City of Cape Canaveral Community Redevelopment Agency

Annual Report

Fiscal Year 2016-17

City of Cape Canaveral Community Redevelopment Agency

100 Polk Avenue - Cape Canaveral, FL 32920 Phone 321-868-1220

TABLE OF CONTENTS

Letter of Transmittal 3

SECTION I. Community Redevelopment Agency Officials 4

SECTION II. Introduction 5

SECTION III. Financial Statements/Taxable Value 7

SECTION IV. Accomplishments 9

SECTION V. Summary 14

City of Cape Canaveral 2016-17 Community Redevelopment Agency Annual report Page 12

City of Cape Canaveral Community Redevelopment Agency

100 Polk A venue, Cape Canaveral, FL 32926 (321 )868-1220

Brevard County Property Appraiser City of Cape Canaveral City Council Brevard County County Manager

March 27, 2018

RE: City of Cape Canaveral Community Redevelopment Agency Annual Report - FY 2016-17

Ladies and Gentlemen,

Please find enclosed the City of Cape Canaveral Community Redevelopment Agency Annual Financial Report for 2016-17.

Per F.S. 163.356(3)(c), " ... An agency authorized to transact business and exercise powers under this part shall file with the governing body, on or before March 31 of each year, a report of its activities for the preceding fiscal year, which report shall include a complete financial statement setting forth its assets, liabilities, income, and operating expenses as of the end of such fiscal year. At the time of filing the report, the agency shall publish in a newspaper of general circulation in the community a notice to the effect that such report has been filed with the county or municipality and that the report is available for inspection during business hours in the office of the clerk of the city or county commission and in the office of the agency."

The fiscal year for the CRA is October 1 through September 30. This Report is for the period from October 1, 2016 to September 30, 2017 (FY 2016-17).

Should you have any questions, please contact me at 321-868-1220.

OJ'~ David Dickey, Community Redevelopment Agency Director

Attachment

Cc: David L. Greene, City Manager/CRA Registered Agent Anthony Garganese, City/CRA Attorney Mia Goforth, City/CRA Clerk

SECTION I

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Community Redevelopment Agency Officials

The activities and programs offered within the City of Cape Canaveral (City) Community Redevelopment Area are administered by the Community Redevelopment Agency (CRA). The City CRA consists of five members who are the same individuals as those serving as the City Council. The CRA Board is staffed by the City at no cost to the CRA. CRA Board members and Staff at the close of the 2016/17 fiscal year are listed below.

CRA Board Members

Betty Walsh, Brendan McMillin, Bob Hoog, Mike Brown, Rocky Randels

Chairman Vice Chairman Board Member Board Member Board Member Registered Agent CRA Attorney CRA Director CRA Clerk Financial Officer

CRA Board & Staff Bob Hoog (City Mayor) Betty Walsh (City Mayor Pro Tern) Mike Brown (City Council Member) Rocky Randels (City Council Member) Brendan McMillin (City Council Member) David L. Greene (City Manager) Anthony Garganese (City Attorney) David Dickey (City Community Development Dir.) Mia Goforth, CMC (City Clerk) John DeLeo (City Finance Director)

SECTION II Introduction

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PURPOSE STATEMENT The purpose of the City of Cape Canaveral Redevelopment Plan is to establish

an economically viable program for managed growth which will stimulate economic development and improve the quality of life in the community and

surrounding areas

Chapter 163.387 (8), Florida Statute, requires that the City file an annual report of its financial activities with the taxing authorities each year for the preceding fiscal year. This annual report has been prepared to meet that obligation and is filed for fiscal year 2016/17 ending September 30, 2017.

This report sets forth: (1) the organization and membership of the Community Redevelopment Agency and its Board members, (2) organization and membership of the administration, (3) public and private projects within the CRA Area and (4) financial statement of liabilities, income and operating expenses.

In 2009, the City initiated the "Envision Cape Canaveral" effort, which set the stage for a series of redevelopment activities. One of these, the establishment of a City Vision Statement, ultimately led to the creation of the City's CRA.

Between the years of 2007 and 2011, property valuation data, collected from the Brevard County Property Appraiser's Office, indicates an average decline of 41 percent in commercial and industrial areas and 47 percent in residential areas within the Community Redevelopment Area.

The City CRA was established in 2012 with the signing of an Interlocal Agreement between the City and Brevard County. The CRA includes 766 acres or 56 percent of the City's land area (see Figure 1).

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CITY OF CAPE CANAVERAL FINDING OF NECESSITY FIG RE 1: CRA BO DARY

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SECTION III Financial Statements/Taxable Value

The CRA is funded through tax increment financing which earmarks a specific portion of property tax revenue for redevelopment within the CRA area without levying additional taxes. Within the CRA area, Brevard County and the City continue to receive property tax revenue based on the property values of the area in 2012 - the CRA's base year. As indicated below in Figure 2, the CRA area has increased in value approximately $99 million since its creation in 2012.

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Figure 2

Base Year

City of Cape Canaveral 2016-17

CRA Valuation

2013 2014 2015

Community Redevelopment Agency Annual report

329

2016 2017

Page 17

CITY OF CAPE CANAVERAL, FLORIDA STATEMENT OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES - BUDGET TO ACTUAL CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY FUND

FOR THE YEAR ENDED SEPTEMBER 30, 2017

Budgeted Amounts Variance Positive

Original Final Actual (Negative) Revenues

Taxes Intergovernmental 475 503 515,003 515,003

Total Revenues 475 ,503 515 ,003 515 ,003

Expenditures Current:

Community Redevelopment 54,822 192,826 102,732 90,094 Capital Outlay 285,000 298,820 245,320 53,500

Total Expenditures 339,822 491 ,646 348,052 143,594

Excess (deficiency) of revenues Over expenditures 135,681 23 ,357 166,951 143,594

Other financing sources Transfers in 60,000 60,000 Transfers out (135 ,681) (83 ,357) (83 ,357)

Total other financing sources (135 ,681) (23 ,357) (23 ,357)

Net change in fund balances 143,594 143,594

Fund balances, beginning of year (466,535) (466,535) (466,535)

Fund balances, end of year (466,535) (466,535) (322,941) 143,594

Source: City of Cape Canaveral Comprehensive Annual Financial Report

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SECTION IV Accomplishments

The City CRA is in its 5th year of operation and has increased in value approximately $100 million since its creation in 2012. The resulting Tax Increment Revenue allows for the continued expansion of public infrastructure and other programs that directly affects our City. Some of the notable projects - both public and private - during 2016/17 include:

North Atlantic Avenue Streetscape Project

This Project included construction of improvements to North Atlantic Avenue from the intersection with SR Al A to Port Canaveral. Streetscape improvements included construction of storm water bio-swales, a pedway/sidewalk system and an irrigation system. Solar-powered lighting, pole banners, decorative crosswalks and landscaping were also installed. CRA funds were pledged towards the project.

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Lift Station No. 6

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Lift Station No. 6 primarily services the area located north of West Central Boulevard and east of SR AIA. Replacement of this Lift Station included construction of a new wet well; installation of new pumps, electronics and plumbing; and installation of new water and sewer lines to service existing and future developments in the northern portion of the City. Due to the criticality of the new lift station, an emergency generator was also installed. CRA funds were pledged for the repayment of costs associated with oversizing the station for future growth in this area of the City.

New Commercial Projects Announced

Several significant commercial projects within the CRA area were announced during the reporting period, including:

• Dual-Branded Hotel - 9004 Astronaut Boulevard. This project includes 254 rooms and is valued at $25 million.

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• Springhill Suites Hotel - 655 W. Central Boulevard. This project includes 150 rooms and is valued at $13 million.

• Comprehensive Health Services, Inc. - 8600 Astronaut Boulvard -Comprehensive Health Services, Inc. announced in early 2017 that it would be relocating its Corporate Headquarters to Cape Canaveral. The redevelopment includes a $13 million capital investment and employing 400 full-time equivalent employees with an average annual salary of $66,000.

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SECTIONV Summary

The CRA continued to build forward momentum through the 2016-17 fiscal year as evidenced by a 12 percent increase in its assessed value and the announcment of several large commercial projects, including:

• Dual Brand Hotel - 9004 Astronaut Boulevard - $25 million • Springhill Suites Hotel - 655 W. Central Boulevrad - $13 million • Comprehensive Health Services, Inc. - 8600 Astronaut Blvd. - $4 million

The CRA is a tool for the city and property owners to help improve property values, business revenues and economic growth within the City of Cape Canaveral. The CRA strives to provide comprehensive support for the community, property owners and businesses. For more information visit the CRA's webpage at www.cityofcapecanaveral.org.

You can learn about: • Attending upcoming Board meetings

• Minutes and agendas from prior meetings • Financial information for the CRA

• Contact information on how the CRA can help you

All CRA Board meetings are open to the public and are held quarterly in the Council Chambers at City Hall, 100 Polk Avenue. Please check the City Calendar at www.cityofcapecanaveral.org for meeting dates. We encourage you to attend!

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