HomeMy WebLinkAbout2013 Fiscal Year End CRA Annual ReportMoo
S
HOME OF PELICAN ISLAND
SEBASTIAN COMMUNITY REDEVELOPMENT AGENCY, FLORIDA
AGENDA TRANSMITTAL FORM
CRA MEETING DATE: March 12, 2014
AGENDA ITEM TITLE: Acceptance of the Annual Sebastian CRA Report
RECOMMENDATION: Move to accept the Annual Sebastian CRA Report.
BACKGROUND:
Florida Statutes require the Community Redevelopment Agency to file a report of activities to
the primary government by March 31 of each year and publish in the newspaper a notice of
availability of the report.
The annual Sebastian Community Redevelopment Agency report of activities for the fiscal year
ending September 30, 2013 was prepared by the Finance Director and is also scheduled to be
accepted by the City Council.
Following acceptance by the City Council, the City Clerk will publish in the newspaper a notice
of the Report's availability.
IF AGENDA ITEM REQUIRES EXPENDITURE OF FUNDS:
Total Cost: None
Amount Budgeted in Current FY: NIA
If Cost Requires Appropriation: N/A
Amount of Appropriation Required: None
Fund to Be Utilized for Appropriation: N/A
ATTACHMENTS: Annual Sebastian CRA Report
City Manager Authorization:
Date: 3- r--/ �
SEBASTIAN
COMMUNITY REDEVELOPMENT AGENCY
ANNUAL REPORT
Under Chapter 163.356(3)(C)
FOR THE FISCAL YEAR ENDED
SEPTEMBER 30, 2013
1225 MAIN STREET
SEBASTIAN, FLORIDA 32958
SEBASTIAN
COMMUNITY REDEVELOPMENT AGENCY
ANNUAL REPORT
TABLE OF CONTENTS
Letter of Transmittal
List of Principal Officials
History
Exhibit I - Sebastian CRA Boundary
Accomplishments
FY 2013 Sebastian CRA Activities
ii
1
3
3
Tax Increment Revenues 4
Exhibit II — Operating Millage Rates in Redevelopment Area S
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
.._ r 'Mma"
March 5, 2014
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, 2013. 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,
Kenneth W. Killgore
Finance Director
LIST OF PRINCIPAL OFFICIALS
Chairman
Board Member
Board Member
Board Member
Board Member
September 30, 2013
H
Bob McPartlan
Jim Hill
Andrea Coy
Jerome Adams
Don Wright
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.
Legend
:sate \ ...
CRA Boundary
Zi,
'; t _• - -..._ Gateway Treatinem.
1 i
ell
/'`• /; � i��, n .•...� � :ice -�"y3
RhgsldeDrive
- Stnxtsmpes and
Pocket Parks
Areawide Recommendations 1
I. Retain 2 -3 story maximum building
height. ...... , fit• scats near
Activity Stmt a
� ' i4 Activity Ceatcr
2. Modify community design guidelines to
reinforce "Old Florida
Fishing Village" design theme.
J _ \
IIi,I�E-' ^'?r.µM 57J:i7
A
3. Future study to further address panting
needs in the CRA.
Capital immoyements I ` Us I Streemeape
- Enhancements
„
r G and "Balld to
1. Riverview Park improvements. ! Street"
2. Streetscape improvements to (IS. 1,
Riverside Drive, and Sebastian
1. ... .� ...�L._
Boulevard (east a� westbound). - .. _.
1 :'.J _ 1 1. T. _.: V Riverview Park
3. Reconfigure boat trailer parking. �dis Ii �. �? ` i.... : .. Aun ty Center
.,: o
Boulevard ,.
4. Develop a stormwatcr park. Trian tt. f Potential CRA
Fxpansion to -
} i.} nrprove
en-kw Park
Ll
r
3
Gateway
Treatment I ! Gatemy s'• -
h
Redevelopment Plan Summary Man
City of Sebastian CRA =OF
M SEBASTIAN.
aa."....aaaa. Wley-Hom and Associates, Inc. Figure 1 now
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:
❑ 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.
❑ 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.
❑ Completed improvements to the Yacht Club.
❑ Completed construction on the Indian River Drive/Main Street project.
❑ Established a Fagade, Sign and Landscaping matching grant program.
❑ 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.
❑ Designed billboard advertisements and rented billboards on Highway I -95.
❑ 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.
❑ Updated the CRA Master Plan in 2010.
❑ Completed construction on the Yacht Club finger pier project.
❑ Provided matching funds to the Stan Mayfield Grant that was used for the purchase of the
Working Waterfront Properties.
FY 2013 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 2013 included:
❑ Provided financial support for the clam bake, concert in the park events and fine art festival.
❑ Provided funding for Holiday decorations.
❑ Initiated preliminary design for improvements to the Presidential Streets.
❑ Completed gateway enhancement features.
❑ Made necessary repairs to the Working Waterfront properties.
❑ Executed lease with Crab E. Bills for a commercial retail fish market and a retail
commercial limited food service "Eatery">
❑ Awarded grants for the fagade, sign, and landscape grant program to help two businesses, 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.
M
The actual implementation of the tax increment financing was delayed until FY 2001. The City's
millage has decreased from $5.00 per $1,000 in FY 2001 to $3.7166 per $1,000 in FY 2013. The
millage for Indian River County has been decreased from $4.1014 per $1,000 in FY 2001 to
$3.0892 per $1,000 in FY 2013. Rates from 2001 through 2013 are presented in Exhibit II below.
Exhibit II
Sebastian Community Redevelopemnt Agency
Operating Millage Rates in Redevelopment Area
Total Tax Increment Millage Rate
10.0000
8.0000
a�
6.0000
4.0000 - - - -
0
2.0000 - - - -
0.0000
O� Off' 00
Off` O� <ZP N
Fiscal Year
Source: City of Sebastian Administrative Services Department
W,
Indian
City
River
of
Total
Fiscal Year
Counly
Sebastian
Millage Rate
2001
4.1014
5.0000
9.1014
2002
4.0501
4.5904
8.6405
2003
3.8729
4.5904
8.4633
2004
3.8377
4.5904
8.4281
2005
3.6233
4.5904
8.2137
2006
3.5204
3.9325
7.4529
2007
3.1914
3.0519
6.2433
2008
3.0202
2.9917
6.0119
2009
3.0202
3.3456
6.3658
2010
3.0892
3.3456
6.4348
2011
3.0892
3.3041
6.3933
2012
3.0892
3.3041
6.3933
2013
3.0892
3.7166
6.8058
Total Tax Increment Millage Rate
10.0000
8.0000
a�
6.0000
4.0000 - - - -
0
2.0000 - - - -
0.0000
O� Off' 00
Off` O� <ZP N
Fiscal Year
Source: City of Sebastian Administrative Services Department
W,
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 2013 total taxable value of $82.8 million, the taxable value of the redevelopment area has
increased by 79.7 %. After subtracting the base year values, the 2013 incremental value has
increased over three and one -half times the 2001 value. The taxable values in redevelopment area
from 2001 through 2013 are presented in Exhibit III below.
Exhibit III
Tax Increment Values
100.0 -- _ - - -- - -- - -- - - - - --
In
80.0 — —
0 60.0
0
= 40.0
o
20.0 — — — — —
� i
0.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
(1) {1) (1) (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
2
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
114.29%
2003
58,844,190
34,959,870
23,884,320
2.49%
2004
66,307,980
34,959,870
31,348,110
31.25%
2005(l)
78,424,554
41,561,980
36,862,574
17.59%
2006(l)
89,418,550
41,561,980
47,856,570
29.82%
2007(l)
134,755,060
41,561,980
93,193,080
94.73%
2008(l)
129,700,130
41,561,980
88,138,150
- 5.42%
2009(l)
127,735,740
41,561,980
86,173,760
-2.23%
2010(l)
111,909,020
41,561,980
70,347,040
- 18.37%
2011(l)
90,533,980
41,561,980
48,972,000
- 30.39%
2012(l)
83,558,060
41,561,980
41,996,080
- 40.30%
2013(l)
82,753,350
41,561,980
41,191,370
- 15.89%
Tax Increment Values
100.0 -- _ - - -- - -- - -- - - - - --
In
80.0 — —
0 60.0
0
= 40.0
o
20.0 — — — — —
� i
0.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
(1) {1) (1) (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
2
Based on the millage rates and the significant increases in taxable values, the tax increment revenue
has risen dramatically. In 2001, the total tax increment revenue was $94,029. In 2013, the tax
increment revenue has increased to $266,323 but this is a 51.8% decrease from the high year of
2007. The tax increment revenues for the redevelopment area for the Fiscal Year 2001 through 2013
are presented in Exhibit IV below.
Exhibit IV
Sebastian Community Redevelopemnt Agency
Tax Increment Revenue
Tax Increment Revenue
$600,000 - - - - -- - - - -- -- - - - - -- ------- - - - - -�
$500,000 -!
$400,000
$300,000
$200,000 - - -
$100,000
$0
100' let, X000 1601' `ti1 OrO`1 O�`1 O�``1 �0`.1 `1 `1 `S1
�O rL0 �O r10 �O ,y0 ,y0 ,ti0 ,LO
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
7
Indian
City
River
of
Fiscal Year
County
Sebastian
Total
2001
$42,373
$51,656
$94,029
2002
89,664
101,625
191,289
2003
87,877
104,157
192,034
2004
114,289
136,705
250,994
2005(l)
126,886
160,753
287,639
2006(l)
160,051
178,786
338,837
2007(l)
282,546
270,195
552,741
2008(t)
252,885
250,499
503,384
2009(f)
251,236
273,888
525,124
2010(l)
206,450
223,585
430,035
2011 (1)
143,720
153,900
297,620
2012(l)
123,248
131,821
255,069
2013(l)
120,886
145,437
266,323
Tax Increment Revenue
$600,000 - - - - -- - - - -- -- - - - - -- ------- - - - - -�
$500,000 -!
$400,000
$300,000
$200,000 - - -
$100,000
$0
100' let, X000 1601' `ti1 OrO`1 O�`1 O�``1 �0`.1 `1 `1 `S1
�O rL0 �O r10 �O ,y0 ,y0 ,ti0 ,LO
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
7
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, 2013 and
may be obtained in the City Clerk's office 1225 Main Street, Sebastian, Florida or online at
http: / /www /cityofsebastian.oig.
8
Sebastian Community Redevelopment Agency, Florida
Balance Sheet
September 30, 2013
Unaudited
ASSETS
Cash and cash equivalents $ 462,367
Investments 100,984
Total assets $ 563,351
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 8,413
Total liabilities 8,413
Fund balances:
Restricted 554,938
Total fund balance 554,938
Total liabilities and fund balance $ 563,351
z
Sebastian Community Redevelopment Agency, Florida
Statement of Revenues, Expenditures, and Changes in Fund Balances
For the Year Ended September 30, 2013
Unaudited
REVENUES:
Taxes:
Property
Investment earnings
Other revenue
Total revenues
EXPENDITURES:
Current:
General government
Economic environment
Capital outlay
Total expenditures
Excess (deficiency) of revenues over (under) expenditures
OTHER FINANCING USES:
Transfers out
Total other financing uses
Net changes in fund balance
Fund balance - beginning
Fund balance - ending
10
$ 266,323
1,513
6,000
273,836
2,326
122,730
6,562
131,618
142,218
(66,175)
(66,175)
76,043
478,895
$ 554,938
Sebastian Community Redevelopment Agency, Florida
Schedule of Revenue, Expenditures, and Changes in Fund Balances
Budget and Actual
For the Year Ended September 30, 2013
Unaudited
REVENUES:
Taxes:
Property
Investment earnings
Other revenue
Total revenues
EXPENDITURES:
Current:
General government
Economic environment
Capital outlay
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING USES
Transfers out
Total other financing (uses)
Net changes in fund balances
Fund balances - beginning
Fund balances - ending
Budget Amounts
Original Final
Actual
Variance with
Amounts on
Final Budget -
a Budgetary
Positive
Basis
(Negative)
$ 264,809 $ 264,809 $ 266,323
3,064 3,064 1,513
- - 6,000
267,873 267,873 273,836
$ 1,514
(1,551)
6,000
5,963
-
-
2,326
2,326
150,040
144,540
122,730
(21,810)
-
5,500
6,562
1,062
150,040
150,040
131,618
(18,422)
117,833
117,833
142,218
24,385
(310,000)
(310,000)
(66,175)
243,825
(310,000)
(310,000)
(66,175)
243,825
(192,167)
(192,167)
76,043
268,210
478,895 478,895 478,895 -
$ 286,728 $ 286,728 $ 554,938 $ 268,210
11