CRA District Tax Increment Financing Analysis. Board Presentation of Draft Report March 24, 2016
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1 CRA District Tax Increment Financing Analysis Board Presentation of Draft Report March 24, 2016
2 Complete Assessment Of Entire CRA District Since Inception; Forecast TIF Revenues Thru 2045; Develop Funding Plan For City Services and Programs Study Goals Provide Comparative Analysis Of CRA Peers In Palm Beach and Broward County and A City Without A CRA Provide an Economic Analysis of The CRA s Contributions To The Delray Beach Economy
3 Growth of CRA Area Historical Market Value Growth
4 Growth of CRA Subareas Historical Market Value Growth Property Tax Calendar Years
5 Compounded Annual Rates of Market Value Growth In CRA Subareas Subarea Return % % % % % % % % Total CRA Area 7.30%
6 Dollar Growth of Market Values In CRA Subareas Subarea 30-year Dollar Change 1 324,367, ,446, ,665, ,992, ,716, ,062, ,224, ,111,811 Total CRA Area 2,014,589,343
7 Market Values By Property Use Subarea Residential Commercial Industrial Government/ NFP Misellaneous Uses Not Classified or Mixed Use 1 213,276, ,344,861-6,746, ,510, ,991,263 12,740,604 58,240,972 23,089, ,481, ,638,001 25,820, ,752 65,368, ,411,203 1,584, ,136 25,833, ,257,759 72,503,046 16,140, ,779 82, ,317,385 15,663,608 1,219,729 25,968, ,739,551 38,817,776 10,779,004 2,141, , ,578,816 4,775,810 8,369,633 46,124,218 1,893 -
8 Growth of CRA Area Historical Taxable Value Growth Compared To Historical Market Value Growth
9 800,000, ,000, ,000,000 Historical Taxable Value Growth of CRA Subareas 500,000, ,000, ,000,000 Subarea 1 Subarea 2 Subarea 3 Subarea 4 Subarea 5 Subarea 6 Subarea 7 Subarea 8 200,000, ,000,
10 Compounded Annual Rates of Taxable Value Growth In Subareas Subarea Compounded Return % % % % % % % % Total CRA Area 6.35%
11 Dollar Growth Of Taxable Values In CRA Subareas Subarea 30-year Dollar Change 1 222,261, ,039, ,241, ,572, ,999, ,894, ,014, ,445,896 Total CRA Area 1,312,469,317
12 Differences Between Market and Taxable Value Returns Of Each Subarea Compounded Market Value Return Compounded Taxable Value Return Taxable Value As % of Market Value Subarea % 5.98% -14.1% % 12.55% -10.9% % 4.69% -19.2% % 1.89% -56.7% % 5.68% -23.4% % 4.22% -24.5% % 4.29% -22.3% % 3.09% -29.6% Total CRA Area 7.30% 6.35% -13.0%
13 Dollar Differences Between Market and Taxable Values Subarea 30-year Dollar Change In Market Value 30-year Dollar Change In Taxable Value Difference 1 324,367, ,261, ,105, ,446, ,039, ,407, ,665,141 54,241,872 80,423, ,992,570 13,572,777 52,419, ,716, ,999,699 62,717, ,062,571 76,894,613 80,167, ,224,555 68,014,078 28,210, ,111,811 71,445,896 96,665,916 Total CRA Area 2,014,589,343 1,312,469, ,118,011
14 Base and Current Year Taxable Values By Subarea Subarea Base Year Values 2015 Values Difference 1 47,166, ,428, ,261, ,242, ,281, ,039, ,336,506 72,578,378 54,241, ,963,702 31,536,479 13,572, ,932, ,932, ,999, ,279, ,173,722 76,894, ,926,969 94,941,047 68,014, ,783, ,228,901 71,445,896 Total CRA Area 245,631,067 1,558,100,384 1,312,469,317
15 Subarea Taxable Value County TIF City TIF Total TIF TIF Revenue By Subarea and Source, FY ,428,230 1,009,606 1,490,939 2,500, ,281,558 2,948,211 4,353,783 7,301, ,578, , , , ,536,479 61,653 91, , ,932, ,159 1,053,161 1,766, ,173, , , , ,941, , , , ,228, , , ,800 1,558,100,384 5,961,793 8,804,103 14,765,897
16 Historical Contributions By Source and Subarea, Subarea Source Amount Percent of Total Total 27,262, % 1 County 10,563, % City 16,698, % Total 54,033, % 2 County 20,941, % City 33,091, % Total 7,889, % 3 County 3,051, % City 4,837, % Total 4,842, % 4 County 1,871, % City 2,970, % Total 21,831, % 5 County 8,440, % City 13,390, % Total 11,396, % 6 County 4,414, % City 6,981, % Total 11,168, % 7 County 4,319, % City 6,848, % Total 14,511, % 8 County 5,619, % City 8,891, % Total 152,934, % Total County 59,224, % City 93,710, %
17 TIF Revenue Forecast, Current Tax Rates (FY2016) Change From Year Forecasted Tax Base County TIF City TIF Total TIF Prior Year ,657,255,080 6,412,196 9,603,342 16,015, % ,903,937,160 7,532,731 11,281,531 18,814, % ,024,467,312 8,080,230 12,101,503 20,181, % ,366,152,821 9,632,311 14,426,005 24,058, % ,517,279,992 10,318,795 15,454,130 25,772, % ,614,725,271 10,761,433 16,117,054 26,878, % ,716,419,750 11,223,372 16,808,887 28,032, % ,822,570,609 11,705,555 17,531,036 29,236, % ,933,396,029 12,208,971 18,284,986 30,493, % ,049,125,806 12,734,665 19,072,301 31,806, % ,170,002,008 13,283,736 19,894,627 33,178, % ,296,279,661 13,857,342 20,753,700 34,611, % ,428,227,484 14,456,706 21,651,347 36,108, % ,566,128,661 15,083,111 22,589,495 37,672, % ,710,281,658 15,737,915 23,570,174 39,308, % ,861,001,089 16,422,547 24,595,525 41,018, % ,018,618,634 17,138,513 25,667,804 42,806, % ,183,484,005 17,887,402 26,789,391 44,676, % ,355,965,976 18,670,888 27,962,793 46,633, % ,536,453,468 19,490,739 29,190,658 48,681, % ,725,356,695 20,348,818 30,475,775 50,824, % ,923,108,386 21,247,090 31,821,089 53,068, % ,130,165,067 22,187,629 33,229,705 55,417, % ,347,008,431 23,172,624 34,704,900 57,877, % ,574,146,773 24,204,383 36,250,132 60,454, % ,812,116,524 25,285,343 37,869,051 63,154, % ,061,483,867 26,418,075 39,565,508 65,983, % ,322,846,445 27,605,295 41,343,570 68,948, % ,596,835,178 28,849,868 43,207,527 72,057, % ,884,116,180 30,154,821 45,161,913 75,316, %
18 6-year Actual or Budgeted Expenditures For City Projects and Programs Areawide & Neighborhood FY2011-FY2016 West Atlantic Redevelopment 1,869,899 Downtown-Master Plan 7,292,185 SW Neighborhood Plan 3,290,132 N. Federal Highway Redevelopment 44,492 Osceola Neighborhood 2,330,192 Other-Sidewalk (CIP) 529,589 NW/SW Neighborhood Alley (CIP) 300,000 Seacrest /Del Ida Plan 1,449,566 Pompey Park 200,000 Total 17,261,563 Redevelopment Projects NW/SW-5th Ave Beautification 784,261 Carver Square 135,936 Total 920,197 Community Imp & Economic Dev Grant Programs 1,373,952 DBMC & Downtown 2,109,587 City Contractual Services & Positions 11,025,381 Pineapple Grove 9,930 Community Resource Enhancement (A-GUIDE) 6,127,657 Green Market 657,677 Economic Development Initiatives 655,590 Digital Divide 130,867 OSS Retail Rent/Buildout 1,119,193 International Tennis Tournament 3,315,400 Warehouse / Arts Incubator 1,300,000 Total 27,825,234 US1 Corridor Improvements Debt Services 849,298 Grand Total 46,856,292
19 Concensus For Board To Continue Overseeing CRA Operations Interviews With Elected and Appointed Officials and Staff Unanimous Agreement That Scheduled Periodic Workshops Should Be Held Between Commission and Board CRA s Success Has Resulted In City Budget Issues Goal Should Be To Keep As Much Of County TIF Funds As Possible
20 City Expressed Concern That CRA Goals Are Not Aligned With Community Needs, Particularly Infrastructure Interviews With Elected and Appointed Officials and Staff Lack of Joint Workshops Has Probably Led To Misunderstanding of Board Efforts Commission Has Expressed Concern That Some Development Projects Of CRA Not Priorities or Desires of City Desire To Have Shared Vision That Is Monitored
21 Legal Concerns Regarding Reducing The City s TIF Interviews With Elected and Appointed Officials and Staff Shared Funding of Current Programs and Services Should Continue Board Generally Felt City Did Not Have A Full Appreciation of Its Level of Support What Is The End Game
22 Fiscal Year TIF Net City Cash Flow Forecast TIF Available After Reducing City Deficit Effect On CRA TIF When Funds Are Used For Reducing City Deficits ,015,538 (3,654,720) 12,360, ,814,262 (18,441,256) 373, ,181,733 (11,393,450) 8,788, ,058,316 (14,656,871) 9,401, ,772,925 (19,116,141) 6,656, ,878,487 (11,029,748) 15,848, ,032,259 (10,795,841) 17,236, ,236,590 (10,526,574) 18,710, ,493,957 (10,220,074) 20,273, ,806,965 (9,874,399) 21,932,567
23 Effect On CRA TIF When Funds Are Used For Reducing City Deficits, County Loss Of Funds Impact Fiscal Year TIF City Cash Flow Forecast TIF Available After Reducing City Deficit TIF Available If County Funds Proportionately Reduced ,015,538 (3,654,720) 12,360,818 10,898, ,814,262 (18,441,256) 373,006 (7,003,496) ,181,733 (11,393,450) 8,788,283 4,230, ,058,316 (14,656,871) 9,401,445 3,538, ,772,925 (19,116,141) 6,656,784 (989,672) ,878,487 (11,029,748) 15,848,740 11,436, ,032,259 (10,795,841) 17,236,418 12,918, ,236,590 (10,526,574) 18,710,017 14,499, ,493,957 (10,220,074) 20,273,883 16,185, ,806,965 (9,874,399) 21,932,567 17,982,807
24 County TIF Funding Lost If Deficits Are Financed By Reducing City s Contribution Fiscal Year County TIF Funding Lost ,461, ,376, ,557, ,862, ,646, ,411, ,318, ,210, ,088, ,949,759 Total 47,883,629
25 Envision The CRA In 2045 ( End Game ) and Work Backwards To Implement Vision Recommendations Maintain Current Board Structure and Oversight Implement Periodic Workshops Between Commission and Board With Action Items Maintain Current Coordination Of Staffs
26 Develop A Long-Term Financial Plan For City That Incorporates CRA Long-Term Financial Plan Recommendations Do Not Reduce TIF Through Elimination of Subareas or Other Area Contraction Preference Should Be Given To Contribution Reductions By Percent or Dollar Amount
27 Market Value Comparison Between CRA and City Fiscal Year Total City Market Value Change From Prior Year CRA Changes In Market Value Difference CRA Percent Of City Market Values ,677,106, ,970,026,911 8% ,232,905,017 7% 11% ,824,553,609 14% 66% 374% 16% ,438,135,827 13% 12% -6% 15% ,266,438,727 15% 23% 52% 16% ,248,585,022 16% 21% 36% 17% ,825,215,027 22% 33% 53% 19% ,937,071,793 35% 38% 8% 19% ,935,940,389 0% 3% NA 20% ,224,196,182-6% -6% 1% 20% ,280,584,827-17% -18% -1% 20% ,119,548,674-13% -12% 6% 20% ,942,508,722-2% -3% -13% 20% ,998,166,069 1% 0% NA 20% ,701,989,160 9% 10% 11% 20% % 386.9% 88%
28 Peer Group Comparisons Agency Size CRA Total Acreage Pompano Beach East 158 Hollywood Beach Area 239 Boca Raton 344 Fort Lauderdale Central Beach 344 West Palm Beach Northwood 459 Lake Worth 518 Hollywood Downtown 580 West Palm Beach City Center 990 Riviera Beach 1,044 Boynton Beach 1,650 Hallandale Beach 1,920 Delray Beach 1,961 Pompano Beach Northwest 3,084
29 Peer Group Comparisons Year Created CRA Year Created Boca Raton 1980 Boynton Beach 1982 Pompano Beach East 1984 Pompano Beach Northwest 1984 Riviera Beach 1984 West Palm Beach City Center 1984 Delray Beach 1985 Hallandale Beach 1985 Fort Lauderdale Central Beach 1989 Lake Worth 1989 West Palm Beach Northwood 1993 Hollywood Beach Area 1997 Hollywood Downtown 1997
30 Peer Group Comparisons Sunset Year CRA Sunset Year West Palm Beach City Center 2014 Fort Lauderdale Central Beach 2020 Hollywood Beach Area 2023 Hollywood Downtown 2023 West Palm Beach Northwood 2023 Boca Raton 2025 Hallandale Beach 2026 Lake Worth 2031 Boynton Beach 2044 Pompano Beach Northwest Delray Beach 2045 Pompano Beach East Riviera Beach Pompano Beach is currently in litigation with Broward County regarding the extension of the CRA term.
31 Peer Group Comparisons Base Year Taxable Value CRA Base Year Taxable Value Boca Raton 73,763,740 West Palm Beach Northwood 86,933,276 Hollywood Downtown 103,167,427 Fort Lauderdale Central Beach 118,537,320 Riviera Beach 132,767,499 Lake Worth 136,427,940 Pompano Beach East 136,437,980 Delray Beach 245,631,067 West Palm Beach City Center 251,511,950 Pompano Beach Northwest 297,388,021 Boynton Beach 309,821,849 Hallandale Beach 377,757,750 Hollywood Beach Area 545,881,010
32 Peer Group Comparisons Current Year TIF Value CRA Current Year TIF Value Lake Worth 175,272,497 West Palm Beach Northwood 286,768,468 Pompano Beach East 356,428,920 Hollywood Downtown 560,881,500 Riviera Beach 699,330,308 Fort Lauderdale Central Beach 791,672,620 Boynton Beach 797,500,525 Pompano Beach Northwest 850,703,940 Boca Raton 1,046,328,743 Hallandale Beach 1,186,025,250 Delray Beach 1,312,469,317 West Palm Beach City Center 1,860,942,074 Hollywood Beach Area 2,676,809,490
33 Peer Group Comparisons Board Governance CRA Number of Elected Officials Boca Raton 5 Boynton Beach 5 1 Fort Lauderdale 7 Hallandale Beach 5 Hollywood 7 Number of Appointed Board Members Lake Worth 7 Pompano Beach 6 Riviera Beach 5 West Palm Beach 6 Delray Beach 7 1 A 7-member advisory board was recently created.
34 Peer Group Comparisons City Requested Funding CRA City Funding FY2016 Lake Worth 20,000 Pompano Beach 55,382 Fort Lauderdale 94,497 Riviera Beach 123,979 Boynton Beach 200,000 Boca Raton 2,000,000 Hallandale Beach 2,240,928 Hollywood 2,934,267 West Palm Beach 3,576,593 Delray Beach 3,621,367
35 Peer Group Comparison Current Year Budget With and Without Carryforward Balances Total Budget TIF Amounts Carryforward Amounts Budget Without TIF & Carryforward Amounts (Other Revenues) Lake Worth 2,954,128 1,705,236 1,165,392 83,500 Hollywood, Downtown 8,621,340 5,889,420 2,664,720 67,200 Boynton Beach 10,419,593 9,319, ,100,000 Pompano Beach 16,991,693 9,077,445 7,600, ,332 Fort Lauderdale 17,045,063 9,713,118 1,575,512 5,756,433 Hallandale Beach 17,218,552 8,690,421 4,885,586 3,642,545 Delray Beach 26,026,456 14,757,176 7,557,636 3,711,644 Boca Raton 26,977,200 8,300,000 7,796,200 10,881,000 Riviera Beach 28,175,272 7,122,728 11,758,624 9,293,920 Hollywood, Beach 32,734,291 27,383,861 5,215, ,000 West Palm Beach 46,230,891 28,357,087 17,027, ,198
36 Peer Group Comparisons Virtually All Cities In Broward and Palm Beach Counties Have Community Redevelopment Agencies. Neither Munilytics Nor CRA Staff Could Find A Comparable City Without A CRA Comparison of Similar City Without A CRA
37 CRA Project Expenditures Subarea Project Expenditures Draft. Project Subarea Assignments Are Currently Incomplete. Some projects overlap subareas or are Area-wide. The expenditures do not include all Business and Residential Improvements Grants, and Affordable Housing acquisitions and subsidies. Project Expenditures Area Wide/Unassigned 110,532,514 1-Beach District 1,261,768 2-Central Core/Downtown 43,545,278 3-W. Atlantic Avenue 62,152,749 4-NW Neighborhood 2,390,235 5-N. Federal Hwy. 2,912,482 6-Seacrest/Del Ida 2,387,033 7-Osceola Park 4,289,118 8-SW Neighborhood 18,519,732 Total 247,990,909
38 Economic Impacts One-time Impacts From New Construction Total Impact Metropolitan Area Initial Impact 537,409,127 Final Demand, output 1,165,640,397 Tota Impact 1,703,049,525 Employment 11,392 Earnings 392,254,922
39 Economic Impacts Estimated Annual Impact and Annual Employment Use Employees Payroll Initial Impact Hotel Uses ,147,562 Retail and Restaurant Uses ,949,304 Office Uses 1,320 65,346,296 Warehouse/Industrial Use 114 3,539,208 Total 2, ,982,370 Direct Effect Hotel Uses ,737,031 Retail and Restaurant Uses ,222,895 Office Uses 2,132 84,865,235 Warehouse/Industrial Use 143 4,417,286 Total 3, ,242,447 Total Impact Hotel Uses ,884,593 Retail and Restaurant Uses 1,547 43,172,199 Office Uses 3, ,211,531 Warehouse/Industrial Use 257 7,956,494 Total 6, ,224,817
40 Economic Impacts Estimated Impact From CRA Investments Initial Impact Direct Effect Total Impact Jobs Earnings Average Wage 173,642, ,270, ,913,249 3, ,546,896 35,399
41 Changes In Property Values Comparing Changes In Property Values Inside the CRA Area to Those in the City Outside the CRA Area Delray Beach, Not In CRA Change In Market Value, Change In Taxable Value, % 124% Delray Beach CRA Area 319% 312% Percent Difference 211% 251%
42 Sample Project Impacts Atlantic Grove Value To City $9,852,275 Jobs During Construction Estimated Annual Jobs
43 Sample Project Impacts Pineapple Grove Village Value To City $35,580,011 Jobs During Construction Estimated Annual Jobs
44 Sample Project Impacts City Walk Value To City $15,022,994 Jobs During Construction Estimated Annual Jobs
45 Sample Project Impacts Hyatt Place Delray Beach Value To City $13,729,123 Jobs During Construction Estimated Annual Jobs
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