Subject:
Title
Resolution authorizing amendments to the Lealman Community Redevelopment Area Plan updating tax increment revenue projections and providing various text edits, including amendments to Appendix C: Strategic Action Plan and Spending Budget.
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Recommended Action:
Recommended Action
Sitting as the Board of County Commissioners (Board), conduct a public hearing to consider approval of the proposed resolution authorizing amendments to the Lealman Community Redevelopment Area Plan (Plan).
• The Plan amendments include:
1.) Updates to TIF revenue projections
2.) Removing non-required budget tables
3.) Updating various table and page numbers
• The Lealman Community Redevelopment Advisory Committee recommended these changes be approved at its February 27, 2019 meeting.
Body
Body
Strategic Plan:
Ensure Public Health Safety and Welfare
2.2 Be a facilitator, convener, and purchaser of services for those in need.
Foster Continual Economic Growth and Vitality
4.2 Invest in communities that need the most
Deliver First Class Services to the Public and Our Customers
5.3 Ensure effective and efficient delivery of county services and support
Summary:
Approval of the Resolution will allow for amendments to the Plan related to updating tax increment revenue projections and providing various text edits, including amendments to Appendix C: Strategic Action Plan and Spending Budget. The primary intent from staff regarding this update is to remove Table C-2: Lealman CRA Two Year Spending Budget (FY17-18) from Appendix C. Florida Statutes Chapter 163, Part III, Community Redevelopment, do not require an annual budget to be updated and/or included in the Plan, and as such, staff desires to remove this reference so as to avoid having to update the Plan every year solely for this purpose. This action will not change the current process for the CRA’s budget preparation and adoption and associated interaction with the Board and/or the Agency.
In addition to Table C-2, updates are made to Tax Increment Finance projections and various table and page numbers, including: (1) Table 2: CRA TIF Revenue Projections 2017-2047, (2) Table C-1: Lealman CRA TIF Revenue Projections, 2017-2047, (3) Table C-3: Lealman CRA Projected Spending Budget, 2017-2047 and (4) Table C-4: Existing Public Improvements Identified in Pinellas County Capital Improvement Plan (CIP).
The Lealman Community Redevelopment Area Advisory Committee (Advisory Committee) reviewed these amendments at its regularly scheduled meeting on February 27, 2019 and demonstrated its support by unanimously passing a motion of support.
Background Information:
The Plan is implemented consistent with Florida Statutes Chapter 163, Part III, Community Redevelopment, and provides the framework with which staff implements revitalization initiatives. The Plan sets an anticipated course of action for the investment of Tax Increment Financing funds and other public resources in the Lealman CRA on capital improvement projects, and people- and place-based initiatives encompassing Economic Development, Neighborhood Revitalization, Workforce Development and Healthy Community disciplines.
In July 2015, via Resolution 15-62, the Board made a positive finding of blighted conditions and established the Lealman CRA, directed staff to create a Plan for the CRA. Also in July 2015, via Ordinance 15-29, the Board established the Agency and appointed itself as its governing body. The Board established the Advisory Committee via Resolution 15-70 to assist staff in drafting the Plan and any amendments thereto, and on June 7, 2016, the Board approved the Plan via Resolution 16-40.
Fiscal Impact:
There is no direct fiscal impact associated with this resolution, however the updates provided by the Office of Management and Budget indicate an increase in total TIF revenue from approximately $60 million to $91 million over the 30 year life of the redevelopment trust fund.
Staff Member Responsible:
Renea Vincent, Director, Planning
Partners:
Lealman Community Redevelopment Area Advisory Committee
Lealman residents, businesses, stakeholders and community partners
Attachments:
Board Resolution
Strikethrough and clean copies of the Lealman Community Redevelopment Area Plan as amended