Proposed Southside St. Petersburg Community Redevelopment Plan

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1 Proposed Southside St. Petersburg Community Redevelopment Plan

2 Proposed Southside St. Petersburg Community Redevelopment Planning Area

3 City Council Resolution (September 6, 2012) Request feedback from the Pinellas County Board of County Commissioners concerning establishing a tax increment financing district to improve the quality of life for St. Petersburg residents living in at-risk communities with a high concentration of poverty.

4 Zones of Concentrated Poverty Pinellas County Poverty Study (May 2012) East Tarpon (2,400 acres) 20% Poverty Rate $343 million value North Greenwood (9,152 acres) 25% Poverty Rate $1.8 billion value High Point (3,981 acres) 27% Poverty Rate $668 million value Lealman (10,982 acres) 19% Poverty Rate $1.62 billion value St. Petersburg (14,906 acres) 25% Poverty Rate $2.7 billion value

5 Proposed Southside St. Petersburg CRA Boundary

6 Comparison of Southside St. Petersburg CRA with Zone 5 Zone 5 CRA Size 23.3 mi mi. 2 Population 74,275 34,300 Taxable Property Value $2.7 B $487 M Poverty Rate 25% 31%

7 Population Below Poverty, 2000 and 2011 Southside CRA and St. Petersburg Southside City Southside City Total Population 29.1% 13.3% 30.7% 15.3% Under % 19.5% 45.2% 23.0% 65 and older 23.4% 10.8% 22.0% 11.8%

8 Establishing a Community Redevelopment Area Prepare Blight Study City Council Approves Study by Resolution (June 20 th ) o Making a finding of necessity o Requesting redevelopment authority from Pinellas County o The Community Redevelopment Act of 1969 Chapter 163, Part III of Florida Statutes Requesting authority to establish two TIF districts and redevelopment trust funds First Community Kickoff at PTEC (July 15 th at 6:30) Pinellas County BCC grants redevelopment authority to City (July/August) Public workshops and draft redevelopment plan creation (Summer and Fall 2013)

9 Existing Community Redevelopment Areas

10 Blight Criteria in Community Redevelopment Act Section (8), FS 1. Predominance of defective or inadequate street layout 2. Stagnant or falling assessed real property values for the last five years 3. Faulty lot layout 4. Unsanitary or unsafe conditions 5. Deteriorated site or other improvements 6. Inadequate and outdated building density patterns 7. Falling lease rates on nonresidential property relative to community at large 8. Tax or special assessment delinquency exceeding the fair value of the land 9. High comparative residential and commercial vacancy rates 10. Incidence of crime in the area higher than in the remainder of the city 11. Fire and EMS calls to area are higher than in the remainder of the city 12. Violations of Florida Building Code in excess of those in the remainder of city 13. Diversity of ownership or conditions of title preventing the free alienability of land; and 14. Governmentally owned property with adverse environmental conditions caused by a public or private entity.

11 Change in Total Assessed Property Value, Southside St. Petersburg CRA Property Appraiser Valuation Method Assessed Just Market Taxable 2007 Total Value $1.53 B $1.9 B $1.11 B 2012 Total Value $892.5 M $910.5 M $487.4 M Change in Value ($637.4 M) ($979.6 M) ($622.4 M) Change in CRA Value (41.7%) (51.8%) (56.1%) Change in Citywide Value (22.3%) (37.3%) (32.8%)

12 Deteriorated Sites and Properties Southside CRA Rest of City Code Cases # #/1000 # #/1000 Difference Population (2012 Est.) 34, ,943 Demolition ,015% Vacant/Boarded ,186% Junk and Outdoor Storage % Property Maintenance , % Rate of Deterioration 1, , %

13 Deteriorated Sites and Properties

14 Impact of Designating the Southside St. Petersburg CRA Sunset the four existing CRAs and include them in the Southside CRA o 16 th Street South (1982) o Dome Industrial Park Pilot Project (2000) o Tangerine Avenue (2003) o Dome Industrial Park (2007) Allows flexible disposition of city owned land for less than fair value (Sec , FS) Enables two tax increment financing districts o Melrose Mercy Area o 34 th Street Corridor

15 Proposed Tax Increment Financing Districts

16 Existing TIF Districts in St. Petersburg

17 An Example of How TIF Districts Work $57 Increment Base Year District Property Value (in $ million) $56 $55 $54 $53 $52 $51 $50 $49 Under current millage rates every $1 million increase in property value over the base year is equal to ~ $11,800 in TIF revenue annually Pinellas County: St. Petersburg: Increase in Taxes over Base Value Set Aside for TIF Trust Fund Taxes on Base Value Returned to General Fund Years mills mills

18 What Projects Can TIF Fund under Current Policy? Land acquisition Examples Affordable housing development Streetscape improvements Environmental cleanup Public parking Trail improvements Major stormwater management facilities Site preparation and infrastructure improvements

19 What Projects Cannot be Funded by TIF? Examples Projects that can be funded by an enterprise fund Installation, construction or repairing any public capital improvement scheduled in CIP within 3 yrs of plan Marketing and special event expenses Government operating expenses unrelated to implementing the redevelopment plan Streetscape maintenance Operational costs of CRA office Undergrounding utilities Administrative expenses related to plan implementation Neighborhood improvements (streetlights, sidewalks, pocket parks)

20 TIF Districts as % of Southside CRA Taxable Value $500 $450 Melrose Mercy = $33.1 M 7% $ th Street = $101 M 21% $350 $300 $250 $487.4 M $200 $150 $100 $50 $0

21 Projected Annual Revenue in Melrose/Mercy TIF $1,600,000 2% Annual Growth Rate 4% Annual Growth Rate $1,400,000 $20.5 million cumulative revenue $1,200,000 $1,000,000 $800,000 $600, $400,000 $200, $7.6 million cumulative revenue $

22 Projected Annual Revenue in 34 th Street TIF $4,500,000 $4,000,000 2% Annual Growth Rate 4% Annual Growth Rate $62.5 million cumulative revenue $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500, $1,000, $500, $21.9 million cumulative revenue $

23 How Have the City s Other TIF Districts Fared? Bayboro Harbor $250,000 $225,000 $200,000 City County 0.77% average annual growth rate in property values $175,000 $150,000 $125, % average annual growth rate in property values $100,000 $75,000 $50,000 $25,000 $0 No Revenue in TIF Fund

24 How Have the City s Other TIF Districts Fared? Intown West $800,000 $700,000 City County $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 No Revenue in TIF Fund

25 Annual % Change in Property Values, Intown CRA 40% 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% Intown averaged 7 percent growth over 18 years

26 Important Dates for Redevelopment Planning City Council Approves Findings of Necessity (Blight Study) June 20 th Pinellas County BOCC Delegates Redevelopment Authority July/August Town Planning Meetings/Presentation of Draft Redevelopment Plan July 15 Fall 2013 Present Final Draft Redevelopment Plan to Public Winter 2014 * Planning and Visioning Commission finds CRA Plan consistent with Spring 2014 * Comprehensive Plan City Council First Reading of CRA Plan/Redevelopment Trust Fund Spring 2014 * City Council Adopts CRA Plan and Redevelopment Trust Fund Spring 2014 * Pinellas County BOCC Approves Redevelopment Plan and Trust Fund Spring 2014 * * Tentative

27 Revitalizing Southside St. Petersburg Two Plans with One Goal Community Redevelopment Plan 2020 Plan Land Use and Transportation Infrastructure (Roads, Utilities, etc) Parks and Trails Commercial Development Housing & Neighborhood Revitalization Business Development Social Enterprise Development Closing the Health Gap Restoring the Family Education & Workforce Training Wealth Building Capital Formation Critical Capacity Building

28 Staff Contact Rick D. Smith CRA Coordinator Planning and Economic Development Department For more information, click on and link to Proposed Southside CRA under What s Hot