Submitted By: Roberto Ellis
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Presentation By: Aubrey Hale
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Department: Growth Management
STAFF RECOMMENDATION (Motion Ready):
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Discuss Ocala Community Redevelopment Agency Fiscal Year 2023 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). A CRA must file an annual report with the county or municipality that created the agency and publish the report on the agency’s website. 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 Ocala City Council in May 2024.
Document 2 - Performance Data & Plan Goals & Objectives These two items are contained in the attachment, Ocala CRA Fiscal Year 2023 Annual Report, which highlights the CRA activities and achievements.
FINDINGS AND CONCLUSIONS:
In Fiscal Year 2023, the CRA continued work on key capital projects such as Tucker Hill- Affordable Housing Project; Downtown streetscape improvements; and the Imagine North Magnolia Redevelopment project. A total of seven grants were approved totaling $131,119, two of these projects will lead to the preservation of historic buildings in the East Ocala CRA. The CRA provided $98,777 in reimbursement to applicants completing projects in Fiscal Year 2023. Favorable real estate valuations have had a positive impact on revenues allocated to the CRA subareas. As the City executes the Ocala Vision 2050 planning series, 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.
The CRA must prepare an annual report according to Section 163.371 of the Florida Statues. The independent financial audit will be reviewed by the Audit Committee. The annual report document meets the requirements set forth for performance data and CRA Plan consistency. Upon completion of the audit in May, staff will present the entire 2023 CRA Annual Report.
FISCAL IMPACT:
There is no fiscal impact as a result of adopting this Annual Report.
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
N/A
ALTERNATIVE:
N/A