TO: Chair and Members of the Board
FROM: Diane Colonna, Executive Director
DATE: October 20, 2016
Title
MCRA 5-YEAR FINANCING AND IMPLEMENTATION PLAN
Body
BACKGROUND: Last year, MCRA staff introduced a 5-year Financing and Implementation Plan ("Plan") that projected estimated revenue sources, and factored in the cost of planned projects, ongoing programs, and administrative expenses for the designated period.
The Plan is re-evaluated and adjusted annually as new information becomes available and projects and programs are added, amended or eliminated. The projections in the Plan are estimates based on the best information that is currently available and is intended to be used as a guide for preparing future budgets.
The 1st year of the Plan (FY2017) is the approved budget for the MCRA with FY's 2018-2021 serving as the strategic vision that guides redevelopment planning. The following section provides an overview of the Plan.
Executive Summary of 5-Year Plan (All CRA Funds)
The following section provides a summary of the Plan's sources and uses over the five-year period (i.e. FY 2017 - FY 2021).
Tax Increment: $29,131,626
City Center Land Sales: 7,385,200 (Phases 1 & 2)
Property Management (rents): 2,192,600
Miscellaneous Earnings: 63,000
Carry-forward Fund Balance: 14,673,422
Total Sources: $53,445,848
Operations: $ 8,447,141
Debt Service: 9,561,515
Redevelopment Projects: 29,344,240
Total Uses: $47,352,896
Total Reserves: $ 6,092,952
Plan Sources
Tax Increment
Tax increment for FY 2017 is based on preliminary taxable value figures provided by the Broward County Property Appraiser and an estimate of contributing authority millage rates. Taxable value growth for FY 2017 totals 7% with the Residential (9% growth) market segment being the primary growth driver. During the forecast period (i.e. FY 2018-2021), the Plan conservatively factors real estate value growth at 3% annually.
City Center La...
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