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October, 2016 <br />Complete approximately $20.25 million in Infrastructure improvements. However, the <br />eight year extension will not generate sufficient funds for those projects. <br />Financial Impacts of the extension and completion of the Redevelopment Program <br />The district will experience a reversal of the decline in valuation in the future <br />o Lake Concord Park, Bainbridge Casselberry Apartments, and several smaller <br />projects are currently under construction, adding over 500 residential units and <br />more taxable income to the area. <br />o Taxable Value is expected to increase from $144 million in 2016 to $246 million <br />in 2025. <br />o In the year 2025, the CRA will generate TIF revenue that is positive from 2009 of <br />200%. <br />The district will maintain a positive Cash Flow throughout the timeframe of the extension <br />due to phasing of capital expenditures. <br />o The capital projects recommended for the district will be completed in 2025. <br />o The CRA will generate $9 million in TIF through the additional eight years. <br />Combined with cash on hand, the CRA will have $7.9 million available to commit <br />to the necessary projects. <br />o The expenditures through the additional eight years equal $9 million, allocated as <br />follows: <br />Operations - $1.1 million <br />Capital improvements/Incentives/Branding - $7.9 million <br />• Recommended projects are: <br />o Land Acquisition for the expansion of Lake Concord Park <br />o Land Acquisition for key commercial properties to <br />redevelop <br />o Building a parking garage to serve City Hall and <br />surrounding commercial properties <br />o Signalized intersection at Lemon Lane and US Highway <br />17-92 <br />o Decorative Light Posts along US Highway 17-92 <br />o Pedestrian Bridge across US Highway 17-92 <br />o Gateway signs at strategic locations along US Highway 17- <br />92 and SR 436 <br />o Building an Events Center to serve the residents, private <br />and non-profit organizations throughout the community. <br />• The extension will allow the CRA to address some of the important economic <br />development needs in the district and to recapture the business viability of the corridor. <br />• Needed improvements and projects include an estimated $20.25 million, which exceeds <br />the $7.9 million available. (See following table for list of needs) <br />Casselberry CRA Extension Page 2 <br />