09-10-2018Community Redevelopment Agency
City of Edgewater
Meeting Agenda
104 N. Riverside Drive
Edgewater, FL 32132
Council Chambers6:30 PMMonday, September 10, 2018
We respectfully request that all electronic devices are set for no audible notification.
1. CALL TO ORDER, ROLL CALL
2. APPROVAL OF MINUTES
a.Minutes of the April 2, 2018 CRA meeting
04-02-18 - CRAAttachments:
3. OTHER BUSINESS - PUBLIC HEARING
a.Resolution 2018-CRA-01 Adopting Proposed Budget FY 2018 - 2019
2018-CRA-01 Adopting Proposed Budget FY 2018 - 2019
Mid August 2018 TRIM
Attachments:
4. DISCUSSION ITEMS
a. CRA Coordinator's Report
b.Edgewater CRA Plan - Chapter 5 Financial Section
Edgewater CRA Actual Budget FY 2018
EW CRP Final Approved 2015-R-10 in color Chapter 5 Financial Section Only
Attachments:
5. ADJOURN
Page 1 City of Edgewater Printed on 8/27/2018
September 10, 2018Community Redevelopment Agency Meeting Agenda
Pursuant to Chapter 286, F.S., if an individual decides to appeal any decision made with respect to any
matter considered at a meeting or hearing, that individual will need a record of the proceedings and
will need to ensure that a verbatim record of the proceedings is made. The City does not prepare or
provide such record.
In accordance with the Americans with Disabilities Act, persons needing assistance to participate in any
of these proceedings should contact City Clerk/Paralegal Robin L. Matusick, 104 N. Riverside Drive,
Edgewater, Florida, telephone number 386-424-2400 x 1101, 5 days prior to the meeting date. If you
are hearing or voice impaired, contact the relay operator at 1-800-955-8771
One or more members of City Council or other advisory boards may be present.
Page 2 City of Edgewater Printed on 8/27/2018
City of Edgewater
Legislation Text
104 N. Riverside Drive
Edgewater, FL 32132
File #:AR-2018-3305,Version:1
BOARD AGENDA ITEM
SUBJECT :
Minutes of the April 2, 2018 CRA meeting
City of Edgewater Printed on 8/27/2018Page 1 of 1
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104 N. Riverside Drive
Edgewater, FL 32132City of Edgewater
Meeting Minutes
Community Redevelopment Agency
6:30 PM Council ChambersMonday, April 2, 2018
We respectfully request that all electronic devices are set for no audible notification.
1. CALL TO ORDER, ROLL CALL
Chairperson Mike Ignasiak, Board Member Christine Power, Board Member Dan Blazi,
Board Member Amy Vogt and Board Member Gary T. Conroy
Present 5 -
Robin Matusick and Samantha BishopAlso Present 2 -
2. APPROVAL OF MINUTES
a.AR-2018-3161 Minutes of the January 8, 2018 CRA Meeting
A motion was made by Board Member Power, second by Board Member Blazi, to approve
the Minutes of the January 8, 2018 CRA Meeting. The MOTION was APPROVED by the
following vote:
Yes:Mike Ignasiak, Christine Power, Dan Blazi, Amy Vogt, and Gary Conroy5 -
3. OTHER BUSINESS-PUBLIC HEARING - None at this time
4. REPORTS
a.AR-2018-3236 Edgewater CRA Annual Report FY 2017 Final
Redevelopment Coordinator Samantha Bergeron made a staff presentation.
6. ADJOURN
Motion to Adjourn by Member Blazi at 6:34 pm.
Minutes submitted by:
Kelsey Arcieri, Record’s Clerk
ATTEST: APPROVED:
Robin L. Matusick, City Clerk/Paralegal Michael Ignasiak, Mayor
Page 1City of Edgewater Printed on 4/5/2018
April 2, 2018Community Redevelopment Agency Meeting Minutes
Pursuant to Chapter 286, F.S., if an individual decides to appeal any decision made with respect to any
matter considered at a meeting or hearing, that individual will need a record of the proceedings and
will need to ensure that a verbatim record of the proceedings is made. The City does not prepare or
provide such record.
In accordance with the Americans with Disabilities Act, persons needing assistance to participate in any
of these proceedings should contact City Clerk/Paralegal Robin L. Matusick, 104 N. Riverside Drive,
Edgewater, Florida, telephone number 386-424-2400 x 1101, 5 days prior to the meeting date. If you
are hearing or voice impaired, contact the relay operator at 1-800-955-8771
One or more members of City Council or other advisory boards may be present.
Page 2City of Edgewater Printed on 4/5/2018
City of Edgewater
Legislation Text
104 N. Riverside Drive
Edgewater, FL 32132
File #:2018-R-314,Version:2
EDGEWATER COMMUNITY REDEVELOPMENT AGENCY AGENDA ITEM
SUBJECT:
Resolution 2018-CRA-01 Adopting Proposed Budget FY 2018 - 2019
DEPARTMENT:
Community Redevelopment Agency
SUMMARY:
Volusia County Tax Appraiser has provided the Mid August Truth In Millage (TRIM)Report showing the
Proposed Assessments and Revenues for the Community Redevelopment Agency (CRA).The proposed TIF
contributions have been provided and are shown in the attached proposed budget.
BUDGETED ITEM:☐ Yes ☐ No ☒ Not Applicable
BUDGET AMENDMENT REQUIRED:☐ Yes ☐ No ☒ Not Applicable
RECOMMENDED ACTION:
Motion to approved Resolution 2018-CRA-01 Adopting Proposed Budget FY 2018 - 2019
City of Edgewater Printed on 8/27/2018Page 1 of 1
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Resolution #2018-CRA-01
Page 1
RESOLUTION #2018-CRA-01
A RESOLUTION OF THE EDGEWATER, COMMUNITY
REDEVELOPMENT AGENCY, EDGEWATER, FLORIDA;
ADOPTING A PROPOSED BUDGET FOR THE FISCAL
YEAR 2018 – 2019; PROVIDING FOR SEVERABILITY,
APPLICABILITY AND ESTABLISHING AN EFFECTIVE
DATE.
WHEREAS, The Edgewater Community Redevelopment Agency (Edgewater CRA) was
created pursuant to Chapter 163, Part III, Florida Statutes (the “Community Redevelopment Act ”)
establishing the conditions and procedures for the establishment of community redevelopment areas
and agencies; and,
WHEREAS, the Edgewater CRA is a dependent special district under Chapter 189, Florida
Statues (2006), known as the Uniform Special Dist rict Accountability Act (the “Special District
Act”); and,
WHEREAS, the Special District Act requires all special districts, including dependent
special districts, such as the Edgewater CRA, to adopt a budget for each fiscal year by resolution;
NOW, THEREFORE, be it resolved by the Community Redevelopment Agency of
the City of Edgewater, Florida as follows:
Section 1. Authority. The Edgewater CRA has the authority to adopt this Resolution
pursuant to the Special District Act.
Section 2. Adoption of Budget. The governing body of the Edgewater CRA does
hereby approve and adopt a Budget for the Edgewater CRA for Fiscal Year 2018 – 2019. A copy of
the budget is attached hereto and incorporated herein as Exhibit “A”.
Section 3. Severability. If any section, subsection, sentence, clause, phrase or portion of
this Resolution is for any reason held invalid or unconstitutional by any court of competent
jurisdiction, such portion shall be deemed a separate, distinct and independent provision and s uch
2
Resolution #2018-CRA-01
holding shall not affect the validity of the remaining potion hereto.
Section 4. Effective Date. This resolution shall take effect upon adoption.
After motion by ___________________________________ and second by
________________________________________________, the vote on this resolution was as
follows:
AYE NAY
Chair Mike Ignasiak _____ ______
Vice Chair Christine Power _____ ______
Board Member Amy Vogt _____ ______
Board Member Megan O’Keefe _____ ______
Board Member Gary Conroy _____ ______
PASSED, APPROVED AND ADOPTED this 10th day of September, 2018.
ATTEST: EDGEWATER COMMUNITY
REDEVELOPMENT AGENCY OF THE
CITY OF EDGEWATER, FLORIDA
____________________________ By: ____________________________
Robin Matusick Mike Ignasiak
City Clerk/Paralegal Chair
For the use and reliance only by the Edgewater
Community Redevelopment Agency, Cit y of
Edgewater, Florida. Approved as to form and
legality by: Aaron R. Wolfe, Esquire
City Attorney
Doran, Sims, Wolfe & Ciocchetti
Approved by the Edgewater Community
Redevelopment Agency at a meeting held on this
10th day of September, 2018 under Agenda Item
No. #_______.
Resolution #2018-CRA-01
Page 3
EXHIBIT “A”
2018 Taxing Authority
2018
Proposed
Rate
2017 Total Final
Taxes
2017 Taxes @
95%
2018 Total
Taxes
2018 Taxes @
95%
Increase or
(Decrease)
Total Taxable Value 24,655,482 Volusia County - General Fund 5.6944 88,788 84,349 88,654 84,221 (127)
-Base Value (1985)-(2036)9,086,882 Volusia County - Echo 0.2000 2,911 2,765 3,114 2,958 193
= C.R.A. Taxable 15,568,600 Volusia County - Forever 0.0994 1,317 1,251 1,548 1,471 219
Volusia County - Mosquito Control 0.1880 2,736 2,599 2,927 2,781 181
New Construction Taxable 0 Volusia County - Ponce Inlet Port Auth 0.0929 1,352 1,284 1,446 1,374 89
% of City's New Construction 0% Halifax Hospital 0.3546 5,503 5,228 5,521 5,245 17
Parcel Count-----> 123 City of Daytona Beach - Operating 6.3333 92,184 87,575 98,601 93,671 6,096
Total City Tax Base ----->4,790,003,057 CRA Taxes 12.9626 194,791 185,051 201,811 191,720 6,669
% C.R.A. of City Tax Base--->0.51%
2018 Taxing Authority
2018
Proposed
Rate
2017 Total Final
Taxes
2017 Taxes @
95%
2018 Total
Taxes
2018 Taxes @
95%
Increase or
(Decrease)
Total Taxable Value 138,014,865 Volusia County - General Fund 5.6944 477,961 454,063 506,883 481,539 27,476
-Base Value (1981)-(2036)49,000,577 Volusia County - Echo 0.2000 15,671 14,887 17,803 16,913 2,025
= C.R.A. Taxable 89,014,288 Volusia County - Forever 0.0994 7,091 6,736 8,848 8,406 1,669
Volusia County - Mosquito Control 0.1880 14,731 13,994 16,735 15,898 1,904
New Construction Taxable 970,929 Volusia County - Ponce Inlet Port Auth 0.0929 7,279 6,915 8,269 7,856 941
% of City's New Construction 1% Halifax Hospital 0.3546 29,626 28,145 31,564 29,986 1,841
City of Daytona Beach - Operating 6.3333 496,241 471,429 563,754 535,566 64,137
Parcel Count-----> 1,047 D.B. Downtown Development Auth 1.0000 47,727 45,341 54,129 51,423 6,082
Total City Tax Base ----->4,790,003,057 CRA Taxes 13.9626 1,096,327 1,041,511 1,207,985 1,147,586 106,075
% C.R.A. of City Tax Base--->2.88%
2018 Taxing Authority
2018
Proposed
Rate
2017 Total Final
Taxes
2017 Taxes @
95%
2018 Total
Taxes
2018 Taxes @
95%
Increase or
(Decrease)
Total Taxable Value 426,310,298 Volusia County - General Fund 5.6944 1,986,927 1,887,581 2,036,401 1,934,581 47,000
-Base Value (1981)-(2036)68,695,639 Volusia County - Echo 0.2000 65,145 61,888 71,523 67,947 6,059
= C.R.A. Taxable 357,614,659 Volusia County - Forever 0.0994 29,478 28,004 35,547 33,770 5,766
Volusia County - Mosquito Control 0.1880 61,236 58,174 67,232 63,870 5,696
New Construction Taxable 462,860 Volusia County - Ponce Inlet Port Auth 0.0929 30,260 28,747 33,222 31,561 2,814
% of City's New Construction 1% Halifax Hospital 0.3546 123,157 116,999 126,810 120,470 3,470
Parcel Count-----> 1,747 City of Daytona Beach - Operating 6.3333 2,062,919 1,959,773 2,264,881 2,151,637 191,864
Total City Tax Base ----->4,790,003,057 CRA Taxes 12.9626 4,359,122 4,141,166 4,635,616 4,403,835 262,669
% C.R.A. of City Tax Base--->8.90%
2018 Taxing Authority
2018
Proposed
Rate
2017 Total Final
Taxes
2017 Taxes @
95%
2018 Total
Taxes
2018 Taxes @
95%
Increase or
(Decrease)
Total Taxable Value *73,994,602 Volusia County - General Fund 5.6944 31,515 29,939 59,639 56,657 26,718
-Base Value (2000)-(2036)63,521,382 Volusia County - Echo 0.2000 1,033 981 2,095 1,990 1,009
= C.R.A. Taxable 10,473,220 Volusia County - Forever 0.0994 468 445 1,041 989 544
Volusia County - Mosquito Control 0.1880 971 922 1,969 1,871 948
New Construction Taxable 48,764 Volusia County - Ponce Inlet Port Auth 0.0929 480 456 973 924 468
% of City's New Construction 0% Halifax Hospital 0.3546 1,953 1,855 3,714 3,528 1,673
Parcel Count-----> 662 City of Daytona Beach - Operating 6.3333 32,720 31,084 66,330 63,014 31,930
Total City Tax Base ----->4,790,003,057 CRA Taxes 12.9626 69,140 65,683 135,761 128,973 63,290
% C.R.A. of City Tax Base--->1.54%
2018 Taxing Authority
2018
Proposed
Rate
2017 Total Final
Taxes
2017 Taxes @
95%
2018 Total
Taxes
2018 Taxes @
95%
Increase or
(Decrease)
Total Taxable Value 103,472,874 Volusia County - General Fund 5.6944 212,055 201,452 243,898 231,703 30,251
-Base Value (1997)-(2036)60,641,706 Volusia County - Echo 0.2000 6,953 6,605 8,566 8,138 1,532
= C.R.A. Taxable 42,831,168 Volusia County - Forever 0.0994 3,146 2,989 4,257 4,044 1,055
Volusia County - Mosquito Control 0.1880 6,535 6,208 8,052 7,649 1,441
New Construction Taxable 1,934,859 Volusia County - Ponce Inlet Port Auth 0.0929 3,229 3,068 3,979 3,780 713
% of City's New Construction 2% Halifax Hospital 0.3546 13,144 12,487 15,188 14,429 1,942
Parcel Count-----> 2,294 City of Daytona Beach - Operating 6.3333 220,165 209,157 271,263 257,700 48,543
Total City Tax Base ----->4,790,003,057 CRA Taxes 12.9626 465,227 441,966 555,203 527,443 85,477
% C.R.A. of City Tax Base--->2.16%
2018 Taxing Authority
2018
Proposed
Rate
2017 Total Final
Taxes
2017 Taxes @
95%
2018 Total
Taxes
2018 Taxes @
95%
Increase or
(Decrease)
Total Taxable Value 47,611,043 Volusia County - General Fund 5.6944 156,459 148,636 157,032 149,180 544
-Base Value (1984)-(2025)20,034,463 Volusia County - Echo 0.2000 5,130 4,874 5,515 5,239 366
= C.R.A. Taxable 27,576,580 Volusia County - Forever 0.0994 2,321 2,205 2,741 2,604 399
West Volusia Hospital 2.1751 60,686 57,652 59,982 56,983 (669)
New Construction Taxable 10,026 City of Deland - Operating 6.8231 175,006 166,256 188,158 178,750 12,494
% of City's New Construction 0%
Parcel Count-----> 292
Total City Tax Base ----->1,764,007,219 CRA Taxes 14.9920 399,602 379,622 413,428 392,757 13,135
% C.R.A. of City Tax Base--->2.70%
2018 Taxing Authority
2018
Proposed
Rate
2017 Total Final
Taxes
2017 Taxes @
95%
2018 Total
Taxes
2018 Taxes @
95%
Increase or
(Decrease)
Total Taxable Value *58,664,065 Volusia County - General Fund 5.6944 30,371 28,852 46,644 44,312 15,459
-Base Value (2004)-(2044)50,472,881 Volusia County - Echo 0.2000 996 946 1,638 1,556 610
= C.R.A. Taxable 8,191,184 Volusia County - Forever 0.0994 451 428 814 773 345
West Volusia Hospital 2.1751 11,780 11,191 17,817 16,926 5,735
New Construction Taxable 11,183 City of Deland - Operating 6.8231 33,972 32,273 55,889 53,095 20,821
% of City's New Construction 0%
Parcel Count-----> 317
Total City Tax Base ----->1,764,007,219 CRA Taxes 14.9920 77,570 73,692 122,802 116,662 42,971
% C.R.A. of City Tax Base--->3.33%
Volusia County C.R.A.'S - 2018 Preliminary
Daytona Beach - Ballough Road (94)
Daytona Beach - South Atlantic (88)
Daytona Beach - Downtown (96)
Daytona Beach - Main Street (95)
Daytona Beach - West Side (Midtown) (90)
DeLand - Downtown (99)
DeLand - Spring Hill - Incorporated (87M)
Volusia County C.R.A.'S - 2018 Preliminary
2018 Taxing Authority
2018
Proposed
Rate
2017 Total Final
Taxes
2017 Taxes @
95%
2018 Total
Taxes
2018 Taxes @
95%
Increase or
(Decrease)
Total Taxable Value *23,316,912 Volusia County - General Fund 5.6944 0 0 11,687 11,103 11,103
-Base Value (2004)-(2044)21,264,498 Volusia County - Echo 0.2000 0 0 410 390 390
= C.R.A. Taxable 2,052,414 Volusia County - Forever 0.0994 0 0 204 194 194
West Volusia Hospital 2.1751 0 0 4,464 4,241 4,241
New Construction Taxable 85,424 Volusia County - Fire Services 4.0815 0 0 8,377 7,958 7,958
% of City's New Construction 0% Volusia County - MSD 2.2399 0 0 4,597 4,367 4,367
Parcel Count-----> 713
Total County Tax Base ----->33,925,975,035 CRA Taxes 14.4903 0 0 29,739 28,252 28,252
% C.R.A. of City Tax Base--->0.07%
2018 Taxing Authority
2018
Proposed
Rate
2017 Total Final
Taxes
2017 Taxes @
95%
2018 Total
Taxes
2018 Taxes @
95%
Increase or
(Decrease)
Total Taxable Value 61,952,093 Volusia County - General Fund Only (Taxes @ 95% of 95%)5.6944 37,559 33,897 59,595 53,784 19,887
-Base Value (2016)-(2036)51,486,555 City of Deltona - Operating 7.8500 48,334 45,917 82,154 78,046 32,129
= C.R.A. Taxable 10,465,538
(Per Deltona Res. Vol. County funds shall
New Construction Taxable 301,588 be "at a millage rate which does not exceed
% of City's New Construction 1%that of the city millage rate")
Parcel Count-----> 526
Total City Tax Base ----->2,370,571,806 CRA Taxes 13.5444 85,893 79,814 141,749 131,831 52,017
% C.R.A. of City Tax Base--->2.61%
2018 Taxing Authority
2018
Proposed
Rate
2017 Total Final
Taxes
2017 Taxes @
95%
2018 Total
Taxes
2018 Taxes @
95%
Increase or
(Decrease)
Total Taxable Value 76,511,721 Volusia County - General Fund Only (Taxes @ 95% of 95%)5.6944 57,364 51,771 78,341 70,703 18,932
-Base Value (2014)-(2034)62,754,205 City of Edgewater - Operating 6.7000 63,006 59,856 92,175 87,566 27,711
= C.R.A. Taxable 13,757,516
(Per Edgewater Res. Vol. County funds shall
New Construction Taxable 451,744 be "at a millage rate which does not exceed
% of City's New Construction 7%that of the city millage rate")
Parcel Count-----> 528
Total City Tax Base ----->951,480,627 CRA Taxes 12.3944 120,370 111,627 170,516 158,269 46,642
% C.R.A. of City Tax Base--->8.04%
2018 Taxing Authority
2018
Proposed
Rate
2017 Total Final
Taxes
2017 Taxes @
95%
2018 Total
Taxes
2018 Taxes @
95%
Increase or
(Decrease)
Total Taxable Value 283,270,124 Volusia County - General Fund 5.6944 1,035,447 983,675 1,109,997 1,054,497 70,823
-Base Value (1995)-(2026)88,342,219 Volusia County - Echo 0.2000 33,949 32,252 38,986 37,037 4,785
= C.R.A. Taxable 194,927,905 Volusia County - Forever 0.0994 15,362 14,594 19,376 18,407 3,813
Volusia County - Mosquito Control 0.1880 31,912 30,316 36,646 34,814 4,497
New Construction Taxable 166,351 Volusia County - Ponce Inlet Port Auth 0.0929 15,769 14,981 18,109 17,204 2,223
% of City's New Construction 15% Halifax Hospital 0.3546 64,181 60,972 69,121 65,665 4,693
Parcel Count-----> 1,627 City of Holly Hill - Operating 6.7500 1,170,377 1,111,858 1,315,763 1,249,975 138,117
Total City Tax Base ----->630,641,492 CRA Taxes 13.3793 2,366,997 2,248,647 2,607,998 2,477,598 228,951
% C.R.A. of City Tax Base--->44.92%
2018 Taxing Authority
2018
Proposed
Rate
2017 Total Final
Taxes
2017 Taxes @
95%
2018 Total
Taxes
2018 Taxes @
95%
Increase or
(Decrease)
Total Taxable Value 275,094,647 Volusia County - General Fund Only (Taxes @ 95% of 95%)3.8416 162,699 146,836 325,884 294,110 147,274
-Base Value (2014)190,264,372 City of New Smyrna Beach - Operating 3.8416 162,699 154,564 325,884 309,590 155,026
= C.R.A. Taxable 84,830,275
(Per NSB Res. Vol. County funds shall
New Construction Taxable 11,082,325 be "at a millage rate which does not exceed
% of City's New Construction 11%that of the city millage rate")
Parcel Count-----> 2,344
Total City Tax Base ----->3,795,972,983 CRA Taxes 7.6832 325,398 301,400 651,768 603,700 302,300
% C.R.A. of City Tax Base--->7.25%
2018 Taxing Authority
2018
Proposed
Rate
2017 Total Final
Taxes
2017 Taxes @
95%
2018 Total
Taxes
2018 Taxes @
95%
Increase or
(Decrease)
Total Taxable Value 114,226,779 Volusia County - General Fund Only (Taxes @ 95% of 95%)5.6944 110,865 100,056 148,687 134,190 34,134
-Base Value (2013)**88,115,628 City of Orange City - Operating 8.5075 146,578 139,249 222,141 211,034 71,785
= C.R.A. Taxable 26,111,151 (Per Orange City Res. Vol. County funds shall
be "at a millage rate which does not exceed
New Construction Taxable 204,706 that of the city millage rate")
% of City's New Construction 2%
Parcel Count-----> 911
Total City Tax Base ----->683,709,535 CRA Taxes 14.2019 257,443 239,305 370,828 345,224 105,919
% C.R.A. of City Tax Base--->16.71%
2018 Taxing Authority
2018
Proposed
Rate
2017 Total Final
Taxes
2017 Taxes @
95%
2018 Total
Taxes
2018 Taxes @
95%
Increase or
(Decrease)
Total Taxable Value 157,876,055 Volusia County - General Fund 5.6944 645,682 613,398 639,993 607,993 (5,405)
-Base Value (1984)-(2036)45,486,221 Volusia County - Echo 0.2000 21,170 20,112 22,478 21,354 1,243
= C.R.A. Taxable 112,389,834 Volusia County - Forever 0.0994 9,579 9,100 11,172 10,613 1,513
Volusia County - Mosquito Control 0.1880 19,900 18,905 21,129 20,073 1,168
New Construction Taxable 229,425 Volusia County - Ponce Inlet Port Auth 0.0929 9,833 9,341 10,441 9,919 578
% of City's New Construction 1% Halifax Hospital 0.3546 40,022 38,021 39,853 37,860 (161)
Parcel Count-----> 693 City of Ormond Beach - Operating 4.1655 453,491 430,816 468,160 444,752 13,936
Total City Tax Base ----->3,465,549,293 CRA Taxes 10.7948 1,199,677 1,139,693 1,213,226 1,152,565 12,872
% C.R.A. of City Tax Base--->4.56%
Orange City CRA (101) - Established by Resolution 2014-95
Edgewater CRA (102) - Established by Resolution 2014-159
Ormond Beach (97)
Deltona - Southwest Volusia CRA (104) - Established by Resolution 2016-39
DeLand - Spring Hill - Unincorporated (87C)
Holly Hill (92)
New Smyrna Beach CRA (103) - Established by Resolution 2014-164
Volusia County C.R.A.'S - 2018 Preliminary
2018 Taxing Authority
2018
Proposed
Rate
2017 Total Final
Taxes
2017 Taxes @
95%
2018 Total
Taxes
2018 Taxes @
95%
Increase or
(Decrease)
Total Taxable Value *19,263,646 Volusia County - General Fund(@ millage not to exceed city millage)4.1655 29,637 28,155 38,069 36,166 8,010
-Base Value (2006)-(2034)10,124,427 Volusia County - Echo 0.2000 1,384 1,315 1,828 1,737 422
= C.R.A. Taxable 9,139,219 Volusia County - Forever 0.0994 626 595 908 863 268
Volusia County - Mosquito Control 0.1880 1,300 1,235 1,718 1,632 397
New Construction Taxable 0 Volusia County - Ponce Inlet Port Auth 0.0929 643 611 849 807 196
% of City's New Construction 0% Halifax Hospital 0.3546 2,616 2,485 3,241 3,079 594
Parcel Count-----> 59 City of Ormond Beach - Operating 4.1655 29,637 28,155 38,069 36,166 8,010
Total City Tax Base ----->3,465,549,293 CRA Taxes 9.2659 65,843 62,551 84,682 80,448 17,897
% C.R.A. of City Tax Base--->0.56%
2018 Taxing Authority
2018
Proposed
Rate
2017 Total Final
Taxes
2017 Taxes @
95%
2018 Total
Taxes
2018 Taxes @
95%
Increase or
(Decrease)
Total Taxable Value 32,891,919 Volusia County - General Fund 5.6944 109,060 103,607 109,325 103,859 252
-Base Value (1995)-(2036)13,693,302 Volusia County - Echo 0.2000 3,576 3,397 3,840 3,648 251
= C.R.A. Taxable 19,198,617 Volusia County - Forever 0.0994 1,618 1,537 1,908 1,813 276
Volusia County - Mosquito Control 0.1880 3,361 3,193 3,609 3,429 236
New Construction Taxable 2,516 Volusia County - Ponce Inlet Port Auth 0.0929 1,661 1,578 1,784 1,695 117
% of City's New Construction 0% Halifax Hospital 0.3546 6,760 6,422 6,808 6,468 46
Parcel Count-----> 138 City of Port Orange - Operating 4.8157 80,241 76,229 92,455 87,832 11,603
Total City Tax Base ----->3,244,763,623 CRA Taxes 11.4450 206,277 195,963 219,729 208,743 12,780
% C.R.A. of City Tax Base--->1.01%
2018 Taxing Authority
2018
Proposed
Rate
2017 Total Final
Taxes
2017 Taxes @
95%
2018 Total
Taxes
2018 Taxes @
95%
Increase or
(Decrease)
Total Taxable Value 43,630,459 Volusia County - General Fund 5.6944 82,338 78,221 80,132 76,125 (2,096)
-Base Value (1998)-(2036)29,558,416 Volusia County - Echo 0.2000 2,700 2,565 2,814 2,673 108
= C.R.A. Taxable 14,072,043 Volusia County - Forever 0.0994 1,222 1,161 1,399 1,329 168
Volusia County - Mosquito Control 0.1880 2,538 2,411 2,646 2,514 103
New Construction Taxable 1,743,307 Volusia County - Ponce Inlet Port Auth 0.0929 1,254 1,191 1,307 1,242 50
% of City's New Construction 3% Halifax Hospital 0.3546 5,104 4,849 4,990 4,741 (108)
Parcel Count-----> 302 City of Port Orange - Operating 4.8157 60,580 57,551 67,767 64,379 6,828
Total City Tax Base ----->3,244,763,623 CRA Taxes 11.4450 155,736 147,949 161,055 153,002 5,053
% C.R.A. of City Tax Base--->1.34%
2018 Taxing Authority
2018
Proposed
Rate
2017 Total Final
Taxes
2017 Taxes @
95%
2018 Total
Taxes
2018 Taxes @
95%
Increase or
(Decrease)
Total Taxable Value 234,004,736 Volusia County - General Fund 5.6944 594,339 564,622 668,541 635,114 70,492
-Base Value (1997)-(2026)116,601,454 Volusia County - Echo 0.2000 19,487 18,513 23,481 22,307 3,794
= C.R.A. Taxable 117,403,282 Volusia County - Forever 0.0994 8,818 8,377 11,670 11,087 2,709
Volusia County - Mosquito Control 0.1880 18,317 17,401 22,072 20,968 3,567
New Construction Taxable 99,389 Volusia County - Ponce Inlet Port Auth 0.0929 9,051 8,598 10,907 10,362 1,763
% of City's New Construction 20% Halifax Hospital 0.3546 36,839 34,997 41,631 39,549 4,552
Parcel Count-----> 1,570 City of South Daytona - Operating 7.8000 759,974 721,975 915,746 869,959 147,983
Total City Tax Base ----->581,511,464 CRA Taxes 14.4293 1,446,825 1,374,484 1,694,048 1,609,346 234,862
% C.R.A. of City Tax Base--->40.24%
Overall C.R.A. Taxes Total CRA Taxes By Source Taxing Authority
Overall C.R.A. Taxes 14,617,944
95% of C.R.A. Taxes 13,857,954
Total C.R.A. Taxable Volusia County - General Fund 5.6944 5,849,066 5,539,110 6,409,402 6,059,838 520,728 43.85%
Total Current C.R.A. Value 2,194,762,320 Volusia County - Echo 0.2000 180,105 171,100 204,091 193,886 22,786 1.40%
Total C.R.A. (Base Value) ***1,039,144,827 Volusia County - Forever 0.0994 81,497 77,422 101,433 96,361 18,939 0.69%
Total C.R.A. Taxable 1,155,617,493 Volusia County - Mosquito Control 0.1880 163,537 155,360 184,735 175,498 20,138 1.26%
Tax Base - Countywide Taxable 33,925,975,035 Volusia County - Ponce Inlet Port Auth 0.0929 80,811 76,770 91,286 86,722 9,952 0.62%
% C.R.A. of Total Tax Base 3.41% Volusia County - Fire Services 4.0815 0 0 8,377 7,958 7,958 0.06%
Volusia County - MSD 2.2399 0 0 4,597 4,367 4,367 0.03%
Total C.R.A. Parcel Count Total County----->6,355,016 6,019,762 7,003,921 6,624,630 604,868 47.91%
Total C.R.A. Parcels 15,893 Halifax Hospital 0.3546 328,905 312,460 348,441 331,019 18,559 2.38%
West Volusia Hospital 2.1751 72,466 68,843 82,263 78,150 9,307 0.56%
Total Hospital----->401,371 381,302 430,704 409,169 27,866 2.95%
CRA Name Negative $ Amount "Total Non-City Tax Transferral" -----> 6,756,387 6,401,064 7,434,625 7,033,799 632,734 50.86%
City of Daytona Beach - Operating 6.3333 2,904,229 2,759,018 3,264,829 3,101,588 342,570 22.33%
Total CRA Negative Value 0 D.B. Downtown Development Auth 1.0000 47,727 45,341 54,129 51,423 6,082 0.37%
City of DeLand - Operating 6.8231 208,978 198,529 244,047 231,845 33,316 1.67%
City of Deltona - Operating 7.8500 48,334 45,917 82,154 78,046 32,129 0.56%
City of Edgewater - Operating 6.7000 63,006 59,856 92,175 87,566 27,711 0.63%
City of Holly Hill - Operating 6.7500 1,170,377 1,111,858 1,315,763 1,249,975 138,117 9.00%
City of New Smyrna Beach - Operating 3.8416 162,699 154,564 325,884 309,590 155,026 2.23%
City of Orange City - Operating 8.5075 146,578 139,249 222,141 211,034 71,785 1.52%
City of Ormond Beach - Operating 4.1655 483,128 458,972 506,229 480,918 21,946 3.46%
City of Port Orange - Operating 4.8157 140,821 133,780 160,222 152,211 18,431 1.10%
City of South Daytona - Operating 7.8000 759,974 721,975 915,746 869,959 147,983 6.26%
Total Municipal-----> 6,135,851 5,829,059 7,183,319 6,824,153 995,094 49.14%
Overall C.R.A. Taxes-------->12,892,238 12,230,123 14,617,944 13,857,952 1,627,829 100.00%
Port Orange - Town Center (89)
South Daytona (91)
Port Orange - East Port (93)
2018 Taxes @
95%Taxing Authority
2018
Proposed
Rate
2017 Total Final
Taxes
Source: Volusia County Property Appraiser's Office
Increase or
(Decrease)
Ormond Beach North Mainland / Ormond Crossings (85)
CRA With Negative Taxable Value
% of Overall
CRA Taxes
2018 Total
Taxes
2017 Taxes @
95%
City of Edgewater
Legislation Text
104 N. Riverside Drive
Edgewater, FL 32132
File #:AR-2018-3439,Version:2
EDGEWATER COMMUNITY REDEVELOPMENT AGENCY AGENDA ITEM
SUBJECT:
Edgewater CRA Plan - Chapter 5 Financial Section
DEPARTMENT:
Community Redevelopment Agency
SUMMARY:
As per Board Member Mr.Conroy’s request,please find the attached section of the approved Edgewater CRA
Plan (Chapter 5 Financial Section).On pages 84,85,and 86,you can see the three different potential estimated
revenue projections based on Historical Growth Rates,City Growth Rates and Optimistic Growth Rates.If you
recall,the planning to develop the CRA Plan began in 2008 with the Vision Book and then the study for the
Finding of Necessity was approved in 2014,then Volusia County granted the approval of the Edgewater CRA
in November of 2014.
As you can see by comparing the 2018 Budget (attached)showing revenues of $155,688 compared to the
historical growth rate projections of $167,000 for 2018.The Edgewater CRA financial projections are only off
by approximately 9% or $11,312.
Link to Edgewater CRA Plan:
<http://www.cityofedgewater.org/sites/default/files/fileattachments/economic_development/page/1801/edgewat
ercraplan.pdf>
Chapter 5 begins on page 75 of the document
Link to Vision Book:
<http://www.cityofedgewater.org/sites/default/files/fileattachments/economic_development/page/271/edgewate
r_vision_book.pdf>
BUDGETED ITEM:☐ Yes ☐ No ☒ Not Applicable
BUDGET AMENDMENT REQUIRED:☐ Yes ☐ No ☒ Not Applicable
RECOMMENDED ACTION:
None at this time.
City of Edgewater Printed on 8/27/2018Page 1 of 1
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City of Edgewater
Community Redevelopment Agency
Revised Final Budget FY 2017 - 2018
January 8, 2018
Revised Final Budget FY 2017 - 2018
2
FY 2018
Revenues Expenses
County TIF $52,046 Land Appraisals $300
City TIF $60,174 Land Acquisition $145,213
Total Estimated Revenues $112,220 Way Finding Signs $10,000
DEO Special District Fee $175
Rollover $43,468
Total Proposed Expenses $155,688
Total Proposed Budget $155,688
Number of Personnel 0
Debt $0
Note: Ref FY 2015 - 2016 Revenue of $9,394 Originally Reserved for Gateway Park Project.
Per F.S. 163.370, redirecting $9,394 to purchase Way Finding Signs due to Gateway Park
Project placement on City of Edgewater CIP list for FY 2016 -2017
Chapter 5: Financial Analysis and Planning
70| City of Edgewater Community Redevelopment Plan
5.1 Estimating Increment Revenues
The creation of the Redevelopment Area is dependent upon the use of tax increment revenues for funding. This method
requires that the County freeze all taxable values on properties at the current rate to establish a base collection amount. The
future taxes collected (associated with tax base and property value increases) are placed in a separate account and
designated for specific uses in the form of the Edgewater Community Redevelopment Trust Fund. The Redevelopment
Trust Fund can be dedicated to general improvements.
The stream of prospective revenue is dependent on several factors, including the pace of redevelopment and development
in the Redevelopment Area, the content of the development, assessed and taxable values, the millage levied against the
taxable base, the rate of appreciation in the existing tax base, and the level of public intervention. Together, these variables
suggest a wide range of outcomes, all possible depending on the specific conditions analyzed.
Before focusing on the increment revenue estimates within the Redevelopment Area, a review of economic and
demographic trends in Volusia County and Edgewater was conducted to set the stage for the increment revenue
projections.
5.1.1 Volusia County
Ad valorem taxes are a main source of general revenue for Volusia County. During the economic boom of the mid
2000s, the taxable value in Volusia County grew quickly, climbing almost 30 percent between 2005 and 2006. After
2007, values began to drop, returning to levels seen in 2004 and 2005 before the boom. After several years of
decreasing values, taxable values began to stabilize in 2012, with a moderate increase shown in 2013. Figure 5.1
illustrates the distribution of the tax base by land use in Volusia County.
Figure 5.2 illustrates the tax base distribution for several land uses over the past 12 years. As shown, residential land
uses (including single-family, multi-family, mobile homes, and condo/townhomes) account for the majority of the tax
base, increasing slightly from 73 to 78 percent between 2002 and 2013.
City of Edgewater Community Redevelopment Plan | 71
Figure 5.2: Tax Base Distribution – Volusia County (Percentage of Total Tax Base)
(Source: Florida Department of Revenue)
Figure 5.1: Tax Base Distribution – Volusia County (Total Taxable Value)
(Source: Florida Department of Revenue)
72| City of Edgewater Community Redevelopment Plan
As presented in Figure 5.3, there is a positive relationship between taxable value per capita and income per capita. In
other words, taxable values are expected to increase as a community’s income increases. Therefore, as Volusia County
grows and income per capita increases, the community is likely to see higher taxable values as a result of infill and
redevelopment. Figure 5.3 presents the cumulative growth trend in income per capita and taxable value per capita for
Volusia County, dating back to the late 1970s. As shown, taxable values in Volusia County decreased significantly with
the recent economic recession, but are beginning to rebound and are projected to continue to increase over the next
five years, as income per capita continues to increase as well.
Figure 5.3: Taxable Value per Capita vs. Income per Capita – County Comparison
Source: Florida Legislature Office of Economic and Demographic Research (TaxVal) and Bureau of Economic Analysis (Income)
City of Edgewater Community Redevelopment Plan | 73
5.1.2 City of Edgewater
During the economic boom of the mid 2000s, the taxable value in Edgewater increased quickly, climbing almost 35
percent between 2005 and 2006. After 2007, values began to drop, returning to levels seen in 2004 and 2005 before
the boom. After several years of decreasing values, taxable values began to stabilize in 2012, with a moderate increase
shown in 2013. Figure 5.4 illustrates these trends in taxable value by land use in Edgewater.
Figure 5.4: Tax Base Distribution – City of Edgewater (Total Taxable Value)
Source: Florida Department of Revenue
74| City of Edgewater Community Redevelopment Plan
Figure 5.5 illustrates the tax base distribution for several land uses over the past 12 years. As shown, residential land
uses (including single family, multi-family, mobile homes, and condo/townhomes) account for the majority of the tax
base at around 77 percent. This indicates a slight decrease in the residential share, which has decreased from a high of
80 percent in 2002 as commercial uses have continued to increase their contribution to the tax base. Compared to the
tax base distribution of the county (shown in Figure 5.2), the City is more heavily-dependent on residential revenues.
This distribution is not the usual trend, as cities typically have a more diverse tax base than the county in which they
are located.
Figure 5.5: Tax Base Distribution – City of Edgewater (Percentage of Total Tax Base)
(Source: Florida Department of Revenue)
City of Edgewater Community Redevelopment Plan | 75
Figure 5.6 presents the relationship between taxable value per capita and income per capita for cities that have a
population of 18,000 to 30,000, within which Edgewater falls. As shown, Edgewater’s taxable value per capita is lower
than the other cities that have similar population. This would suggest that property in Edgewater is not over-priced and
there are opportunities for taxable values to increase.
In terms of permitting, since 2000, the City has seen a decline in the portion of single-family permits issued compared
to the County. Between 2000 and 2005, the City captured 6 percent of the total single-family permits issued within the
County. Between 2006 and 2009, this percentage dropped to 2 percent, but showed a slight recovery in 2010,
increasing to 3 percent of the County total. This permitting ratio is slightly lower than the population ratio of the City to
the County, which has been consistent at slightly more than 4 percent since the late 1990s.
Figure 5.6: Taxable Value per Capita vs. Income per Capita – City Comparison
(Source: Florida Legislature Office of Economic and Demographic Research (Taxable Values) and American Community
Survey, 2011, Income)
76| City of Edgewater Community Redevelopment Plan
5.1.3 Edgewater Community Redevelopment Area
During the economic boom of the mid 2000’s, the taxable value for parcels in the area now proposed as the
“Edgewater Community Redevelopment Area” grew quickly, climbing almost 40 percent in a single year between 2005
and 2006. After 2007, values began to drop, returning to levels seen in 2005 before the boom. After several years of
decreasing values, taxable values began to stabilize in 2012 and 2013. Figure 5.7 illustrates trends in taxable value by
land use in Edgewater. As a whole, the Redevelopment Area accounts for 9 percent of the City’s entire tax base.
Figure 5.7: Tax Base Distribution – Edgewater CRA
Source: Florida Department of Revenue
City of Edgewater Community Redevelopment Plan | 77
Figure 5.8 presents the tax base distribution for several land uses over the past 12 years. As shown, commercial land
uses (including stores, shopping centers, service stations, hotels/motels) account for a significant portion of the tax
base at around 50 percent, with residential land uses accounting for only 12 percent of the tax base in 2013. This
distribution varies greatly from that of the City of Edgewater and Volusia County, which are heavily driven by residential
uses. The Redevelopment Area also has a greater portion of office and vacant land contributing to the tax base
compared to the City or County, although there has been a significant decrease in the portion of the tax base attributed
to vacant land since 2002.
In addition to the more varied tax base, the area within the Redevelopment Area includes older buildings, on average.
Within the Redevelopment Area, the average age of all buildings is 42 years; within the city, the average is only 29
years, and within the county it is 39 years.
Figure 5.8: Tax Base Distribution – Edgewater CRA
Source: Florida Department of Revenue
78| City of Edgewater Community Redevelopment Plan
5.2 Increment Revenue Analysis
5.2.1 Revenue Projections
Comparison Analysis
The approach started with a top-down review of Florida, Volusia County, and Edgewater before focusing in on the
Redevelopment Area. Figure 5.9 presents the cumulative population growth rate for the state, county, and city dating
back to 1997. Since 1997, the state population has grown by more than 30 percent, averaging 1.8 percent annual
growth. The county has grown approximately 22 percent, averaging 1.3 percent annual growth, and the city has grown
approximately 17 percent, averaging 1.0 percent annual population growth. Next to each trend line, the average annual
population growth rate since 1997 is also indicated.
Figure 5.9: Cumulative Population Growth Comparison
Source: Florida Legislature Office of Economic and Demographic Research
City of Edgewater Community Redevelopment Plan | 79
Figure 5.10 presents the cumulative taxable value growth rate for the State, County, and City dating back to 1997.
Since 1997, the taxable value of Florida has grown by over 130 percent, averaging 5.3 percent annual growth. The tax-
able value in Volusia County has grown approximately 80 percent, averaging 3.7 percent annual growth, and the tax-
able value in the City of Edgewater has grown approximately 50 percent, averaging 2.7 percent annual population
growth.
Figure 5.10: Taxable Value—Cumulative Growth Comparison
Source: Florida Legislature Office of Economic and Demographic Research
80| City of Edgewater Community Redevelopment Plan
Table 5.1 illustrates the average age for single-family residential structures in the Redevelopment Area, city, and county,
as well as the weighted average taxable value per square foot for these structures and the average size of a single-
family home. As shown, the city has the newest homes, but the taxable value per square foot is the lowest compared to
the Redevelopment Area. However, the average home size is similar to the county and much higher than the
Redevelopment Area. This would suggest that residential property in the Redevelopment Area is older, smaller, and
more expensive per square foot than single family property in the city, on average.
Table 5.1: Single Family Residential Comparison
Source: Volusia County Property Appraiser Database (January 2014)
Map 5.2 expands on the data shown in Table 5.1, showing that distribution of single-family homes throughout Edgewater,
by age. As illustrated, the majority of homes built within the past few decades are located in the southwest section of the
city, which is primarily low-density residential development. As highlighted in the map, the Redevelopment Area is located in
the northeast section of the city, with a closer proximity to the Intracoastal Waterway and Atlantic coast, which are factors
that can drive up home values.
City of Edgewater Community Redevelopment Plan | 81
Map 5.2: Distribution of Single-Family Residential Properties by Age
82| City of Edgewater Community Redevelopment Plan
5.2.2 Increment Revenue Projections
The potential creation of the Redevelopment Area is dependent upon the use of increment revenue financing for
funding. Using this method, the County would freeze all taxable values within the Redevelopment Area at the current
rate to establish a base collection amount. The future taxes collected (associated with tax base and property value
increases) are placed into a separate account and designated for specific uses. The funds can be dedicated to
transportation or general improvements, or placed in the general fund with the base ad valorem revenues.
The analysis is based on the Final 2013 tax roll data obtained from the Florida Department of Revenue. The data from
the most recent assessment roll, used in connection with taxation by the Volusia County Property Appraiser and the
Volusia County Tax Collector, will provide the base year taxable value. The base year will be determined using the
assessment roll in use immediately prior to the adoption of the ordinance establishing the Redevelopment Trust Fund.
It is assumed, for the purposes of this Plan, that the base year will reflect this sum as the base year valuation.
However, any differences that may occur through inclusion or exclusion are relatively immaterial in the context of total
valuation. A higher or lower base sum would, of course, affect the ultimate tax collections to some degree. The actual
number will be officially certified by the Volusia County Property Appraiser upon adoption of the Plan and the
establishment of the Redevelopment Trust Fund as part of the statutorily required administrative process.
Specific increases in the tax base are shown in terms of expected development and its value. This expected
development is based exclusively on past patterns of activity adjusted for anticipated community redevelopment
activities within the Redevelopment Area. These programmatic assumptions offer a baseline for comparison with future
potential development.
For this analysis, the City of Edgewater’s 2013 millage rate has been used, and it is held constant over the planning
horizon. For the last several years, the operating millage of the City has been relatively unchanged. Additionally, the
Volusia County millage collected in Edgewater was held constant over the planning horizon.
As for the structure of the revenues which may accrue, only the taxable value(s) net of the base year taxable value is
considered in calculating current or future increment revenues.
The general procedures used to calculate available revenues are shown in the following calculations:
Assessed values, including new construction – Exemptions or exclusions = Current taxable values.
Current taxable values – Established base year taxable values = Net valuations subject to applicable jurisdictional
millages.
Net valuations × by applicable millages = increment revenues. Pursuant to the Community Redevelopment Act,
Section 163.387, F.S., the maximum revenue available to the Redevelopment Trust Fund will be 95 percent of the
calculated increment revenues.
For projection purposes, three different scenarios were developed that reflect different future growth rates for taxable
values in the Redevelopment Area. Additional details for each scenario are presented below.
Scenario #1
Ad valorem revenues associated with the increment revenue financing for the Redevelopment Area were estimated
using the projected growth of residential units and square footage of non-residential developments. The average taxable
City of Edgewater Community Redevelopment Plan | 83
values were indexed annually based on the positive correlation between population growth and taxable value increases
discussed previously, along with the historical growth trends of taxable values in the Redevelopment Area, by land use.
This index takes into consideration historical trends in the city, county, and state and ranges from 0.1 percent for
industrial uses and 0.9 percent for residential uses to 5.5 percent for non-residential uses, annually. Based on these
projections, if the current millage is held constant (6.5000 mils for the City, 5.8789 mils for the County), the ad
valorem taxes used for the Redevelopment Area fund are estimated to generate approximately $52.8 million between
2014 and 2053.
Additional growth scenarios are presented in this report that reflects more aggressive growth rates in taxable values
and potential revenues. Although more aggressive than the growth rates in Scenario #1, these scenarios still present
revenue projections that can reasonably be obtained. Since 1976, the taxable value per capita for residential property in
Volusia County has averaged a 5 percent annual increase, and commercial property has averaged a 3 percent annual
increase. Statewide, taxable values in Florida have averaged a 6 percent annual increase for residential property and a
more than 5 percent annual increase for commercial property.
Scenario #2
Scenario #2 reflects increased growth rates that are consistent with the historical growth rates in taxable values for the
entire city of Edgewater. This scenario estimates residential growth rates at 3.1 percent, with commercial growth at 6.5
percent and industrial growth at 5.3 percent. As it stands today, most of the commercial structures in the
Redevelopment Area are 60+ years old. As these properties are redeveloped, it is reasonable to assume that taxable
values will increase. With commercial development driving the Redevelopment Area tax base (as seen in Figure 5.8),
there is potential for significant growth in taxable values and ad valorem revenues. Using these higher annual growth
rates, the Scenario #2 increment revenue financing option would generate approximately $77.5 million between 2014
and 2053.
Scenario #3
Additionally, an optimistic growth rate scenario was developed. Scenario #3 has increased growth rates that are more
than Scenarios #1 and #2, bringing the average growth rate for all land uses more in line with the historical growth
rates of the entire county. This scenario projects the growth in taxable values for residential property at 4 percent
annually while boosting commercial up to 7 percent and industrial to 6.1 percent. The potential for the growth assumed
in this scenario is optimistic, but reasonable, with the aging residential, commercial, and industrial structures providing
opportunities for high value redevelopment. Using these rates, the increment revenue financing option generated
approximately $95.5 million between 2014 and 2053.
For each of the following scenarios, the following apply:
1. Projected total taxable value of all properties within Redevelopment Area. Projected growth rates by land use are
consistent with historical growth rates observed between 2002 and 2013 within Redevelopment Area. All figures
rounded to nearest thousand.
2. Difference between total taxable value (Item 1) for each year and base year (2013).
3. For projection purposes, millage rates are assumed to remain the same through 2053.
4. Increment revenue by year (Item 2), divided by 1,000 and multiplied by total millage rate (Item 3). All figures are
rounded to nearest thousand.
84| City of Edgewater Community Redevelopment Plan
Table 5.2: Edgewater Community Redevelopment Area Revenue Projections – Scenario #1 (Historical Growth Rates)
City County City County Total
2013 $61,405,000 ------
2014 $63,858,000 $2,453,000 6.5000 5.8789 $16,000 $14,000 $30,000
2015 $66,430,000 $5,025,000 6.5000 5.8789 $33,000 $30,000 $63,000
2016 $69,128,000 $7,723,000 6.5000 5.8789 $50,000 $45,000 $95,000
2017 $71,957,000 $10,552,000 6.5000 5.8789 $69,000 $62,000 $131,000
2018 $74,925,000 $13,520,000 6.5000 5.8789 $88,000 $79,000 $167,000
2019 $78,039,000 $16,634,000 6.5000 5.8789 $108,000 $98,000 $206,000
2020 $81,306,000 $19,901,000 6.5000 5.8789 $129,000 $117,000 $246,000
2021 $84,734,000 $23,329,000 6.5000 5.8789 $152,000 $137,000 $289,000
2022 $88,332,000 $26,927,000 6.5000 5.8789 $175,000 $158,000 $333,000
2023 $92,109,000 $30,704,000 6.5000 5.8789 $200,000 $181,000 $381,000
$1,020,000 $921,000 $1,941,000
2024 $96,075,000 $34,670,000 6.5000 5.8789 $225,000 $204,000 $429,000
2025 $100,239,000 $38,834,000 6.5000 5.8789 $252,000 $228,000 $480,000
2026 $104,611,000 $43,206,000 6.5000 5.8789 $281,000 $254,000 $535,000
2027 $109,203,000 $47,798,000 6.5000 5.8789 $311,000 $281,000 $592,000
2028 $114,027,000 $52,622,000 6.5000 5.8789 $342,000 $309,000 $651,000
2029 $119,094,000 $57,689,000 6.5000 5.8789 $375,000 $339,000 $714,000
2030 $124,417,000 $63,012,000 6.5000 5.8789 $410,000 $370,000 $780,000
2031 $130,011,000 $68,606,000 6.5000 5.8789 $446,000 $403,000 $849,000
2032 $135,889,000 $74,484,000 6.5000 5.8789 $484,000 $438,000 $922,000
2033 $142,067,000 $80,662,000 6.5000 5.8789 $524,000 $474,000 $998,000
$3,650,000 $3,300,000 $6,950,000
2034 $148,561,000 $87,156,000 6.5000 5.8789 $567,000 $512,000 $1,079,000
2035 $155,387,000 $93,982,000 6.5000 5.8789 $611,000 $553,000 $1,164,000
2036 $162,563,000 $101,158,000 6.5000 5.8789 $658,000 $595,000 $1,253,000
2037 $170,108,000 $108,703,000 6.5000 5.8789 $707,000 $639,000 $1,346,000
2038 $178,041,000 $116,636,000 6.5000 5.8789 $758,000 $686,000 $1,444,000
2039 $186,384,000 $124,979,000 6.5000 5.8789 $812,000 $735,000 $1,547,000
2040 $195,158,000 $133,753,000 6.5000 5.8789 $869,000 $786,000 $1,655,000
2041 $204,386,000 $142,981,000 6.5000 5.8789 $929,000 $841,000 $1,770,000
2042 $214,093,000 $152,688,000 6.5000 5.8789 $992,000 $898,000 $1,890,000
2043 $224,304,000 $162,899,000 6.5000 5.8789 $1,059,000 $958,000 $2,017,000
$7,962,000 $7,203,000 $15,165,000
2044 $235,046,000 $173,641,000 6.5000 5.8789 $1,129,000 $1,021,000 $2,150,000
2045 $246,348,000 $184,943,000 6.5000 5.8789 $1,202,000 $1,087,000 $2,289,000
2046 $258,240,000 $196,835,000 6.5000 5.8789 $1,279,000 $1,157,000 $2,436,000
2047 $270,754,000 $209,349,000 6.5000 5.8789 $1,361,000 $1,231,000 $2,592,000
2048 $283,922,000 $222,517,000 6.5000 5.8789 $1,446,000 $1,308,000 $2,754,000
2049 $297,781,000 $236,376,000 6.5000 5.8789 $1,536,000 $1,390,000 $2,926,000
2050 $312,368,000 $250,963,000 6.5000 5.8789 $1,631,000 $1,475,000 $3,106,000
2051 $327,721,000 $266,316,000 6.5000 5.8789 $1,731,000 $1,566,000 $3,297,000
2052 $343,881,000 $282,476,000 6.5000 5.8789 $1,836,000 $1,661,000 $3,497,000
2053 $360,894,000 $299,489,000 6.5000 5.8789 $1,947,000 $1,761,000 $3,708,000
$15,098,000 $13,657,000 $28,755,000
$27,730,000 $25,081,000 $52,811,000
Revenue (4)
Year Total Taxable
Value(1)
Tax(2)
Increment
Millage(3)
Sub-Total (Year 10)
Sub-Total (Year 20)
Sub-Total (Year 30)
Sub-Total (Year 40)
Total (2014-2053)
City of Edgewater Community Redevelopment Plan | 85
Table 5.3: Edgewater Community Redevelopment Area Revenue Projections – Scenario #2 (City Growth Rates)
City County City County Total
2013 $61,405,000 ------
2014 $64,410,000 $3,005,000 6.5000 5.8789 $20,000 $18,000 $38,000
2015 $67,594,000 $6,189,000 6.5000 5.8789 $40,000 $36,000 $76,000
2016 $70,967,000 $9,562,000 6.5000 5.8789 $62,000 $56,000 $118,000
2017 $74,539,000 $13,134,000 6.5000 5.8789 $85,000 $77,000 $162,000
2018 $78,324,000 $16,919,000 6.5000 5.8789 $110,000 $99,000 $209,000
2019 $82,334,000 $20,929,000 6.5000 5.8789 $136,000 $123,000 $259,000
2020 $86,583,000 $25,178,000 6.5000 5.8789 $164,000 $148,000 $312,000
2021 $91,087,000 $29,682,000 6.5000 5.8789 $193,000 $174,000 $367,000
2022 $95,861,000 $34,456,000 6.5000 5.8789 $224,000 $203,000 $427,000
2023 $100,922,000 $39,517,000 6.5000 5.8789 $257,000 $232,000 $489,000
$1,291,000 $1,166,000 $2,457,000
2024 $106,287,000 $44,882,000 6.5000 5.8789 $292,000 $264,000 $556,000
2025 $111,977,000 $50,572,000 6.5000 5.8789 $329,000 $297,000 $626,000
2026 $118,010,000 $56,605,000 6.5000 5.8789 $368,000 $333,000 $701,000
2027 $124,408,000 $63,003,000 6.5000 5.8789 $410,000 $370,000 $780,000
2028 $131,194,000 $69,789,000 6.5000 5.8789 $454,000 $410,000 $864,000
2029 $138,393,000 $76,988,000 6.5000 5.8789 $500,000 $453,000 $953,000
2030 $146,030,000 $84,625,000 6.5000 5.8789 $550,000 $498,000 $1,048,000
2031 $154,132,000 $92,727,000 6.5000 5.8789 $603,000 $545,000 $1,148,000
2032 $162,728,000 $101,323,000 6.5000 5.8789 $659,000 $596,000 $1,255,000
2033 $171,850,000 $110,445,000 6.5000 5.8789 $718,000 $649,000 $1,367,000
$4,883,000 $4,415,000 $9,298,000
2034 $181,530,000 $120,125,000 6.5000 5.8789 $781,000 $706,000 $1,487,000
2035 $191,804,000 $130,399,000 6.5000 5.8789 $848,000 $767,000 $1,615,000
2036 $202,708,000 $141,303,000 6.5000 5.8789 $918,000 $831,000 $1,749,000
2037 $214,282,000 $152,877,000 6.5000 5.8789 $994,000 $899,000 $1,893,000
2038 $226,568,000 $165,163,000 6.5000 5.8789 $1,074,000 $971,000 $2,045,000
2039 $239,611,000 $178,206,000 6.5000 5.8789 $1,158,000 $1,048,000 $2,206,000
2040 $253,458,000 $192,053,000 6.5000 5.8789 $1,248,000 $1,129,000 $2,377,000
2041 $268,160,000 $206,755,000 6.5000 5.8789 $1,344,000 $1,215,000 $2,559,000
2042 $283,771,000 $222,366,000 6.5000 5.8789 $1,445,000 $1,307,000 $2,752,000
2043 $300,348,000 $238,943,000 6.5000 5.8789 $1,553,000 $1,405,000 $2,958,000
$11,363,000 $10,278,000 $21,641,000
2044 $317,951,000 $256,546,000 6.5000 5.8789 $1,668,000 $1,508,000 $3,176,000
2045 $336,645,000 $275,240,000 6.5000 5.8789 $1,789,000 $1,618,000 $3,407,000
2046 $356,500,000 $295,095,000 6.5000 5.8789 $1,918,000 $1,735,000 $3,653,000
2047 $377,588,000 $316,183,000 6.5000 5.8789 $2,055,000 $1,859,000 $3,914,000
2048 $399,986,000 $338,581,000 6.5000 5.8789 $2,201,000 $1,990,000 $4,191,000
2049 $423,778,000 $362,373,000 6.5000 5.8789 $2,355,000 $2,130,000 $4,485,000
2050 $449,052,000 $387,647,000 6.5000 5.8789 $2,520,000 $2,279,000 $4,799,000
2051 $475,901,000 $414,496,000 6.5000 5.8789 $2,694,000 $2,437,000 $5,131,000
2052 $504,424,000 $443,019,000 6.5000 5.8789 $2,880,000 $2,604,000 $5,484,000
2053 $534,727,000 $473,322,000 6.5000 5.8789 $3,077,000 $2,783,000 $5,860,000
$23,157,000 $20,943,000 $44,100,000
$40,694,000 $36,802,000 $77,496,000
Sub-Total (Year 10)
Sub-Total (Year 20)
Sub-Total (Year 30)
Sub-Total (Year 40)
Total (2014-2053)
Revenue (4)Tax(2)
Increment
Millage (3)
Year Total Taxable
Value (1)
86| City of Edgewater Community Redevelopment Plan
Chapter 6: Capital Planning
Table 5.4: Edgewater Community Redevelopment Area Revenue Projections – Scenario #3 (Optimistic Growth Rates)
City County City County Total
2013 $61,405,000 ------
2014 $64,782,000 $3,377,000 6.5000 5.8789 $22,000 $20,000 $42,000
2015 $68,377,000 $6,972,000 6.5000 5.8789 $45,000 $41,000 $86,000
2016 $72,201,000 $10,796,000 6.5000 5.8789 $70,000 $63,000 $133,000
2017 $76,271,000 $14,866,000 6.5000 5.8789 $97,000 $87,000 $184,000
2018 $80,603,000 $19,198,000 6.5000 5.8789 $125,000 $113,000 $238,000
2019 $85,214,000 $23,809,000 6.5000 5.8789 $155,000 $140,000 $295,000
2020 $90,124,000 $28,719,000 6.5000 5.8789 $187,000 $169,000 $356,000
2021 $95,352,000 $33,947,000 6.5000 5.8789 $221,000 $200,000 $421,000
2022 $100,920,000 $39,515,000 6.5000 5.8789 $257,000 $232,000 $489,000
2023 $106,851,000 $45,446,000 6.5000 5.8789 $295,000 $267,000 $562,000
$1,474,000 $1,332,000 $2,806,000
2024 $113,169,000 $51,764,000 6.5000 5.8789 $336,000 $304,000 $640,000
2025 $119,900,000 $58,495,000 6.5000 5.8789 $380,000 $344,000 $724,000
2026 $127,071,000 $65,666,000 6.5000 5.8789 $427,000 $386,000 $813,000
2027 $134,714,000 $73,309,000 6.5000 5.8789 $477,000 $431,000 $908,000
2028 $142,859,000 $81,454,000 6.5000 5.8789 $529,000 $479,000 $1,008,000
2029 $151,541,000 $90,136,000 6.5000 5.8789 $586,000 $530,000 $1,116,000
2030 $160,796,000 $99,391,000 6.5000 5.8789 $646,000 $584,000 $1,230,000
2031 $170,663,000 $109,258,000 6.5000 5.8789 $710,000 $642,000 $1,352,000
2032 $181,183,000 $119,778,000 6.5000 5.8789 $779,000 $704,000 $1,483,000
2033 $192,400,000 $130,995,000 6.5000 5.8789 $851,000 $770,000 $1,621,000
$5,721,000 $5,174,000 $10,895,000
2034 $204,362,000 $142,957,000 6.5000 5.8789 $929,000 $840,000 $1,769,000
2035 $217,119,000 $155,714,000 6.5000 5.8789 $1,012,000 $915,000 $1,927,000
2036 $230,726,000 $169,321,000 6.5000 5.8789 $1,101,000 $995,000 $2,096,000
2037 $245,240,000 $183,835,000 6.5000 5.8789 $1,195,000 $1,081,000 $2,276,000
2038 $260,723,000 $199,318,000 6.5000 5.8789 $1,296,000 $1,172,000 $2,468,000
2039 $277,240,000 $215,835,000 6.5000 5.8789 $1,403,000 $1,269,000 $2,672,000
2040 $294,863,000 $233,458,000 6.5000 5.8789 $1,517,000 $1,372,000 $2,889,000
2041 $313,667,000 $252,262,000 6.5000 5.8789 $1,640,000 $1,483,000 $3,123,000
2042 $333,731,000 $272,326,000 6.5000 5.8789 $1,770,000 $1,601,000 $3,371,000
2043 $355,143,000 $293,738,000 6.5000 5.8789 $1,909,000 $1,727,000 $3,636,000
$13,772,000 $12,455,000 $26,227,000
2044 $377,994,000 $316,589,000 6.5000 5.8789 $2,058,000 $1,861,000 $3,919,000
2045 $402,382,000 $340,977,000 6.5000 5.8789 $2,216,000 $2,005,000 $4,221,000
2046 $428,412,000 $367,007,000 6.5000 5.8789 $2,386,000 $2,158,000 $4,544,000
2047 $456,197,000 $394,792,000 6.5000 5.8789 $2,566,000 $2,321,000 $4,887,000
2048 $485,856,000 $424,451,000 6.5000 5.8789 $2,759,000 $2,495,000 $5,254,000
2049 $517,518,000 $456,113,000 6.5000 5.8789 $2,965,000 $2,681,000 $5,646,000
2050 $551,320,000 $489,915,000 6.5000 5.8789 $3,184,000 $2,880,000 $6,064,000
2051 $587,408,000 $526,003,000 6.5000 5.8789 $3,419,000 $3,092,000 $6,511,000
2052 $625,939,000 $564,534,000 6.5000 5.8789 $3,669,000 $3,319,000 $6,988,000
2053 $667,080,000 $605,675,000 6.5000 5.8789 $3,937,000 $3,561,000 $7,498,000
$29,159,000 $26,373,000 $55,532,000
$50,126,000 $45,334,000 $95,460,000
Sub-Total (Year 10)
Sub-Total (Year 20)
Sub-Total (Year 30)
Sub-Total (Year 40)
Total (2014-2053)
Year Total Taxable
Value(1)
Tax(2)
Increment
Millage (3)Revenue(4)