Subject:
Title
Resolution approving amendments to the Lealman Community Redevelopment Area Plan adding Appendix C: Strategic Action Plan and Spending Budget, updating tax increment revenue projections, and updating the Table of Contents.
label
Recommended Action:
Recommended Action
Conduct a public hearing to consider the adoption of a resolution approving the following amendments to the Lealman Community Redevelopment Area Plan (Plan):
A) Adding “Appendix C: Strategic Action Plan and Spending Budget”
B) Updating ‘Table 2: CRA Tax Increment Financing (TIF) Revenue Projections 2017-2047’ to reflect current projections
C) Updating the Table of Contents to reflect the addition of Appendix C: Strategic Action Plan and Spending Budget
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 above Recommended Action will allow for the Community Redevelopment Agency to utilize tax increment finance dollars to implement revitalization initiatives structured around the framework of the Plan, including those prioritized programs and projects identified in the Strategic Action Plan and Spending Budget (SAP).
Background Information:
On June 7, 2016, the Board by Resolution No.16-40 approved the Plan, anticipating a plan amendment to include ‘Appendix C: Strategic Action Plan and Spending Budget’ (Attachment A), prior to the utilization of any Lealman CRA Redevelopment Trust Fund dollars, established by Ordinance No. 16-35.
Upon the approval of the Plan, staff and the Lealman Community Redevelopment Area Advisory Committee (Committee) worked closely in identifying and prioritizing people and place-based programs and projects that will most effectively and efficiently create positive community impacts. Initial year funding estimates as well as developing opportunities between Forward Pinellas, PSTA and other local community partners were given careful consideration in establishing spending priorities for years one and two.
On June 6, 2017, the Pinellas County Community Redevelopment Agency reviewed the Plan amendments and discussed various elements of the Strategic Action Plan.
Regarding the methodology behind the distribution percentages, staff worked closely with the Advisory Committee in developing this approach. Year one and two percentages were established with strategic goals and priorities considered, but in doing so, much consideration was placed on being able to effectively (and efficiently) spend dollars in areas that will result in the most significant impacts given the short time frame and limited funds over the first two years.
It is our intent to re-visit the budget and program percentages on an ongoing basis with the Advisory Committee and the Board of County Commissioners. The intent is to further align the programs and TIF spending in response to anticipated changes to the socio-economic health of the Lealman Community over the 30 year implementation.
After review and discussion the Agency recommended approval of the Plan Amendments and transmittal to the Board of County Commissioners for final adoption.
Fiscal Impact:
A major component of the Plan is the establishment of a Redevelopment Trust Fund for the Lealman CRA for which 2016 has been set as the “base year” and will direct an estimated $56.9 million dollars of Pinellas County ad-valorem taxes over the 30-year life of the Redevelopment Plan. The inclusion of Appendix C, hereby amends the Plan, allowing for the utilization of these funds in accordance with projects and programs identified in the Redevelopment Plan, and as specified by Chapter 163, Part III, Florida Statutes.
Staff Member Responsible:
Renea Vincent, Director, Planning Department
Partners:
Lealman Community Redevelopment Area Advisory Committee
Lealman residents, businesses, stakeholders and community partners.
Attachments:
Resolution
Exhibit A: Strikethrough / Underline with modifications of Lealman CRA Plan