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October, 2016 <br />SECTION 1 - INTRODUCTION/PURPOSE <br />The Casselberry Community Redevelopment Agency (CRA) was established in 1995 through an <br />authorization by Seminole County and sponsorship by the City of Casselberry. Recent <br />circumstances have generated negative impacts in the current Casselberry CRA jurisdiction <br />resulting in a severe loss of economic potential and opportunity in the area. These circumstances <br />include the impacts of the Great Recession as well as the disruption due to the construction of the <br />Flyover on US Highway 17/92 at the intersection with State Road 436. <br />1.1 Request of the Seminole County Commission by the Casselberry CRA <br />The Casselberry CRA is requesting an extension of the effective time of the authorization of the <br />CRA for a period of eight years. The current authorization provides for a sun -setting of the <br />district in 2017. This request, if approved, will extend this time to the year 2025. There are no <br />other modifications (area, powers) included in this request. <br />Purposes of Extension: <br />1. Providing sufficient time to recover from the negative impacts of the Flyover. <br />2. Continue with projects such as Lake Concord Park which is a significant investment for <br />stimulus of the economic development of the corridor. <br />3. Capitalize on existing development interest within the district. <br />This request for extension is a multi -step process which includes: <br />• Amendment of Delegation of Authority <br />• Amend the Casselberry CRA Redevelopment Plan <br />• Determination of Consistency with the Casselberry Comprehensive Plan by the <br />Casselberry Planning and Zoning Board <br />• Approval by the Casselberry City Commission <br />1.2 Rationale for the Request <br />The CRA operates based on the collection of Tax Increment Financing (TIF), which has an <br />underlying dependence on increasing property values. The Casselberry CRA received a double <br />economic blow with the impacts of the recession, as well as loss of property value due to <br />eminent domain taking of 34 properties for the Flyover. In addition to many of these properties <br />becoming retention areas, the Flyover has restricted access to the few remaining business <br />properties located near the intersection of US Highway 17/92 and SR 436. <br />It is acknowledged that all local government units suffered due to the Recession. However, the <br />double impact of the Recession and the Flyover has placed the Casselberry CRA in a unique <br />position. The quantitative impacts of the negative economic factors will be addressed in Section <br />2. <br />Casselberry CRA Extension Page 4 <br />