SUBJECT/RECOMMENDATION:
Title
Approve the Fiscal Year 2018-2019 Community Redevelopment Agency Preliminary Budget, adopt CRA Resolution 18-02 and authorize the appropriate officials to execute same.
Body
SUMMARY:
With the adoption of the 2018 Clearwater Downtown Redevelopment Plan, the Community Redevelopment Agency has updated and realigned its project expenditures to facilitate implementation of the new plan. The major highlights of the Fiscal Year 2018-2019 proposed preliminary budget are as follows:
Tax Increment Revenue increased by $792,415 over the Amended 2017-2018 budget, reflecting an increase in taxable value of approximately 20% in the original CRA area, and an increase in taxable value of approximately 9% in the expanded (Downtown Gateway) CRA. These compare with citywide 9.8% increase in value.
Operating expenditures have increased by $166,282 to reflect an increase in the use of consulting services for projects identified in the Downtown Plan including utility studies, housing market studies, architectural and engineering services to determine redevelopment possibilities for buildings in the CRA and real estate appraisals. This portion of the budget also includes Information Technology charges as per City/CRA Interlocal Agreement, the pass through revenues to the Downtown Development Board (DDB) and the $100,000 agreement with Ruth Eckerd Hall for Blast Friday.
Transfers Out to various projects have been designated in the CRA Plan. County TIF Funds, $1,602,371 for this fiscal year, are restricted to capital improvement projects and land acquisition. $1 million dollars of County funds are allocated towards land acquisition. The remainder of the funds will be used for wayfinding and trail improvements. $300,000 has been allocated towards Placemaking and Downtown Marketing and Events to support programming and public art in Station Square, Second Century Studios and throughout the CRA. There will be an increased focus on public relations and targeted advertising campaigns through social media to increase foot traffic in Downtown. Finally, $250,000 has been allocated to incentivize the redevelopment of the commercial warehouse and adjacent greenspace on at 112 South MLK, Jr Avenue to redevelop it as a full-service restaurant, microbrewery and entertainment venue or a similar use.
One new project code is being proposed, R1901 - Streetscape and Trail Improvements, to capture the new focus on improvements for the Pinellas Trail and streetscaping designs and projects throughout the CRA.