Windshield Inventory of Substandard Buildings within Proposed CRA Village of Palm Springs CONGRESS AVENUE SUB-AREA

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4 CONGRESS AVENUE SUB-AREA 1195 South Congress Avenue Former Regency Party Rental Warehouse 3.09 acres 2017 Taxable Value = $1,700,000 Second Floor and Rear Warehouse Not Occupiable Florida Building Code/Fire Preventation Code fire separation deficiencies (front leased to office use) Property Served by Septic Tank Lack of Sanitary Sewer Infrastructre in Area

5 CONGRESS AVENUE SUB-AREA 1219 South Congress Avenue Former Mermaid Club acres 2017 Taxable Value = $347,094 Shell Only - Interior Renovations Needed for Florida Building Code compliance Property Served by Septic Tank Lack of Infrastructure in Area Parking Lot Needs to be Resurfaced / Restriped

6 CONGRESS AVENUE SUB-AREA 1670 South Congress Avenue True Tabernacle of Jesus Christ acres 2017 Taxable Value = $1,286,608 Interior Renovations Needed for Florida Building Code compliance Place of Assembly Requires Connection to Sanitary Sewer System (currently serviced by Septic Tank - lack of sanitary sewer infrastructre in area) Lack of Drainage Infrastructure / On-site Retention Needed Parking Lot needs to be resurfaced / restriped

7 CONGRESS AVENUE SUB-AREA 1706 South Congress Avenue Vacant Business acres 2017 Taxable Value = $303,260 Interior Renovations Needed for Florida Building Code compliance Lack of Sanitary Sewer Infrastructre in Area Served by Septic Tank Lack of Drainage Infrastructure / On-site Retention Needed

8 CONGRESS AVENUE SUB-AREA 1658 Lone Pine Way Nonconforming Residential Use acres 2017 Taxable Value = $87,242 Lack of Arterial Frontage Limits Viability of Commercial Parcel Antiquated Residential Units Illegal Storage

9 CONGRESS AVENUE SUB-AREA 1144 South Congress Avenue Quonset Hut Storage Building acres 2017 Taxable Value = $214,758 Interior Renovations Needed for Florida Building Code compliance Property Served by Septic Tank Lack of Sanitary Sewer Infrastructure in Area Parking Lot needs to be Resurfaced / Restriped Lack of Arterial Frontage limits viability of Commercial Parcel

10 CONGRESS AVENUE SUB-AREA 3325 Forest Hill Boulevard Former Cushman s acres 2017 Taxable Value = $640,849 Abandoned Building (distribution with storefront retail) Interior Renovations Needed for Florida Building Code compliance Parking Lot Used by Neighboring Medical Office in Disrepair

11 CONGRESS AVENUE SUB-AREA 3206 Forest Hill Boulevard Paradise Mobile Home Park acres (38 units) 2017 Taxable Value = $1,016,087 Antiquated Mobile Home Park (not registered with DBPR) Units Missing Windows, Lack of Working A/C Units, Roof Issues

12 LAKE WORTH ROAD SUB-AREA nd Avenue North Former Beer Depot acres 2017 Taxable Value = $176,705 Parcel Substandard Dimensions for Commercial Parcel Interior Renovations Needed for Florida Building Code compliance Deficient Parking 1200 square foot Building

13 LAKE WORTH ROAD SUB-AREA nd Avenue North Former Keller Residence acres 2017 Taxable Value = $205,382 Historic Residence (1923) Converted to Apartments Part of Commercial Parcel (Contractor s Office / Storage Yard)

14 LAKE WORTH ROAD SUB-AREA 3930 Belle Vue Avenue Chico s Towing and Auto Repair acres 2017 Taxable Value = $94,221 Two Substandard Parcels (Nonconforming Dimensions for Commercial Parcel) Temporary Structures (metal sheds) being used for Permanent Business Deficient Parking / Storage Area for Customers Vehicles

15 LAKE WORTH ROAD SUB-AREA 3431 and 3435 Lake Worth Road Former Meat Market (Retail) acres 2017 Taxable Value = $306,209 Two Substandard Parcels (Nonconforming Widths for Commercial Parcels) Deficient Parking / Drainage (although plenty of land area for improvements) Code Violations for Unapproved Food Preparation / Restaurant Commissary / Improper Waste Handling / Unlicensed Business

16 LAKE WORTH ROAD SUB-AREA 4326 Lake Worth Road Accessory Structure without Principal Structure acres 2017 Taxable Value = $111,559 Substandard Parcels (Nonconforming Depth for Commercial Parcel) Former Garage Not Florida Building Code Compliant for Principal Use Vacant Property Subject of Litter/Dumping

17 LAKE WORTH ROAD SUB-AREA 4236 Lake Worth Road Former Commercial Plaza 4.25 acres 2017 Taxable Value = $2,650,000 Building Shell Only - Interior Improvements Uncompleted (County Permit Expired) Compliance with New Building Codes Necessary Prior to Occupancy Property Vacant Since Annexation and Subject of Litter/Dumping

18 LAKE WORTH ROAD SUB-AREA 3854 South Military Trail Former Restaurant with Drive-Thru acres 2017 Taxable Value = $ Sanitary Sewer Issues due to Improper Maintenance of Private Lift Station Inadequate Grease Trap (and maintenance) for Fast Food Restaurant Vacant Property Subject of Litter/Dumping

19 LAKE WORTH ROAD SUB-AREA 3772 South Military Trail Former Funeral Home acres 2017 Taxable Value = $542,992 Substandard Building Finished Floor Elevation Drainage Issues Vacant Property Subject of Litter/Dumping

20 T REASURE C OAST R EGIONAL P LANNING C OUNCIL I NDIAN R IVER S T. L UCIE M ARTIN P ALM B EACH M E M O R A N D U M TO RICHARD READE, VILLAGE MANAGER KIM GLAS-CASTRO, LAND DEVELOPMENT DIRECTOR FROM KIM DELANEY, DIRECTOR OF STRATEGIC DEVELOPMENT & POLICY DATE NOVEMBER 7, 2017 RE GENERAL TIF PROJECTIONS & POTENTIAL CRA CAPITAL AND PROGRAM ESTIMATES FOR PROPOSED VILLAGE OF PALM SPRINGS CRA (REVISED) The purpose of this memorandum is to provide generalized tax increment financing (TIF) projections for review regarding the proposed Community Redevelopment Area (CRA). Tax increment financing is a tool available to community redevelopment agencies in Florida as allowed under Chapter 163, Part III, Section 387, FS. The Village is considering two Sub-Areas within its CRA: Congress Avenue CRA Sub-Area and Lake Worth Road CRA Sub-Area. Boundary maps for the subject areas, as identified by the Village, are included as Attachments A and B. Utilizing data from the Palm Beach County Property Appraiser s Office, a preliminary review of the six-year assessed and taxable valuations for the proposed CRA Sub-Areas and Village has been conducted. While both assessed and taxable valuations are included for data purposes, the TIF projections will utilize the taxable valuations. The six-year value trends are positive for both the CRA Sub-Areas and Village, with significant property value increases assigned in the past two years in both districts. A summary of the six-year trends are presented below: VILLAGE OF PALM SPRINGS PROPOSED CRA 6-YEAR TREND OF ASSESSED VALUES PROPOSED PROPOSED LAKE VILLAGE OF PALM PALM BEACH CONGRESS AVE WORTH ROAD SPRINGS COUNTY CRA SUB-AREA CRA SUB-AREA 6-year rate of change (aggregated) 43.70% % 34.48% 32.78% Year-over-Year rate of change 8.74% 28.49% 6.90% 6.56% Bringing Communities Together Est SW Camden Avenue - Stuart, Florida Phone (772) Fax (772)

21 Given the rates of fluctuation in values over time, it appears the properties in both CRA Sub-Areas were substantially reassessed within the timeframe for analysis due to longterm undervaluation. Value trends have been established following the economic recession that began to appear in property valuations in There is no known pending specific redevelopment or infill development activity in either Sub-Area that would indicate an isolated substantial increase in total values. Therefore, assuming a slow, consistent pace of annual growth and considering substantial recent adjustments in assessed values, a series of TIF projections have been calculated assuming conservative growth rates of 1.5% and 2.5%. The projections assume FY 2016 base year values of $95,479,501 (Congress Avenue CRA Sub-Area) and $121,777,632 (Lake Worth Road CRA Sub-Area) with a constant millage rates on taxable property for the Village (3.6500) and Palm Beach County (4.7815) and does not include any other Palm Beach County property tax (i.e., PBC Debt Service, etc.) and/or Non Ad-Valorem assessment (i.e., PBC Library Operating and Debt, PBC Fire-Rescue MSTU, etc.). Additionally, the revised schedule does not propose to collect funding from any of the Independent Special Districts that maintain jurisdiction within the proposed CRA districts. Finally, the Village s Debt Service rate has also been removed from the proposed TIF amounts projected to be collected. The tables indicate the potential assessed values and TIF contributions from the Village and Palm Beach County as well as the total potential annual TIF.

22 POTENTIAL ASSESSED VALUE ASSUMES 1.5% GROWTH ANNUAL VILLAGE CONTRIBUTION (3.650 MILS EST.) POTENTIAL ANNUAL ASSESSED VALUES & TIF PROJECTIONS VILLAGE OF PALM SPRINGS - CONGRESS AVE CRA SUB-AREA ANNUAL COUNTY CONTRIBUTION ( MILS EST.) TOTAL POTENTIAL ANNUAL TIF BASE ASSESSED VALUE (2016) $95,479,501 POTENTIAL ASSESSED VALUE ASSUMES 2.5% GROWTH ANNUAL VILLAGE CONTRIBUTION (3.650 MILS EST.) ANNUAL COUNTY CONTRIBUTION (EST MILS) TOTAL POTENTIAL ANNUAL TIF 2018 $96,911, $4,966 $6,506 $11,472 $97,866, $8, $10, $19, $98,365, $10,007 $13,109 $23,116 $100,313, $16, $21, $38, $99,840, $15,123 $19,811 $34,934 $102,820, $25, $33, $58, $101,338, $20,316 $26,614 $46,930 $105,391, $34, $45, $79, $102,858, $25,587 $33,519 $59,106 $108,026, $43, $56, $100, $104,401, $30,937 $40,527 $71,464 $110,726, $52, $69, $122, $105,967, $36,367 $47,641 $84,008 $113,495, $62, $81, $144, $107,556, $41,879 $54,861 $96,739 $116,332, $72, $94, $167, $109,170, $47,473 $62,189 $109,662 $119,240, $82, $107, $190, $110,807, $53,151 $69,628 $122,779 $122,221, $92, $121, $214, $112,469, $58,914 $77,178 $136,092 $125,277, $103, $135, $238, $114,157, $64,764 $84,841 $149,606 $128,409, $114, $149, $263, $115,869, $70,702 $92,620 $163,321 $131,619, $125, $164, $289, $117,607, $76,729 $100,514 $177,243 $134,910, $136, $179, $315, $119,371, $82,846 $108,528 $191,373 $138,282, $148, $194, $342, $121,162, $89,054 $116,661 $205,716 $141,739, $160, $210, $370, $122,979, $95,356 $124,917 $220,273 $145,283, $172, $226, $398, $124,824, $101,753 $133,296 $235,049 $148,915, $185, $242, $428, $126,696, $108,245 $141,801 $250,047 $152,638, $198, $259, $457, $128,597, $114,835 $150,434 $265,269 $156,454, $211, $276, $488, $130,525, $121,524 $159,196 $280,720 $160,365, $224, $294, $519,733

23 POTENTIAL ASSESSED VALUE ASSUMES 1.5% GROWTH ANNUAL VILLAGE CONTRIBUTION (3.650 MILS EST.) POTENTIAL ASSESSED VALUES & TIF PROJECTIONS VILLAGE OF PALM SPRINGS - LAKE WORTH ROAD CRA SUB-AREA ANNUAL COUNTY CONTRIBUTION ( MILS EST.) TOTAL POTENTIAL ANNUAL TIF BASE ASSESSED VALUE (2016) $121,777,632 POTENTIAL ASSESSED VALUE ASSUMES 2.5% GROWTH ANNUAL VILLAGE CONTRIBUTION (3.650 MILS EST.) ANNUAL COUNTY CONTRIBUTION (EST MILS) TOTAL POTENTIAL ANNUAL TIF 2018 $123,604,296 $6,334 $8,297 $14,631 $124,822,073 $10,557 $13,829 $24, $125,458,361 $12,763 $16,719 $29,482 $127,942,625 $21,377 $28,004 $49, $127,340,236 $19,288 $25,268 $44,556 $131,141,190 $32,468 $42,533 $75, $129,250,340 $25,912 $33,944 $59,856 $134,419,720 $43,836 $57,426 $101, $131,189,095 $32,634 $42,751 $75,385 $137,780,213 $55,489 $72,691 $128, $133,156,931 $39,458 $51,690 $91,147 $141,224,718 $67,433 $88,337 $155, $135,154,285 $46,384 $60,762 $107,146 $144,755,336 $79,675 $104,374 $184, $137,181,600 $53,413 $69,971 $123,385 $148,374,220 $92,224 $120,813 $213, $139,239,324 $60,548 $79,318 $139,867 $152,083,575 $105,086 $137,662 $242, $141,327,914 $67,791 $88,806 $156,596 $155,885,665 $118,270 $154,933 $273, $143,447,832 $75,141 $98,435 $173,577 $159,782,806 $131,783 $172,636 $304, $145,599,550 $82,602 $108,209 $190,812 $163,777,376 $145,634 $190,781 $336, $147,783,543 $90,175 $118,130 $208,305 $167,871,811 $159,832 $209,379 $369, $150,000,296 $97,862 $128,199 $226,061 $172,068,606 $174,384 $228,443 $402, $152,250,301 $105,664 $138,420 $244,084 $176,370,321 $189,300 $247,983 $437, $154,534,055 $113,583 $148,794 $262,376 $180,779,579 $204,589 $268,012 $472, $156,852,066 $121,621 $159,323 $280,944 $185,299,069 $220,261 $288,541 $508, $159,204,847 $129,779 $170,010 $299,789 $189,931,545 $236,324 $309,584 $545, $161,592,920 $138,060 $180,858 $318,917 $194,679,834 $252,788 $331,153 $583, $164,016,813 $146,464 $191,868 $338,333 $199,546,830 $269,665 $353,261 $622, $166,477,066 $154,995 $203,044 $358,039 $204,535,501 $286,963 $375,921 $662,884

24 It should be noted these are conservative projections which should be further refined with additional analysis of property valuations and redevelopment potential within the proposed CRA Sub-Areas. POTENTIAL CRA CAPITAL PROJECTS Based on staff discussions and an analysis of opportunities and deficiencies in the Congress Avenue and Lake Worth Road Sub-Areas, an identification of potential CRA capital projects has been developed for the Village s consideration as it advances its redevelopment efforts. These capital projects are typical for CRAs and can be funded through a variety of funding sources, including CRA TIF revenue as well as grants, loans, developer contributions, and other public and private funding sources. Additional projects and redevelopment programs may be identified as the Village advances its redevelopment efforts with the development of a CRA Redevelopment Plan. VILLAGE OF PALM SPRINGS CRA POTENTIAL CAPITAL IMPROVEMENTS PROJECTS Sewer Force Main Extension (Congress Ave) $3,100,000 Drainage Improvements (LW Road) $1,610,000 Pedestrian Access Improvements (Congress Ave) $1,840,000 Pedestrian Access Improvements (LW Road) $1,000,000 Mid-Block Crosswalks (LW Road) $500,000 Traffic Improvements (Davis Street, LW Road) $2,500,000 Underground Aerial Utility Lines $11,460,000 Streetscaping & Landscaping (Congress Ave) $2,740,000 Streetscaping & Landscaping (LW Road) $1,540,000 Transit Improvements (Shelters, Benches) $1,160,000 TOTAL $27,450,000 It should be noted these projected capital improvements costs are generalized and should be further refined through additional analysis of redevelopment needs within the individual Sub- Areas as well as the identification of appropriate redevelopment programs to remedy the economic deficiencies in the CRA.

25 ATTACHMENT A BOUNDARY MAP OF VILLAGE OF PALM SPRINGS PROPOSED COMMUNITY REDEVELOPMENT AGENCY BOUNDARY CONGRESS AVENUE CRA SUB-AREA

26 ATTACHMENT B BOUNDARY MAP OF VILLAGE OF PALM SPRINGS PROPOSED COMMUNITY REDEVELOPMENT AGENCY BOUNDARY LAKE WORTH ROAD CRA SUB-AREA