Proposed Southside St. Petersburg Community Redevelopment Plan

Proposed Southside St. Petersburg Community Redevelopment Planning Area

City Council Resolution 2012-416 (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.

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

Zones of Concentrated Poverty Pinellas County Poverty Study (May 2012)

Proposed Southside St. Petersburg CRA Boundary

Comparison of Southside St. Petersburg CRA with Zone 5

Zone 5 CRA Size

23.3 mi.2 7.4 mi.2

Population

74,275 34,300

Taxable Property Value

$2.7 B $487 M

Poverty Rate

25% 31%

Population Below Poverty, 2000 and 2011 Southside CRA and St. Petersburg

2000 2011

Southside City Southside City

Total Population 29.1% 13.3% 30.7% 15.3%

Under 18 39.7% 19.5% 45.2% 23.0%

65 and older 23.4% 10.8% 22.0% 11.8%

Establishing a Community Redevelopment Area

Prepare Blight Study

City Council Approves Study by Resolution (June 20th) o Making a “finding of necessity” o Requesting redevelopment authority from Pinellas County o Requesting authority to establish two TIF districts and

redevelopment trust funds

Pinellas County BCC grants redevelopment authority to City (July)

Public workshops and redevelopment plan creation (Summer and Fall 2013)

First Community Kickoff at PTEC (July 15th at 6:30)

The Community Redevelopment Act of 1969 Chapter 163, Part III of Florida Statutes

Existing Community Redevelopment Areas

Blight Criteria in Community Redevelopment Act Section 163.340(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 Inadequate and outdated building density patterns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.

Change in Total Assessed Property Value, 2007-12

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%)

Southside St. Petersburg CRA

Deteriorated Sites and Properties

Southside CRA Rest of City

Code Cases # #/1000 # #/1000 Difference

Population (2012 Est.) 34,730 212,943

Demolition 101 2.91 61 0.29 1,015%

Vacant/Boarded 677 19.5 350 1.64 1,186%

Junk and Outdoor Storage 66 1.9 231 1.1 175%

Property Maintenance 733 21.11 1,160 5.5 387%

Rate of Deterioration 1,577 45.4 1,802 8.5 537%

Deteriorated Sites and Properties

Impact of Designating the Southside St. Petersburg CRA

“Sunset” the four existing CRAs and include them in the Southside CRA o 16th 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. 163.380, FS)

Enables two tax increment financing districts o Melrose Mercy Area o 34th Street Corridor

Proposed Tax Increment Financing Districts

Existing TIF Districts in St. Petersburg

An Example of How TIF Districts Work

$49

$50

$51

$52

$53

$54

$55

$56

$57 Increment Base Year

Years

Under current millage rates every $1 million increase in property value over the base year is equal to ~ $11,800 in TIF revenue annually

Dis

tric

t P

ropert

y V

alu

e (

in $

mill

ion

)

Taxes on Base Value Returned to General Fund

Increase in Taxes over Base Value Set Aside for TIF Trust Fund

Pinellas County: 5.073 mills St. Petersburg: 6.770 mills

What Projects Can TIF Fund under Current Policy?

Examples

Land acquisition

Affordable housing development

Streetscape improvements

Environmental cleanup

Public parking

Trail improvements

Major stormwater management facilities

Site preparation and infrastructure improvements

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)

TIF Districts as % of Southside CRA Taxable Value

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

$487.4 M

7% Melrose Mercy = $33.1 M

34th Street = $101 M 21%

Projected City/County Annual Contribution to Two TIFs 2014-2053

$0

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

$7,000,000

2% Annual Growth Rate 4% Annual Growth Rate

2014 2033 2053

How Have the City’s Other TIF Districts Fared? Bayboro Harbor, 1988-2012

$0

$25,000

$50,000

$75,000

$100,000

$125,000

$150,000

$175,000

$200,000

$225,000

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

City County

No Revenue in TIF Fund

How Have the City’s Other TIF Districts Fared? Intown West, 1991-2012

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

City County

No Revenue in TIF Fund

Important Dates for Redevelopment Plan

E-blast to Affected Neighborhood and Business Associations May 24th

E-blast Target Area Businesses on E-mail List May 29th

Meet with Neighborhood and Business Associations May and June

Presentation to CONA June 19th

City Council Approves Findings of Necessity (Blight Study) June 20th

Pinellas County BOCC Delegates Redevelopment Authority July

Town Planning Meetings/Presentation of Draft Redevelopment Plan July 15 - October

Present Final Draft Redevelopment Plan to Public October *

Planning and Visioning Commission finds CRA Plan consistent with

Comprehensive Plan

October 8th *

City Council First Reading of CRA Plan/Redevelopment Trust Fund November 7th *

City Council Adopts CRA Plan and Redevelopment Trust Fund November 21st *

Pinellas County BOCC Approves Redevelopment Plan and Trust Fund 2014q1 *

* Tentative

Staff Contact

Rick D. Smith CRA Coordinator

Planning and Economic Development Department

rick.smith@stpete.org

727.893.7106

For more information, click on http://www.stpeteshines.com

and link to

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