Loading...
HomeMy WebLinkAboutJohn Tobia Ltr. 1/2017 • BEI City of Cape Canaveral NU Community Development January 31, 2017 John Tobia Brevard County Commission 2725 Judge Fran Jamieson Way Building C, Suite 201 Viera, FL 32940 RE: JANUARY 26,2017 REQUEST FOR CRA INFORMATION Dear Commissioner Tobia: I am in receipt of your letter dated January 26,2017 regarding a request for information related to the City of Cape Canaveral's Community Redevelopment Agency. Specifically, you are requesting the following: 1. Any and all relevant CRA budget information for the year 2012; the City's CRA was established on August 21, 2012; as this was approximately 5 weeks before the end of the 2012 fiscal year, no financial report was prepared for FY 2012. In fact, there were no CRA expenditures in FY 2012/13 (see Attachment 1). 2. Clarification as to the currently-existing"sunset"year regarding the length of the term of the CRA; consistent with Chapter 163, F.S. and as established in Brevard County Resolution No. 2012-269, the City of Cape Canaveral's CRA term is 30 years, which will expire in August of 2042. The Resolution allows for one (1) ten year extension beyond 2042. 3. The current level of outstanding debt with respect to the CRA in question. The City of Cape Canaveral CRA is currently obligated with two separate loans of$100,000 and $470,000. The$100,000 loan occurred in FY 2013/14 and will be fully paid this fiscal year. The second loan of$470,000 occurred in FY 2015/16 and has a 10 year term(see Attachment 2). Should you have any questions or need additional information related to this matter, please contact me at (321) 868-1222 or you can email me at d.dickey@a,cityofcapecanaveral.org. Thank you. Mailing Address: P.O. Box 326 Physical Address: 110 Polk Avenue Cape Canaveral, FL 32920-0326 Telephone(321) 868-1222—Fax (321) 868-1247 www.cityofcapecanaveral.org e-mail: info@cityofcapecanaveral.org J. Tobia Ltr. January 31,2017 Page 2 of 2 Sincerely, ap ()/ David Dickey Community Development Director Enclosures cc: City Council Anthony Garganese, City Attorney David L. Greene, City Manager John DeLeo, Financial/Administrative Services Director Mia Goforth,CMC, City Clerk Mailing Address: P.O. Box 326 Physical Address: 110 Polk Avenue Cape Canaveral, FL 32920-0326 Telephone(321) 868-1222—Fax (321) 868-1247 www.cityofcapecanaveral.org e-mail: info@cityofcapecanaveral.org Attachment 1 Budget Detail Cape Canaveral Community Redevelopment Agency 2010/I1 2011/12 2012/13 2012/13 2013/14 % Actual Actual Original Projected Adopted Inc/Dec Revenue 300100 Cash Forward - 0% - 338000 Shared Revenue from Cape Canaveral - -- 11,100 100% 338001 Shared Revenue from Brevard County -- - 11,500 100% 361100 Interest From Investment - - - - 500 100% 361310 Net Increase(decrease)in FMV - 0% 384000 Intcrfund Loan - - - - 100,000 100% Total Revenue S - S - S - S - S 123,100 100% Operating 310001 Administrative Services - - - - 1,000 100% 310000 Legal Fees - - - - 1,000 100% - 450000 Insurance - 3,000 100% - 520000 Operating Supplies - - - 0% Total Operating - - - - 5,000 100% Capital Outlay 630000 Grant Programs/Start-up Reimbursement - - - - 101,300 100% 630001 Capital-Branding Initiative - - - - 16,800 100% Total Capital Outlay - - - - 118,100 100% Total Community Redevelopment Fund Budget S - S - S - S - S 123,100 100% Cape Canaveral Community Redevelopment Agency The City's 1995 Redevelopment Plan included as an objective the creation of a Community Redevelopment Agency (CRA). While the need for a CRA has long existed in Cape Canaveral, the recent economic recession, loss of the Shuttle program and restructuring of NASA have exacerberated the need for redevelopment.A CRA is a tool to create a funding source and plan for the City that will create jobs, increase property values and attract the services desired by its residents. In 2012 the City adopted a "Finding of Necessity" report prepared by Kimley-Horn and Associates, Inc. that found that conditions exist in the City warranting the creation of a CRA per Florida Statutes. Later the same year, the City adopted a Redevelopment Plan, also prepared by Kimley-Horn and Associates, Inc. and subsequently adopted Ordinance No. 23-2012 which established a Redevelopment Trust Fund for the deposit of CRA funds, including tax increment financing revenues. The Community Redevelopment Plan was developed in FY 13.The Projects in the Plan are funded with increases in ad valorem revenue. TIF revenues are to be deposited in the Trust Fund for matching grants to encourage development/redevelopment; financial incentives to developers and businesses;and financing of capital improvement projects. The City will loan the Community Redevelopment Agency$100K to initially fund the CRA.The City will be reimbursed by the Agency in annual equal installments amortized on a 10 year term. The first installment shall be due the City on October 31, 2014 and subsequent installments shall be due each year thereafter on October 31st until the note is paid in full. The annual interest rate will be set at 2%. Attachment 2 Budget Detail Cape Canaveral Community Redevelopment Agency Fund 106-Dept 016 2013-2014 2014-2015 2015-2016 2015-2016 2016-2017 % Actual Actual Original Projected Adopted Inc/Dec Revenue 106-000-300-300100 Cash Forward 62,968 - - 41,961 - -100% 106-000-338-338000 Shared Revenue fr Cape Canaveral 13,647 55,330 113,353 118,464 210,305 78% 106-000-338-338001 Shared Revenue frBrevard Cnty 17,147 70,810 148,209 154,892 265,198 71% 106-000-361-361100 Interest From Investment - - 501 - - 0% 106-000-361-361310 Net Increase(decrease)in FMV - - - - - 0% 106-000-381-381001 Transfer from General Fund - - - - - 0% Total Revenue S 93,762 S 126,140 S 262,063 S 315,317 S 475,503 51% Operating 106-016-559-310000 Legal Fees 1,889 5,338 1,000 1,000 1,000 0% 106-016-559-310001 Administratvie/Professional Svcs 1,265 238 1,000 175 47,083 26805% 106-016-559-400000 Travel&Per Diem - - 644 - 644 100% 106-016-559-450000 Insurance 5,108 4,287 5,000 5,095 5,000 -2% 106-016-559-520000 Operating Supplies - - - - - 0% 106-016-559-540000 Membership&Training - 990 1,095 495 1,095 121% Total Operating 8,262 10,8.53 8,739 6,765 54,822 710% Capital Outlay 106-016-559-630000 Grant Programs 85,500 - - - - 0% 106-016-559-630001 Capital Initiatives - 15,043 - 140,686 220,000 56% 106-016-559-630002 Mobility/Striping Project - 13,745 140,000 85,910 65,000 -24% 106-016-559-630003 Oak Lane Design - - - 18,500 - -I00% Total Capital Outlay 85,500 28,788 140,000 245,096 285,000 I6% Debt Service 106-016-559-710000 Debt Service-Prinicpal - - 58,181 58,527 125,630 115% 106-016-559-720000 Debt Service-Interest - - 5,275 4,929 10,051 104% Total Debt Service - - 63,456 63,456 135,681 114% Other Expenses 106-016-581-910001 Transfer to General Fund - 2,167 - - - 0% 106-016-581-910304 Transfer to N.At!Ave Imp.Fund - - - - - 0% Total Other Expenses - 2,167 - - - 0% Contingency 106-016-559-990000 Contingency - 84,332 49,868 - - 0% Total Contingency - 84,332 49,868 - - 0% Total Community Redevelopment Agency Fund Budget S 93,762 S 126,140 S 262,063 S 315,317 S 475,503 51% Cape Canaveral Community Redevelopment Agency The Community Redevelopment Plan was developed in FY12-13.The Projects in the Plan are funded with TIF revenues deposited in the Trust Fund to encourage development/redevelopment; financial incentives to developers and businesses; and financing of capital improvement projects. The City loaned the Community Redevelopment Agency$100K to initially fund the CRA in FY 2014. This loan will be paid back to the City in FY 16-17. In the summer of 2015,the City completed the regional Lift Station Project which included easement and waterline extension work located within the CRA partially funded by the Wastewater Fund.The CRA Board approved the repayment of$470,000 to the Wastewater Fund at its September 2015 meeting.The first payment was made January 31st,2016 and subsequent installments are due each year thereafter on January 31st until the loan is paid in full.The annual interest rate is set at 2%. Capital Outlay Detail FY 15/16 FY 16/17 Grant Programs $ - $ Capital Initiatives - 220,000 Mobility/Striping Project 140,000 65,000 Oak Lane Design - - $ 140,000 $ 285,000 Debt Repayment Schedule General Fund Loan$100K Wastewater Loan$470K Principal Interest Principal Interest FY 16-17 $ 81,722 $ 1,635 $ 43,908 $ 8,416 FY 17-18 44,786 7,538 FY 18-19 45,682 6,642 FY 19-20 46,596 5,728 FY 20-21 47,527 4,797 FY 21-22 48,478 3,846 FY 22-23 49,448 2,876 FY 23-24 50,436 1,887 FY 24-25 43,047 879 kff_ Nte-xot When a team of dedicated individuals makes a commitment to act as one... the sky's the limit. 5. . • } A** .L - i_ !fir ©2000 Successories.LLC