21,737 Out of Balance See accompanying notes to Financial Statements. I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I CITY OF CLEARWATER. FLORIDA Community Redevelopment Agency Special Revenue Funds Combining Balance Sheet NonmaJor Governmental Funds SEPTEMBER 30. 2003 WITH COMPARATIVE TOTAL FIGURES FOR 2002 Totals 2003 2002 Assets Cash on Hand and in Banks Equity in Pooled Cash and Investments Receivables: Accounts Notes - Current Notes - Noncurrent Mortgage Loans Rehab Advances Accrued Revenues Delinquent Property Taxes, Net of Allowance for Uncollectible Taxes of $ XXX)( for 1999 and $XX,XXX for 1998 Other $ 100 100 86,459 86,459 94,179 94,179 Due from Other Funds Advances to Other Funds Due from Other Govenmental Entities: Grants Other Governmental Receivables Land held for Resale 913,641 913,641 1,000,200 913,641 913,641 1,007,919 $ Liabilities and Fund Balances Liabilities: Accounts and Contracts Payable Accrued Payroll Due to Other Governmental Entities Deposits Construction Escrows Due to Other Funds Due to Other Funds (Deficit in Pooled Cash) Advances from Other Funds Deferred Revenue Total Liabilities Fund Balances: Reserved for: Encumbrances Advances to Other Funds Noncurrent Notes Receivable Special Programs $ 120,402 134,966 419,695 264,514 361,204 492,524 86,331 94,179 987,632 986,182 12,568 21,737 12,568 21,737 Unreserved: Designated for Special Programs Undesignated o Total Fund Balances 12,568 1,000,200 21,737 1,007,919 $ See accompanying notes to Financial Statements.