Margate Community Redevelopment Agency Presented by: Dennis Holste Jr. August 13, 2009 Practical Strategies for CRAs to Address the Foreclosure Crisis
History and Background •The Margate CRA was established in October 1996 to implement the Community Redevelopment Plan •The Community Redevelopment Plan was completed by The RMPK Group and adopted by the Margate City Commission in September 1997 •Tax increment revenues along with rental and interest income and miscellaneous revenues were approximately $6.7 million in 2008 and are expected to generate the same amount of revenue in 2009 •Since 1996, the Margate CRA has participated in activities such as streetscape improvements, adaptive reuse of aging properties, and facade upgrades
Redevelopment Policy •GOAL 1: Eliminate slum and blighted conditions, as defined by Florida Statute, in the Redevelopment Area that constitute an economic and social liability. •GOAL 2: Prevent the future occurrence of slum and blight. •GOAL 3: Encourage the acquisition, demolition, and reuse of those properties, which, by virtue of their location, condition, or value no longer function at their highest potential economic use. •GOAL 4: Provide adequate oversight of future development proposals to ensure high standards of development that meet design criteria contained in the city Code.
Impact of Foreclosures •The long-term stability of neighborhoods within the CRA are at- risk. •Possible future residential and commercial foreclosures will add to slum and blight. •Properties that are vacant are no longer functioning at their highest potential economic use. •Foreclosures discourages new investment within the CRA. •Vacant and abandoned properties are causing additional foreclosures and a loss of equity in nearby properties.
Impact of Foreclosures City of Margate lot cutting costs •2007 - $6,544.87 •2008 - $51,931.65 •2009 - $46,757.98 (as of August 6th)
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