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October, 2016 <br />AL <br />INA <br />(ASSELBERRY <br />oi1l <br />CASSELBERRY CRA JUSTIFICATION REPORT <br />EXECUTIVE SUMMARY <br />The City of Casselberry requests an amendment to the Delegation of Authority to extend the <br />lifetime of the CRA for a period of 8 years (to year 2025). The Casselberry CRA requests this <br />extension to recover from the double economic impact of the Recession and the loss of land and <br />reduction of marketability due to the construction of the Flyover at the intersection of US <br />Highway 17/92 and SR 436. The extension will provide an opportunity to the CRA to recover <br />from these impacts and capitalize on several developments currently under construction. <br />The negative impacts have been measured to include; <br />• An overall loss of Incremental Value in the CRA of 65% since FY 2009 resulting in a <br />reduction of TIF of over 59.9% during that time. <br />• FDOT acquired 34 parcels containing 13.5 acres. <br />• The valuation of the 34 parcels is estimated at $26 million. <br />• The land acquisition by FDOT resulted in the taking of 18 entire properties and 8 partial <br />takings. <br />• A total of 14 businesses were forced to close which employed 64 persons. <br />• Access and visibility will be reduced due to the construction of the ramps for the Flyover. <br />Activities of the CRA have included; <br />• Incentive Programs <br />• Farade Improvements <br />• Infrastructure Improvements <br />• Aesthetic Improvements <br />• Land Acquisition <br />The CRA proposes to continue these activities as well as add; <br />• Acquiring additional properties for future redevelopment <br />• Acquiring additional properties for the expansion of Lake Concord Park <br />• Conduct a marketing and Branding Program to enhance business opportunities. <br />Casselberry CRA Extension Page 1 <br />