STATE ROAD 100 CORRIDORCOMMUNITY REDEVELOPMENT AREA

Bulldog DriveRight-of-Way Acquisition Status

March 9, 2010

Presentation for City Council Workshop

SR 100 CRA Background and Purpose

• Background– Established April 20, 2004– 30 Year Time Horizon– Tax Increment Financing (future revenue from CRA

pays for improvements to encourage redevelopment)

• Purpose– Improve and/or Redevelop Blighted Areas

• Midway Subdivision

• Whispering Pines Subdivision

– Establish the City’s “Downtown” or Urban Core– Encourage Development of Additional Commercial

Corridor (Alternative to Palm Coast Parkway)

SR 100 CRA Completed Projects

• Master Plan Updated• Central Park Improvements• Land Acquisitions• I-95 / State Road 100 Gateway Features• Bulldog Drive Project Development and

Engineering Report• CRA Financing Approved

Future Capital Improvements

High Priority Projects

• Bulldog Drive• Central Park Enhancements Phases II and III• Civic Architecture (Community Center)• Other (Historic Property/Site Rehabilitation)• State Road 100 (Sidewalk, Traffic Signal/Mast Arm

Assembly, Gateway Signage)

Existing Bulldog Drive Corridor

Potential Bulldog Drive Enhancements

FY 2009/2010 Budget

• Tax Increment Revenue . . . . . . . . . . .$ 1,439,800• Investment Earnings . . . . . . . . . . . . . .$ 4,900• Loan Proceeds . . . . . . . . . . . . . . . . . . $ 4,000,000

TOTAL REVENUES. . . . . . . . . . . . . . .$ 5,444,700

• Professional Services. . . . . . . . . . . . . $ 100,000• Land Purchases . . . . . . . . . . . . . . . . . $ 2,900,000• Bulldog Drive Design. . . . . . . . . . . . . $ 300,000• Central Park . . . . . . . . . . . . . . . . . . . . $ 120,000• Debt Service . . . . . . . . . . . . . . . . . . . .$ 706,750• Contingency . . . . . . . . . . . . . . . . . . . . $ 1,317,950

TOTAL EXPENSES. . . . . . . . . . . . . . $ 5,444,700

Implementation

Short-Term• Approve Current Loan• Complete Right-of-Way Acquisition for Bulldog Drive• Complete Design & Construction Plans for Bulldog Drive• Additional Property Acquisitions in Target Areas• Central Park Improvements

Long-Term• Additional Financing• Bulldog Drive Construction• Additional Capital Improvements per CRA Plan

Proposed Alignment

Third Coast Holdings, LLC

Ajram Cole

Flagler County School District

Status of Right-of-Way Acquisitions

• Flagler County School District– City Attorney Drafting Interlocal Agreement– No Cost to CRA to Obtain ROW

• Ajram– Negotiations Ongoing

• Third Coast Holdings, LLC– Approved Redevelopment Agreement (Sonic)– Never Executed Due to Financial Markets– Owner has Offered to Sell to City– Should City Staff Pursue Acquisition?

Status of Right-of-Way Acquisitions Cole Property

• Appraisal– Arms Length Transaction Opinion of Value: $435,000– Not a True Arms Length Transaction

• Negotiations– Previous Discussions Before Downturn, Cole desired $1,200,000– Initial Offer by City Staff was Appraised Value– Further Negotiations Concluded with Proposed Contract Signed

by Cole for $800,000

• Attorney’s Opinion– Alternative to Reaching Agreement would be Eminent Domain– Difference Between Appraised Value and Contract Price is within

the Range of Anticipated Eminent Domain Costs– Eminent Domain would only Result in the ROW, not the Whole

Parcel

Implementation

Future Actions• Cole Property Acquisition (March 16 Business Meeting)• Interlocal Agreement with Flagler County School District• Further Negotiations with Ajram• Further Negotiations with Third Coast Holdings, LLC• Design & Construction Plans for Bulldog Drive