Submitted By: Roberto Ellis
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Presentation By: Roberto Ellis
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Department: Growth Management
STAFF RECOMMENDATION (Motion Ready):
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Discuss Ocala Community Redevelopment Agency Fiscal Year 2023-24 Annual Report
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OCALA’S RELEVANT STRATEGIC GOALS:
Economic Hub
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
Section 163.371 of the Florida Statues (FS) specifies the annual reporting requirements for Community Redevelopment Agencies (CRAs). Each Agency must file an annual report with the county or municipality that created the agency and publish the report on the agency’s website by March 31. The report presented covers the period October 1, 2023, to September 30, 2024.
The report must include the following information:
1. Audit - The most recent complete audit report of the redevelopment trust fund as required in FS 163.387(8).
2. Performance data for CRA including the:
1.Total number of projects started and completed and the estimated cost for each project.
2.Total expenditures from the redevelopment trust fund.
3.Original assessed real property values within the community redevelopment agency’s area of authority as of the day the agency was created.
4.Total assessed real property values of property within the boundaries of the community redevelopment agency as of January 1 of the reporting year.
5.Total amount expended for affordable housing for low-income and middle-income residents.
3. Plan Goals & Objectives - A summary indicating the extent to which the community redevelopment agency has achieved the goals and objectives set out in its community redevelopment plan.
The above three items are addressed in two separate documents.
Document 1 - Audit In previous years, the CRA audit and financial statements were done as a part of the City’s Annual Comprehensive Finance Report. Starting in Fiscal Year 2020, the CRA had a stand-alone, independent audit performed. The independent audit will be reviewed by the Audit Committee and will be presented to the CRA Board and Ocala City Council at a future meeting.
Document 2 - Performance Data & Plan Goals & Objectives These two items are contained in the attachment, Ocala CRA Fiscal Year 2023-24 (FY24) Annual Report, which highlights the CRA activities and achievements.
The annual report document meets the requirements set forth for performance data and CRA Plan consistency. Upon completion of the audit, staff will publish the complete annual report to the City of Ocala website. Copies will also be printed and made available.
FINDINGS AND CONCLUSIONS:
The CRA implements its various programs, projects, and initiatives, in alignment with the respective CRA redevelopment plans and City Councils Strategic Priorities. The main highlights from the report are:
• Between FY19 and FY24, every dollar ($1) provided through the grant programs has leveraged approximately six dollars ($6) of private investment towards improving property.
• The North Magnolia CRA subarea saw the largest year-over-year change in property values, rising by eleven percent (11%), while the Downtown and West Ocala CRA subareas values increased by five percent (5%) each. The East Ocala CRA property values increased by nine percent (9 %).
• Total tax increment revenue increased from approximately $3.2 million in FY23 to $4.3 million in FY24. The West Ocala and East Ocala subareas had the largest increases.
• The CRA approved 24 grant applications value at approximately $1 million in incentives, to be paid out in the fiscal year when projects are completed. This is attributed to the new and revised grant programs made available by the CRA.
• Four of the grants approved will create 65 affordable housing units for low-income and middle-income residents.
• The CRA continues its debt servicing obligations for financing the Mary Sue Rich Community Center at Reed Place, making an annual payment of $480,000.
• A total of $1,078,120 was spent on capital improvement initiatives during the year. Projects completed included Heritage Trail Park and Tucker Hill infrastructure improvements in West Ocala; streetscape improvements in Downtown and East Ocala; and infrastructure improvements, along with the construction of a neighborhood park, in North Magnolia.
Favorable real estate valuations have had a positive impact on revenues allocated to the CRA subareas. As the City nears completion of Ocala Vision 2050 planning, the CRA will continue to be an integral part of the redevelopment process, addressing conditions of blight observed in neighborhoods, business districts, corridors and gateways.
FISCAL IMPACT:
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PROCUREMENT REVIEW:
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LEGAL REVIEW:
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ALTERNATIVE:
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