HomeMy WebLinkAbout03232011CRA MinutesONOF
HOME OF PELICAN ISLAND
COMMUNITY REDEVELOPMENT AGENCY (CRA)
(CITY COUNCIL)
MINUTES
WEDNESDAY, MARCH 23, 2011 — 5:30 PM
CITY COUNCIL CHAMBERS
1225 MAIN ST, SEBASTIAN, FL
1. Mayor Hill called the CRA meeting to order at 5:33 pm.
2. The Pledge of Allegiance was recited.
3. ROLL CALL
City Council Present:
Mayor Jim Hill
Vice -Mayor Don Wright
Council Member Andrea Coy
Council Member Richard H. Gillmor
Council Member Eugene Wolff
Staff Present:
City Manager, Al Minner
City Attorney, Robert Ginsburg
City Clerk, Sally Maio
Deputy City Clerk, Jeanette Williams
Administrative Services Director, Debra Krueger
Finance Director, Ken Killgore
Growth Management Director, Rebecca Grohall
MIS Systems Analyst, Rob Messersmith
3 -5 4. APPROVAL OF MINUTES — October 13, 2010
MOTION by Ms. Coy and SECOND by Mr. Gillmor to approve the October 13,
2010 minutes passed with a voice vote of 5 -0.
5. NEW BUSINESS
7 -27 A. Fiscal Year 2010 CRA Annual Report in Accordance with 163.356 (3) (C) Florida
Statutes - Accept and Forward to City Council (Administrative Services
Transmittal, FS 163.356 (3)(c), Report)
The Finance Director presented the annual report (see attached).
Community Redevelopment Agency
March 23, 2011
Page Two
Mr. Wright, citing the revenue trending on circle 23, asked about the decrease in Indian
River County contribution and the Finance Director said both the City and County
contributions are based on millage, and Indian River County millage has dropped.
MOTION by Mr. Wright and SECOND by Ms. Coy to approve the annual report.
Result of Roll CaII:
Ayes: All
Nays: None
Passed 5 -0
29-47 B. Facade, Sign and Landscape Grant Awards (GMD Transmittal, Applications)
The Growth Management Director responded to a question from Mr. Gillmor in regard to
length of time the businesses have been in Sebastian, citing approximately 21 -23 years
for Professional Title and noted Washington Plaza had been here for many years. Mr.
Gillmor had acknowledged he knew Halo had been here for quite a while.
MOTION by Mr. Wright and SECOND by Mr. Gillmor to approve the three grant
applications.
Result of Roll Call:
Ayes: All
Nays: None
Passed 5 -0
6. Being no further business, Mayor Hill adjourned the meeting at 5:40 p.m.
Approved at the September 28, 2011 CRA meeting.
ill, Mayor
<!-)714
Sally A. Maio, MM — City Clerk
2
SEBASTIAN
COMMUNITY REDEVELOPMENT AGENCY
ANNUAL REPORT
Under Chapter 163.356(3)(C)
Q1Y OF
HOME OF PELICAN ISLAND
FOR THE FISCAL YEAR ENDED
SEPTEMBER 30, 2010
1225 MAIN STREET
SEBASTIAN, FLORIDA 32958
SEBASTIAN
COMMUNITY REDEVELOPMENT AGENCY
ANNUAL REPORT
TABLE OF CONTENTS
Letter of Transmittal i
List of Principal Officials ii
History 1
Exhibit I - Sebastian CRA Boundary
Accomplishments 3
FY 2009 Sebastian CRA Activities 3
Tax Increment Revenues 4
Exhibit II — Operating Millage Rates in Redevelopment Area 5
Exhibit III — Taxable Value in Redevelopment Area 6
Exhibit IV — Tax Increment Revenue 7
Financial Statements 8
Balance Sheet 9
Statement of Revenues, Expenditures, and Changes in Fund Balances 10
Budget and Actual 11
Y0
SE (J N
HOME OF PELICAN ISLAND
1225 MAIN STREET • SEBASTIAN, FLORIDA 32958
TELEPHONE: (772) 589 -5330 • FAX (772) 589 -5570
March 15, 2011
Sebastian Community Redevelopment Agency Board Chairman and Members
City of Sebastian, Florida
Dear Board Members:
We are pleased to submit the Annual Activity Report of the Sebastian Community
Redevelopment Agency for the fiscal year ended September 30, 2010. Section
163.356(8)(C), Florida Statutes, requires each CRA to file with its governing body, on or
before March 31 each year, a report of its activities for the proceeding 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. In addition to meeting
this legal requirement, the report provides additional information concerning the benefits
afforded by the agency to other jurisdictions and citizenry in general.
Responsibility for both the accuracy of the presented data and the completeness and
fairness of the presentation, including all disclosures, rests with the management of the
City. We believe the data, as presented, is accurate in all material respects, and that all
disclosures necessary to enable the reader to gain an understanding of the Sebastian
CRA's operation and financial activity have been included.
Respectfully submitted,
't■H
Kenneth W. Killgore
Finance Director
0
LIST OF PRINCIPAL OFFICIALS
September 30, 2010
Chairman Richard H. Gillmor
Board Member Jim Hill
Board Member Andrea B. Coy
Board Member Eugene Wolff
Board Member Don Wright
ii
History of the Sebastian Community Redevelopment Agency (Sebastian CRA)
The Sebastian Community Redevelopment Agency (Sebastian CRA) was created in 1995 by the
City of Sebastian City Council under Chapter 163, Part III of the Florida Statutes. The original
Sebastian CRA includes an area generally east of the FEC Railroad right -of -way to the eastern City
limits. The Sebastian CRA was established to ensure that the downtown and surrounding vicinity
would develop with a coherent community vision, and to encourage reinvestment throughout the
CRA. The area later was expanded in 2003 to include the Sebastian Boulevard "Triangle" area west
of the FEC Railroad right -of -way. The total Sebastian CRA area is 299 acres excluding road rights -
of -way (Exhibit 1).
The governing body of the Sebastian CRA is the Sebastian City Council. The Board is comprised of
five (5) members. Under the State Statutes and the City ordinances, the Sebastian CRA has
substantial powers and authority within the Sebastian CRA area. These include the power to make
and execute contracts, to acquire and dispose property, to approve development plans, to implement
a program of voluntary or compulsory rehabilitation of buildings, to mortgage its property, to
borrow and invest money, and to apply for and accept grants and contributions.
The major funding source for the Sebastian CRA is tax increment revenue. Tax increment revenue
is the increase in ad valorem tax attributed to the increase in the assessed value over a `base year"
for various jurisdictions in the redevelopment area. The jurisdictions remitting tax increment
revenue to the Sebastian CRA are the City of Sebastian and the Indian River County Board of
County Commissioners.
After the establishment of the Sebastian CRA in 1995, the City established the Redevelopment
Trust Fund and the base year for tax increment revenues as well as adopted the 1995 Community
Redevelopment Plan. The boundary was later expanded to include the adjacent Sebastian Boulevard
"Triangle" area in 2003, and the redevelopment plan was also modified by the Iler Planning Group
on behalf of the Sebastian CRA. The 2003 plan basically unifies the 1995 Sebastian CRA boundary
and the expansion area as one cohesive CRA, and presents conceptual district recommendations,
potential policy amendments, and capital improvements intended to meet the City's redevelopment
goals.
1
/
•
•
/ 4,
Areawide Recommendations
1. Retain n 2-3 story maximum building
height.
2. Modify community design guidelines to
reinforce "Old Florida
Fishing Village" design theme.
3. Future study to further address parking
needs in the CRA_
Capital Imnrovementa
1. Riverview Park improvemans.
2. Streetscape improvements to US-I,
Riverside Drive, and Sebastian
Boulevard (east and westbound).
3. Reconfigure boat trailer parking.
4. Develop a stormwatee park.
•
Legend
•
CRA Boundary
Gateway Treatment
Riverside Drtve
Streetseapes and
Pocket. Parke
-sosvorwre
0111111141011.411•MR140.11.
Gateway
Treatment
Redevelo ment Plan Summa
1 IP. . Cain
City of Sebastian CRA
M
Main Street
Activity Center
3ca■se 1,aw
0 4610 SOO
US 1 Streetscape
Enhancements
sad "Build to
Street"
Riverview Perk
Activity Center
Potential CRA
Expansion to ,;
prove
iverview Park
-\\ f`A;eftinA
SEBATTIAN
sitir 1
Accomplishments of the Sebastian Community Redevelopment Agency (Sebastian CRA)
Since the establishment of the original Sebastian CRA in 1995, numerous projects have been
accomplished. Accomplishments are as follows:
o Provided annual funding support to festivities such as Riverfront Christmas decorations,
Clam Bake festival, fine art festival, concert in the park, and Pelican Island celebration since
the year 2000.
o Completed Riverview Park Phase I, boat dock, landscaping, and shoreline stabilization
project in 2001.
❑ Developed community redevelopment master plan in 2003.
❑ Completed Jackson Street extension, sidewalk, and street light project in 2004.
o Completed improvements to the Yacht Club.
❑ Completed construction on the Indian River Drive/Main Street project.
o Established a Facade, Sign and Landscaping matching grant program.
o Received contribution from the Clambake Foundation and provided the balance of funding
for the Flag Pole project, which enhanced the view at the western entrance to the CRA area.
o Designed billboard advertisements and rented billboards on Highway I -95.
o Contributed $20,000 to a film production about the story of Pelican Island.
❑ Constructed information boards at Riverview Park and at the Park at Indian River
Drive/Main Street.
FY 2010 Sebastian CRA Activities
The Sebastian CRA is treated as a special revenue fund of the City. An independent financial audit
by an external CPA firm has been accomplished annually to be in compliance with Section
163.387(8), Florida Statutes. An annual budget is also adopted by the Sebastian CRA Board to be
in compliance with Section 189.418(3). Major activities and accomplishments of the Sebastian
CRA in 2010 included:
❑ Provided financial support for the clam bake, concert in the park events and fine art festival.
o Provided funding for Holiday decorations.
o Rented one billboard on Highway I -95.
❑ Completed construction of information boards.
o Updated CRA Master Plan.
❑ Completed construction on the Yacht Club finger pier project.
❑ Provided matching grant funding for purchase of Working Waterfront Properties.
❑ Awarded three grants for the facade, sign, and landscape grant program to help business, in
the Sebastian CRA district, to improve the aesthetics of their properties and buildings.
3
Tax Increment Revenue
The tax increment revenue is determined annually as 95 percent of the difference between: (a) the
amount of ad valorem taxes levied each year by each taxing authority contributing to the Sebastian
CRA on taxable real property contained within the redevelopment area, exclusive of the following
entities:
Florida Inland Navigation District
Indian River County Mosquito Control District
Indian River County Hospital Maintenance District
School District, and associated General Obligation Debt funded by ad valorem taxes
Indian River County Land Acquisition Bond General Obligation Debt
Emergency Services Dependent Taxing District
St. Johns River Water Management District
Sebastian Inlet Taxing District
and (b) the amount of ad valorem taxes which would have been generated by the rate at which the
tax is levied each year by the taxing authority, exclusive of the following entities:
Florida Inland Navigation District
Indian River County Mosquito Control District
Indian River County Hospital Maintenance District
School District, and associated General Obligation Debt funded by ad valorem taxes
Indian River County Land Acquisition Bond General obligation Debt
Emergency Services Dependent Taxing District
St. Johns River Water Management District
Sebastian Inlet Taxing District
upon the total of the assessed value of the taxable real property in the community redevelopment
area as shown on the assessment roll used by each taxing authority prior to March 22, 1995, the
effective date of the ordinance creating the Redevelopment Trust Fund. Indian River County Board
of County Commissioners and the City of Sebastian currently make tax increment payments into the
Sebastian CRA Trust Fund.
(TO
4
The actual implementation of the tax increment financing was delayed until FY 2001. The City's
millage rate has decreased from $5.00 per $1,000 in FY 2001 to $3.3456 per $1,000 in FY 2010.
The millage for Indian River County has been decreased from $4.1014 per $1,000 in FY 2001 to
$3.0689 per $1,000 in FY 2009. The millage rates from 2001 through 2010 are presented in Exhibit
II below.
Exhibit H
Sebastian Community Redevelopemnt Agency
Operating Millage Rates in Redevelopment Area
Fiscal Year
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Indian
River
County
4.1014
4.0501
3.8729
3.8377
3.6233
3.5204
3.1914
3.0202
3.0202
3.0892
City
of Total
Sebastian Millage Rate
5.0000 9.1014
4.5904 8.6405
4.5904 8.4633
4.5904 8.4281
4.5904 8.2137
3.9325 7.4529
3.0519 6.2433
2.9917 6.0119
3.3456 6.3658
3.3456 6.4348
1 0.0000 -
8.0000
6.0000
4.0000
2.0000
0.0000
Total Tax Increment Millage Rate
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Fiscal Year
Source: City of Sebastian Administrative Services Department
5
�z
The taxable value of real property in the redevelopment area has risen significantly during the same
period. In FY 2001 the total taxable value of the redevelopment area was $45.8 million. Compared
to FY 2010 total taxable value of $127.7 million, the taxable value of the redevelopment area has
increased by 179 %. Although a 22.28% decrease was experienced in 2008, a 18.97% increase from
the 2008 level was experienced for 2009. The taxable values in redevelopment area from 2001
through 2009 are presented in Exhibit III below.
Exhibit 111
Sebastian Community Redevelopemnt Agency
Taxable Value in Redevelopment Area
% Change in
Taxable Base Year Incremental Incremental
Fiscal Year Value Value Value Value
2001 $45,834,920 $34,959,870 $10,875,050
2002 58,263,740 34,959,870 23,303,870
2003 58,844,190 34,959,870 23,884,320
2004 66,307,980 34,959,870 31,348,110
2005 (1) 78,424,554 41,561,980 36,862,574
2006 (1) 89,418,550 41,561,980 47,856,570
2007 (1) 134,755,060 41,561,980 93,193,080
2008 (1) 113,994,150 41,561,980 72,432,170
2009 (1) 127,735,740 41,561,980 86,173,760
2010 (1) 111,909,020 41,561,980 70,347,040
114.29%
2.49%
31.25%
17.59%
29.82%
94.73%
- 22.28%
18.97%
- 18.37%
Millions of Dollars
100.0
80.0
60.0
40.0
20.0
0.0
Taxable Value
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
(1) (1) (1) (1) (1) (1)
Fiscal Year
(1) The revenues include the triangle area, which was added in the redevelopment area
in 2003.
Source: City of Sebastian Administrative Services Department
6
Based on the millage rates and the significant increases in taxable values, the tax increment revenue
has risen dramatically during the same period. In 2001, the total tax increment revenue was
$94,029. In 2010, the tax increment revenue has increased to $430,035 but this is a 22.1% decrease
from 2009. The tax increment revenues for the redevelopment area for the Fiscal Year 2001 through
2010 are presented in Exhibit IV below.
Fiscal Year
2001
2002
2003
2004
2005 (1)
2006 (1)
2007 (1)
2008 (1)
2009 (I)
2010 (1)
Exhibit IV
Sebastian Community Redevelopemnt Agency
Tax Increment Revenue
Indian
River
County
$42,373
89,664
87,877
114,289
126,886
160,051
282,546
252,885
251,236
206,450
City
of
Sebastian
$51,656
101,625
104,157
136,705
160,753
178,786
270,195
250,499
273,888
223,585
Total
$94,029
191,289
192,034
250,994
287,639
338,837
552,741
503,384
525,124
430,035
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0
Tax Increment Revenue
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
(1) (1) (1) (1) (1) (1)
Fiscal Year
(2) The revenues include the triangle area, which was added in the redevelopment area
in 2003.
Source: City of Sebastian Administrative Services Department
7
Zit
Financial Statements
The Sebastian CRA is considered a blended component unit of the City and therefore it is included
in the City's annual financial audit. In order to meet the requirement of Section 163.387(8), Florida
Statutes, which requires the CRA to provide for annual audit of the redevelopment trust fund, the
Sebastian CRA has been treated as a major fund of the City. The financial statements included
herein are unaudited statements of the Sebastian CRA. Audited statements are included in the City's
Comprehensive Annual Financial Report (CAFR) for the fiscal year ending September 30, 2010 and
may be obtained in the City Clerk's office 1225 Main Street, Sebastian, Florida or online at
http: / /www /cityofsebasti an.org.
8
Sebastian Community Redevelopment Agency, Florida
Balance Sheet
September 30, 2010
Unaudited
ASSETS
Cash and cash equivalents $ 408,957
Investments 276,382
Accounts receivable 3,326
Interest receivable 55
Total assets $ 688,720
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 6,129
Total liabilities 6,129
Fund balances:
Unreserved:
Undesignated 682,591
Total fund balance 682,591
Total liabilities and fund balance
9
$ 688,720
Sebastian Community Redevelopment Agency, Florida
Statement of Revenues, Expenditures, and Changes in Fund Balances
For the Year Ended September 30, 2010
Unaudited
REVENUES:
Taxes:
Property $ 429,730
Intergovernmental 2,556,872
Investment earnings 3,056
Other revenue 3,781
Total revenues 2,993,439
EXPENDITURES:
Current:
Economic environment 129,352
Captial outlay 3,096,416
Total expenditures 3,225,768
Excess (deficiency) of revenues over (under) expenditures (232,329)
OTHER FINANCING USES:
Transfers in 111
Transfers out (69,829)
Total other financing uses (69,718)
Net changes in fund balance (302,047)
Fund balance - beginning 984,638
Fund balance - ending $ 682,591
10
Sebastian Community Redevelopment Agency, Florida
Schedule of Revenue, Expenditures, and Changes in Fund Balances
Budget and Actual
For the Year Ended September 30, 2010
Unaudited
REVENUES:
Taxes:
Property
Intergovernmental
Investment earnings
Other revenue
Total revenues
EXPENDITURES:
Current:
Economic environment
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING USES
Transfers in
Transfers out
Total other financing (uses)
Net changes in fund balances
Fund balances - beginning
Fund balances - ending
Budget Amounts
Original
Final
$ 437,768 $ 437,768
2,767
2,767
440,535 440,535
692,638 692,638
692,638 692,638
Actual Variance with
Amounts on Final Budget -
a Budgetary Positive
Basis (Negative)
$ 429,730
2,556,872
3,056
3,781
2,993,439
$ (8,038)
2,556,872
289
3,781
2,552,904
3,225,768 (2,533,130)
3,225,768 (2,533,130)
(252,103) (252,103) (232,329)
(69,830) (69,830)
(69,830) (69,830)
(321,933) (321,933)
984,638 984,638
$ 662,705 $ 662,705
11
111
(69,829)
(69,718)
(302,047)
984,638
19,774
19,886
$ 682,591 $ 19,886
i