City of Satellite Beach Community Redevelopment Agency Annual Report October 1, 2011 September 30, 2012

Transcription

1 City of Satellite Beach Community Redevelopment Agency Annual Report October 1, 2011 September 30, 2012 I. Introduction Section (3) (c) Florida Statutes requires a Community Redevelopment Agency to prepare, on or before March 31 of each year, a report of its activities for the preceding fiscal year, which report shall include a complete financial statement setting forth its assets, liabilities, income, and operating expenses as of the end of such fiscal year. II. Projects A. Façade Grants During this past reporting year the Community Redevelopment Agency approved two Façade Grants for the exterior of the buildings to enhance appearance. One for former Pizza Hut, located along the A1A corridor in the CRA. A second grant was approved for Complete Air and Heat located along the South Patrick Drive in the CRA. However, prior to funding, Complete Air and Heat withdrew their request. B. Virtual Caravan In January 2011, the CRA launched its web-based Virtual Caravan. Our Virtual Caravan was designed to assist property and land development professionals with access to information on our community by: Highlighting new land use changes that we are making to stimulate our commercial and residential development market Showcasing our new mixed-use town center area Providing access to an easy to use listing of our vacant and underutilized properties Over the past year, the caravan has assisted property owners with the sales of properties that were listed on the site. The sales lead to significant rehabilitation of the previously vacant, underutilized properties and an improvement in the overall appearance of the corridors, as well as increased taxable valuations of these properties. Below is a before and an after example.

2 DATE: 4/14/2009

3 III. Completed Projects A. Completion of Cassia Boulevard Project During the Cassia Blvd. project brick pavers were installed at various points along the boulevard. IV. Ongoing CRA Activities In addition to the projects outlined above the CRA Board and its Advisory Board (Community Redevelopment Agency Advisory Committee [CRAAC]), addressed the following issues: A. Community Redevelopment Agency Plan Update As of March 2013, the agency received the CRA Plan revisions and has forwarded to the CRA Advisory Committee for review and comments. It is anticipated that the updated CRA Plan will be adopted this fiscal year. B. Solicitation of Letters of Intent for Properties Owned by the CRA The former Peg Legs Restaurant and Corinthian Apartments property, located at 1604 and 1612 Highway A1A were acquired for redevelopment at the height of the real estate boom in FY05/06. The valuation of these properties has been significantly impacted by the subsequent economic downturn. The agency continues to monitor and assess the market and development potential for the properties. The CRA actively solicited letters of intent from interested parties. As of September 30, 2012, no letters were received. C. Installation of Mast Arm Traffic Signal at A1A and Shearwater Parkway Through a partnership with Hunt-Pinnacle (HP Communities), the intersection at A1A and Shearwater Parkway will be upgraded to provide enhancements along the District s A1A corridor. An agreement was signed to cost share the enhancements. Anticipated cost and project type is still being considered. This project will be incorporated into the A1A streetscape plan and design providing for enhancements to the appearance of the A1A corridor. D. South Patrick Drive FDOT Landscape Project In partnership with FDOT following the SR 513 repair & restoration project on the State right of way (ROW) areas a streetscape project was untaken. This project included plantings in available ROW space and softening of the turns in the sidewalk at the intersections so that it flowed easier for bike riders and pedestrians. This project was recently completed. E. Upcoming Comprehensive Plan Amendments The City considered changes to the Comprehensive Plan that will provide for more flexibility for development within the CRA. It is anticipated that the changes will be transmitted in 2013.

4 IV. Financial Statement As a component unit of the City, the CRA financials are included in the City s Financial Report for the period ending September 30, Attached to and made a part of this report are the Financial Statements year ended September 30, 2012, as prepared by the Finance Director. These financial statements provide the CRA budget, assets, liabilities, income and operating expenses as of September 30, V. Resolution of CRA Funds Issue As of September 30, 2011, there existed a significant unresolved issue relating to the City s General Fund and the CRA. This issue was reported in detail on last year s annual report. By council action this issue was resolved by an agreement between the City and the CRA where in the city agrees to re-pay $35,338 each year on or before December 31 until the year Attached is the agreement.

5

6

7

8

9

10

11

12