2014 state of the riviera beach cra
DESCRIPTION
Silver Beach Rd. Singer Island. 2014 State of the Riviera Beach CRA. Blue Heron Blvd. Avenue F. Australian Ave. FLORIDA’S DYNAMIC WATERFRONT COMMUNITY. MLK Blvd. About the CRA. Established in 1984 Comprised of the oldest part of the City: 858 acres 15% of the population - PowerPoint PPT PresentationTRANSCRIPT
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2014 State of the
Riviera Beach CRAFLORIDA’S DYNAMIC
WATERFRONT COMMUNITY
561-844-3408 www.rbcra.com
2001 Broadway STE 300 Riviera Beach Fl, 33404
Singer Island
Blue Heron Blvd
Silver Beach Rd
Aven
ue F
Aust
ralia
n Av
e
MLK Blvd
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• Established in 1984• Comprised of the oldest
part of the City:– 858 acres– 15% of the
population• Expenditures guided by
the CRA Plan– Revised in 2011
About the CRA
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Impact Strategies Investments are
strategic and targeted: 10 Geo-Strategic
Areas 5 Redevelopment
Priority Areas: Singer Island Marina Districts
(N&S) Broadway West Riviera Beach
Heights Blue Heron North
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Sources of Revenues Revenues derived
from increase in tax base – NOT INCREASED TAXES
Future TIF Revenues:oFlorida Power &
LightoMunicipal MarinaoBroadway
Development
Singer Island
Blue Heron Blvd
Silver Beach Rd
Aven
ue F
Aust
ralia
n Av
eMLK Blvd
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Sources of Revenues & Trends $5.45 million in
revenues for FY 2013 (8% over PY)
Development creates value:◦ $1 million increase in
tax value = $13,000 in TIF revenue
Major increase in FY 2016 associated with FPL plant modernization
2006
-07
2009
-10
2012
-13 (P
)
2015
-16 (P
)$0
$2,000,000$4,000,000$6,000,000$8,000,000
$10,000,000$12,000,000$14,000,000
TIF Trend Receipts
TIF Trend Receipts
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FINANCING REDEVELOPMENT:PAY-GO
OR LEVERAGE
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Florida Redevelopment Association
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The Marina Now8
Pay for Projects Annually
OrLeverage & Do More
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BB&T Loan Terms CRA Board authorized the issuance of a
“Redevelopment Revenue Note, Series 2011”
$25,570,000 Finance redevelopment projects in the
CRA: Marina District South Riviera Beach Heights Broadway West
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Key Terms & Covenants10
Category Terms/CovenantsLoan Amount $25,570,000Term 15 yearsCollateral First lien on CRA’s tax increment
revenues City Guaranty None – not applicableCRA Boundaries
BB&T permission required to change
Pre-Payment Penalty
Not applicable after Year 7
Additional Debt Allowed if TIF revenues >1.5x total debt
Interest Payments
Due semi-annually
Principal Payments
Due annually
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• Maximize connections to the waterfront
• Create a locally authentic community gathering place
• Become a dynamic, regional mixed-use destination
• Leverage public investments to catalyze private investment and development
• Become an engine of revitalization for the Broadway Corridor and the City
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Locally AuthenticMaximize Connections to the Waterfront
Bicentennial Park
New restaurants along Boardwalk & Promenade
Newcomb Hall
The “New” Tiki
Public Market & Market Court
Marine Way
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Regional DestinationRevitalize the Broadway Corridor
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Economic Impact
Economic Impact: $29 million in public investments. $245 million in private development. Increase of over $3.2 million in annual tax increment revenues Over 100 entrepreneurial opportunities in Phases 1&2 alone
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Redevelopment Priority Areas
Riviera Beach Heights
561-844-3408 www.rbcra.com
2001 Broadway STE 300 Riviera Beach Fl, 33404
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Riviera Beach HeightsCurrent Conditions
The City’s and CRA’s south western most boundary
Residential neighborhood in CTs 14.03 & 14.04:o 50% of the families earn less
than $24,000/yroUnemployed 2.9x & 1.47x
higher than national averageo Persons below poverty at
32% & 40%, versus 12% countywide
oHomeownership rate at 43% & 27%, versus 73% countywide
Source: US Census Data
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Board ActionAppoint a 19-member board
RBCRA BOARD OF DIRECTORS
RIVIERA BEACH CDC, INCBoard of Directors
CRAExecutive Director
CRA Commissioner Appointments
(5 Appointments)
CBO Empowerment 13 Appointments
1/3 of the Board Represent LICs (7 members)
Remainder of Board 6 Members Diverse Background
CRA Personnel To Staff
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Stitching Our Economic Vitality Together:
Riviera Beach
Heights
FDOT and Port of Palm Beach City of Riviera Beach
Palm Beach County Riviera Beach CRA
Economic DevelopmentCommunity Development
Socio-Economic Empowerment
Infrastructure Life Safety – Code Enforcement
Planning and Zoning
FundingInfrastructureEconomic Development
MLK Improvements ( SR 710)JobsInfrastructureGreen Environment
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Safe & CleanProgram Enhancements
561-844-3408 www.rbcra.com
2001 Broadway STE 300 Riviera Beach Fl, 33404
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$500,000 in annual funds:◦ Invest in
Surveillance Cameras
◦ Initiate a Community Ambassadors Program
◦ Hire a fulltime Public Safety Administrator
◦ Support neighborhood “Block Watch” programs
Public Safety 2012 Initiatives
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Community Ambassador Program ◦ Trained volunteers
and paid “Clean & Safe” force Easily Identifiable Crime Prevention Litter Patrol Tourist Resource Customer Service
Safety Initiatives
561-844-3408 www.rbcra.com
2001 Broadway STE 300 Riviera Beach Fl, 33404
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22561-844-3408 www.rbcra.com
2001 Broadway STE 300 Riviera Beach Fl, 33404