Special Call Community Redevelopment Agency Meeting

Lake Park Town Commission, Florida Special Call Community Redevelopment Agency (CRA) Meeting Minutes Wednesday, March 19, 2025 Immediately Following the Regular Commission Meeting Commission Chamber, Town Hall, 535 Park Avenue, Lake Park, FL 33403 Roger Michaud — Chair Michael Hensley — Vice Chair John Linden — Agency Member Michael O’Rourke — Agency Member Judith Thomas — Agency Member Vacant — Agency Member Vacant — Agency Member Richard J. Reade — Executive Director Thomas J. Baird, Esq. — Agency Attorney Vivian Mendez, MMC — Agency Clerk PLEASE TAKE NOTICE AND BE ADVISED, that if any interested person desires to appeal any decision of the Town Commission, with respect to any matter considered at this meeting, such interested person will need a record of the proceedings, and for such purpose, may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. Persons with disabilities requiring accommodations in order to participate in the meeting should contact the Town Clerk’s office by calling 881-3311 at least 48 hours in advance to request accommodations. CALL TO ORDER/ROLL CALL 8:26 P.M. PRESENT Chair Roger Michaud Vice Chair Michael Hensley Board Member John Linden Board Member Michael O'Rourke Board Member Judith Thomas PLEDGE OF ALLEGIANCE The Pledge was bypassed. Special Call Community Redevelopment Agency Meeting March 19, 2025 Page 1 SPECIAL PRESENTATION/REPORT: NONE CONSENT AGENDA: Motion made by Board Member Thomas, Seconded by Board Member Linden. Voting Yea: Chair Michaud, Board Member Thomas, Vice Chair Hensley, Board Member Linden, Board Member O'Rourke. 1. January 15, 2025 Special Call Community Redevelopment Agency Meeting Minutes 2. Resolution 09-03-25 - First Amendment - Redevelopment Management Associates (RMA) Contract to Include Community Redevelopment Agency (CRA) District Branding. 3. Resolution 10-03-25 CRA - Park Avenue Decorative Lighting and Maintenance - Shellard Lighting Designs, LLC PUBLIC COMMENT: NONE This time is provided for addressing items that do not appear on the Agenda. Please complete a comment card and provide it to the Agency Clerk so speakers may be announced. Please remember comments are limited to a TOTAL of three minutes. NEW BUSINESS: 4. Fiscal Year 2024 Lake Park CRA Annual Report – Recommendation to Town Commission to Accept & Submit to Appropriate and Required Taxing Authorities. CRA Administrator Allison Justice presented the annual report (Exhibit A). Executive Director Reade spoke about being very impressed with the plan, the accomplishments and the efforts of staff. Motion to approve made by Board Member O'Rourke, Seconded by Board Member Linden. Voting Yea: Chair Michaud, Board Member Thomas, Vice Chair Hensley, Board Member Linden, Board Member O'Rourke. CRA ADMINISTRATOR/EXECUTIVE DIRECTOR/BOARD MEMBER COMMENTS: CRA Administrator Justice provided the following updates: -Invitation sent to CRA members to a new salon located at 801 Park Avenue ribbon cutting. They would like to have a ribbon cutting on March 29th at 11am. -Oceana Coffee grand ribbon cutting last week. They still have a few pending items to complete before they open their doors. They anticipate a ribbon cutting sometime in May 2025. -CRA is hiring a Project/Marketing Coordinator. Interviews to be scheduled in the next week or so. This will allow for cross-promotional opportunities. -CRA Legislation, proposed House Bill 997 eliminates CRA’s. There may be changes to the bill yet coming, the lobbyist is working on it. -Promoting the CRA and businesses at the Rust Market and plan on cross-promoting at Sunset Celebration. Board Member Linden asked about future plans once the Rust Market ends. CRA Administrator Justice stated the event will not be continued but they will find a place for the CRA to continue to promote the downtown. Board Member O’Rourke, Mayor Michaud and Board Member Linden discussed the possibility of utilizing a car show in the future. Executive Director Reade stated that several pop up events have been identified by the CRA Administrator for promotion of the downtown. He also announced that next week they will be in Tallahassee as the legislation is a priority and he encouraged all residents to contact their legislators. Board Member O’Rourke asked who the sponsor of the bill was. CRA Administrator Justice stated it is an individual from Lake Whales whom they hope to meet with. Board Member O’Rourke had no comments. Vice Chair Hensley had no comments. Board Member Thomas had no comments. AGENCY MEMBER REQUESTS: NONE ADJOURNMENT: Motion made by Vice Chair Hensley, Seconded by Board Member O'Rourke. Voting Yea: Chair Michaud, Board Member Thomas, Vice Chair Hensley, Board Member Linden, Board Member O'Rourke Meeting adjourned 8:42 pm FUTURE MEETING DATE: The next scheduled Community Redevelopment Agency Meeting will be conducted on June 4, 2025. Special Call Community Redevelopment Agency Meeting March 19, 2025 Page 3 LAKE PARK COMMUNITY REDEVELOPMENT AGENCY Office of the Executive Director 800 Park Avenue Lake Park, FL 33403 www.lakeparkflorida.gov Annual Report for the Fiscal Year Ending September 30, 2024 BOARD OF DIRECTORS Board of Directors ROGER MICHAUD KIMBERLY GLAS- CHAIR CASTRO VICE-CHAIR rmichaud@lakeparkflorida.gov kglas-castro@lakeparkflorida.gov Town of Lake Park Community Redevelopment Agency 800 Park Avenue Lake Park, FL 33403 (561) 881-3300 www.lakeparkflorida.org MICHAEL HENSLEY MARY BETH TAYLOR JUDITH THOMAS BOARD MEMBER BOARD MEMBER BOARD MEMBER mhensley@lakeparkflorida.gov mtaylor@lakeparkflorida.gov jthomas@lakeparkflorida.gov 1 LETTER FROM THE CRA EXECUTIVE DIRECTOR Letter from the CRA Executive Director March 24, 2025 The Lake Park Community Redevelopment Agency (CRA) is committed to enhancing the quality of life in the Town of Lake Park by eliminating slum and blighted conditions throughout the community redevelopment area as defined by Florida Statute (FS) 163 Part III. The Lake Park CRA has evolved over the years and 2024 was a time for change and growth for our CRA. The CRA brought in additional staff and consultants and, in short order, updated and enhanced the incentive programs we offer to properties and businesses and created a plan to grow Downtown through continued business attraction and placemaking. The CRA also expanded its boundaries to include important properties along 10th Court and Silver Beach Road and the boundaries now contain the ever important, Bert Bostrom Park. In 2024, we did say goodbye to our previous Town Manager and CRA Executive Director, John D’Agostino, as he left to pursue his greatest joy in life, his family. John led redevelopment efforts for many years in Lake Park and I plan to continue his efforts by ensuring the that the Lake Park CRA is focused on providing targeted attention and financial investment in the redevelopment areas that reverses negative trends, creates jobs, grows the tax base, restores the business climate, rehabilitates, and increases housing availability, and inspires active participation and investment by residents, businesses, and organizations that would otherwise not occur. Presented herein is the 2024 Annual Report for the Lake Park CRA which covers the period from October 1, 2023, through September 30, 2024, and includes the following information in accordance with §163.371 and 163.387(8): ­ General background information regarding the Lake Park CRA. ­ Historical/current performance data (economic and financial) including # of activities started/completed, CRA expenditures, taxable property values; contributing taxing authority millage rates; tax increment revenues; tax-base segmentation; etc. ­ Report of activities (redevelopment projects, initiatives, etc.). ­ Comparison of Implementation Plan goals, objectives, and policies to program accomplishments. ­ Financial statements for the fiscal year ending September 30, 2024. Respectfully Submitted, Richard Reade Executive Director, Lake Park CRA City Manager, Town of Lake Park 2 TABLE OF CONTENTS Table of Contents Table of Contents BOARD OF DIRECTORS ........................................................................................................................ 1 LETTER FROM THE CRA EXECUTIVE DIRECTOR ........................................................................ 2 TABLE OF CONTENTS ........................................................................................................................... 3 LAKE PARK CRA ..................................................................................................................................... 5 BACKGROUND ............................................................................................................................................................. 5 WHAT IS A CRA? ....................................................................................................................................................... 5 WHY DOES LAKE PARK HAVE A CRA? .................................................................................................................... 6 WHY DID THE LAKE PARK CRA EXPAND ITS BOUNDARIES IN 2023? ............................................................... 6 WHEN DOES THE CRA SUNSET (EXPIRE)? ............................................................................................................. 7 REDEVELOPMENT AREA ........................................................................................................................................... 7 POWERS....................................................................................................................................................................... 7 FUNDING SOURCE ...................................................................................................................................................... 8 TAX-BASE ................................................................................................................................................................... 9 TAXPAYER CONCENTRATION................................................................................................................................. 10 TAXABLE VALUES BY USE TYPE............................................................................................................................ 11 PARCELS BY USE TYPE ........................................................................................................................................... 12 MILLAGE RATES ...................................................................................................................................................... 13 TAX-INCREMENT REVENUES................................................................................................................................. 14 ACCOMPLISHMENTS AND ACTIVITY STATUS UPDATES ..................................................................................... 15 Redevelopment Projects .................................................................................................................................. 15 1301 10th Street ......................................................................................................................................... 15 796 10th Street ........................................................................................................................................... 16 1100 Old Dixie Highway ........................................................................................................................ 17 1450 Waterview Road ............................................................................................................................ 18 3 TABLE OF CONTENTS Capital Projects ................................................................................................................................................... 18 Park Avenue Hardscape & Landscape Improvements ............................................................. 18 10th Street Ovalabout .............................................................................................................................. 19 Pocket Park.................................................................................................................................................. 19 Redevelopment Grants and Incentives ...................................................................................................... 20 Redevelopment Grant and Incentive Portfolio ............................................................................ 20 Redevelopment Grant and Incentive awards in Fiscal Year 2024 ...................................... 21 New Business Activity ....................................................................................................................................... 24 Marketing Plan ................................................................................................................................................... 24 Social Media ......................................................................................................................................................... 25 Holiday Display ................................................................................................................................................... 26 Downtown Lake Park ....................................................................................................................................... 27 PERFORMANCE DATA ........................................................................................................................ 27 FINANCIAL STATEMENTS ................................................................................................................. 31 4 LAKE PARK CRA Lake Park CRA Background The Town of Lake Park, formerly Kelsey City, was one of Florida's first master-planned communities. The Town was founded by Harry Kelsey who dreamed of creating a resort mecca and winter playground. Kelsey sought help from the Olmsted Brothers, sons of Frederick Law Olmsted, to design the Town. In the early 1900s, Kelsey City attracted nationwide attention as a revolutionary town experiencing exceptional growth, and in 1923 the Town was officially incorporated. The Florida land boom started to slow in 1925, and a devastating hurricane in 1928 coupled with the stock market crash in 1929 devastated the local economy, forcing many businesses and residents to leave the state. In 1939, Kelsey City was renamed to the Town of Lake Park in an effort to revitalize the community. Lake Park experienced a resurgence in the 1950s as after World War 2 many military personnel and their families began to locate to the Town. Multi-millionaire John D. MacArthur began investing large sums of money in Lake Park and aircraft manufacturer Pratt & Whitney opened a plant nearby. The 1980s brought another period of decline to Lake Park. Most of the land had been built out with an aging housing stock. The Town had a tough time remaining competitive with the newer communities in the region, and the introduction of regional shopping centers hurt the Town's Downtown. In 1996, the Town created the Lake Park Community Redevelopment Agency to address the area's blight and to revitalize the Town's core along Park Avenue, 10th Street, and Old Dixie Highway. In 2023, the Town expanded the Lake Park Community Redevelopment Agency to encompass two bordering areas: 10th Court Area (26 acres) and Silver Beach Road Area (41 acres). What is a CRA? Once a municipality or county determines that there are one or more areas within its borders that are in need of rehabilitation, conservation, or redevelopment, Florida statues allow for the creation of a Community Redevelopment Agency (CRA). A CRA is an independent local government agency of 5-7 members that fosters the collaborative efforts of residents, businesses, property owners, and other organizations to implement community redevelopment efforts. The Town of Lake Park Commission serves as the Lake Park CRA Board. After the CRA is established, it is required to prepare and adopt a redevelopment plan 5 LAKE PARK CRA that includes public safety, economic development, affordable housing, downtown marketing, and historic preservation. The creation and adoption of the Community Redevelopment Plan is a critical step to improve the economic conditions and quality of life of its residents, business owners, and stakeholders, as the Plan is a guiding document that provides a toolkit for implementation. The Lake Park CRA’s current Redevelopment Plan was adopted in 2022. Why does Lake Park have a CRA? The original Lake Park CRA was adopted in 1996 as a proactive approach to reverse the Town's declining fortunes and restore a sense of place and community through revitalization of the physical and economic environment in the designated areas. In 1996, the Lake Park CRA Board presented a plan that served as the framework for programming redevelopment activities and implementing specific projects designed to leverage or stimulate public interest and private investment that is necessary for revitalization. Redevelopment is one of the best ways to instill new life into areas stricken by social, physical, environmental, or economic conditions that negatively impact the possibility of new investment by private enterprise. The targeted area/areas receive focused attention and financial investment that reverse the destructive trends, create jobs, restore a business climate, rehabilitate, and increase housing, and inspire active participation and investment by residents, businesses, and organizations that would otherwise not occur. Why did the Lake Park CRA expand its boundaries in 2023? The Lake Park CRA desires for all its residents to reach their full potential through deserved revitalization and economic growth. Over the last decade, many areas of Lake Park rebounded effectively from the 2008 recession and recently from the 2020 pandemic. Yet, in keeping with past Florida cycles of redevelopment, certain neighborhoods have had more challenges and have not organically responded to shorter term economic rebounds led by venture capital and real estate market flips. Without intervention now, slum and blighted areas impose more onerous burdens onto the community, decrease the tax base, and constitute safety and public health menaces to the welfare of residents. Small businesses owners and residents have endured recent periods of high interest rates, high inflation, labor shortages, etc. Moreover, the expansion areas have had longstanding barriers to equity investment. All these situations affect the output, success, and advancement in Lake Park. To combat the deleterious issues noted above, the Town expanded the Lake Park CRA in 2023 to encompass two bordering areas: 10th Court Area (26 acres) and Silver Beach Road Area (41 acres). 6 LAKE PARK CRA When does the CRA sunset (expire)? The Lake Park CRA (all areas) sunsets on September 30, 2039. Redevelopment Area 10th Court Expansion Area Original Area Silver Beach Road Expansion Area Powers Lake Park CRA monies may be expended as described in the Redevelopment Plan for multiple purposes, including, but not limited to: • Installation, construction, or reconstruction of streets, utilities, facilities, parks, and playgrounds that further the objectives of the Redevelopment Plan. • The acquisition and disposition of real property in the Lake Park CRA. • The development of affordable housing within the Lake Park CRA. • The development of community policing innovations within the Lake Park CRA. 7 LAKE PARK CRA • Professional services including redevelopment planning, surveys, and financial analysis as well as administrative and overhead expenses necessary or incidental to implementation of the Redevelopment Plan. • All expenses incidental to or connected with the issuance, sale, redemption, retirement, or purchase of bonds, bond anticipation notes, or other form of indebtedness, including funding of any reserve, redemption, or other fund or account provided for in the ordinance or resolution authorizing such bonds, notes, or other form of indebtedness. • The repayment of principal and interest or any redemption premium for loans, advances, bonds, bond anticipation notes, and any other form of indebtedness. Funding Source The primary funding source available to the Lake Park CRA consists of tax increment revenues. Tax increment revenues are a unique tool available to cities and counties for redevelopment activities and are used to leverage public funds to promote private sector activity in the targeted redevelopment area. The taxable value of all real property in the redevelopment area is determined as of a fixed date 1, also known as the “base-year” value. The base-year values of the Lake Park CRA are as follows: • Original CRA Area: 56,070,754. • 10th Court Expanded CRA Area: 26,458,759. • Silver Beach Road Expanded CRA Area: 19,878,947. Contributing taxing authorities continue to receive ad valorem tax revenues (a.k.a. property tax revenues) based on the base-year value. Revenues generated from the base-year value are available for general government purposes. However, ad valorem tax revenues from increases in real property value, referred to as “Tax Increment”, are remitted to the Lake Park CRA and dedicated to the redevelopment area. The Taxing Authorities which are obligated to make annual deposits into the CRA Trust Fund include: • Original CRA Area: Town of Lake Park and Palm Beach County. • 10th Court Expanded CRA Area: Town of Lake Park • Silver Beach Road Expanded CRA Area: Town of Lake Park 1 F.S. § 163.387 defines the base-year value as the value associated with the most recent assessment tax-roll used in connection with the taxation of property within the redevelopment area by each applicable Taxing Authority prior to the effective date of the Ordinance providing for the funding of the CRA’s redevelopment trust fund. 8 LAKE PARK CRA Tax-Base The following table provides a summary of the historical assessment (taxable) values and increment values for the Lake Park CRA (all CRA Areas) as of January 1st of each year 2. While this report generally pertains to FY 2024 activity, the following section also includes FY 2025 property valuation data to highlight current trends. TAXABLE PROPERTY VALUES (ALL CRA AREAS) A B =A-B % CHANGE % CHANGE TAX ROLL FISCAL OVER BASE YEAR INCREMENTAL OVER YEAR YEAR TAXABLE VALUE PRIOR YEAR TAXABLE VALUE TAXABLE VALUE PRIOR YEAR 2024 2025 317,095,855 19.3% 102,408,460 214,687,395 31.4% 2023 2024 265,850,791 36.3% 102,408,460 3 163,442,331 17.6% 2022 2023 194,997,539 14.6% 56,070,754 138,926,785 21.8% 2021 2022 170,133,346 5.6% 56,070,754 114,062,592 8.6% 2020 2021 161,074,778 8.7% 56,070,754 105,004,024 13.9% 2019 2020 148,222,209 11.1% 56,070,754 92,151,455 19.1% 2018 2019 133,426,939 7.7% 56,070,754 77,356,185 14.0% 2017 2018 123,938,889 9.9% 56,070,754 67,868,135 19.7% 2016 2017 112,792,150 56,070,754 56,721,396 The following sections provide the historical assessment (taxable) values by CRA Area. TAXABLE PROPERTY VALUES (ORIGNAL CRA AREA) A B =A-B % CHANGE % CHANGE TAX ROLL FISCAL OVER BASE YEAR INCREMENTAL OVER YEAR YEAR TAXABLE VALUE PRIOR YEAR TAXABLE VALUE TAXABLE VALUE PRIOR YEAR 2024 2025 267,280,765 21.8% 56,070,754 211,210,011 29.2% 2023 2024 219,513,085 12.6% 56,070,754 163,442,331 17.6% 2022 2023 194,997,539 14.6% 56,070,754 138,926,785 21.8% 2021 2022 170,133,346 5.6% 56,070,754 114,062,592 8.6% 2020 2021 161,074,778 8.7% 56,070,754 105,004,024 13.9% 2019 2020 148,222,209 11.1% 56,070,754 92,151,455 19.1% 2018 2019 133,426,939 7.7% 56,070,754 77,356,185 14.0% 2017 2018 123,938,889 9.9% 56,070,754 67,868,135 19.7% 2016 2017 112,792,150 56,070,754 56,721,396 2 The Taxable Value figures included herein represent those values utilized by the Town of Lake Park to calculate the CRA’s tax increment revenues and are net of all applicable exemptions. Palm Beach County utilizes a slightly different Taxable Value that reflects the varied exemption values. 3 The Base Year for the CRA Expansion Areas is 2023 (tax roll year) with a total taxable valuation of 46,337,706. Specifically, the Base Year taxable valuation total includes the 10th Court CRA Expansion Area (26,458,759) and the Silver Beach Road Expansion Area (19,878,947). 9 LAKE PARK CRA TAXABLE PROPERTY VALUES (EXPANDED CRA AREA – 10TH COURT) A B =A-B % CHANGE % CHANGE TAX ROLL FISCAL OVER BASE YEAR INCREMENTAL OVER YEAR YEAR TAXABLE VALUE PRIOR YEAR TAXABLE VALUE TAXABLE VALUE PRIOR YEAR 2024 2025 28,078,624 6.1% 26,458,759 1,619,865 -% 2023 2024 26,458,759 26,458,759 - TAXABLE PROPERTY VALUES (EXPANDED CRA AREA – SILVER BEACH ROAD) A B =A-B % CHANGE % CHANGE TAX ROLL FISCAL OVER BASE YEAR INCREMENTAL OVER YEAR YEAR TAXABLE VALUE PRIOR YEAR TAXABLE VALUE TAXABLE VALUE PRIOR YEAR 2024 2025 21,736,466 9.3% 19,878,947 1,857,519 -% 2023 2024 19,878,947 19,878,947 - Taxpayer Concentration An important analysis to consider when discussing property values pertains to taxpayer concentration, or more specifically, the percentage of total tax increment generated from the CRA’s principal taxpayers. Taxpayer concentration is a measure of revenue risk for the Agency. A low taxpayer concentration indicates a diverse base of taxpayers and a stronger ability to adapt to the loss of any one taxpayer. PRINCIPAL TAXPAYERS (ALL CRA AREAS) % OF FY 2025 FY 2025 TAXPAYER PROPERTY USE TAXABLE TAXABLE VALUE VALUE G DG LAKE PARK PROPERTY OWNER LP INDUSTRIAL 37,658,012 11.9% INDUSTRIAL, KELSEY INDUSTRIAL LLC 13,385,706 4.2% COMMERCIAL HUMANI COURTS LLC RESIDENTIAL 6,830,118 2.2% 705 13TH STREET INC INDUSTRIAL 6,084,661 1.9% AMOC HOLDINGS LLC RESIDENTIAL 5,943,399 1.9% PB INDUSTRIAL INVESTMENTS LLC INDUSTRIAL 5,680,253 1.8% ADM FL REAL ESTATE WPB LLC INDUSTRIAL 5,643,000 1.8% LAKE PARK PARTNERS LLC COMMERCIAL 4,831,530 1.5% THOMAS DAVIS INC INDUSTRIAL 4,793,121 1.5% RESIDENTIAL, ONE PARK PLACE LLC 4,609,981 1.5% COMMERCIAL TOTAL 95,459,781 30.1% 10 LAKE PARK CRA Taxable Values by Use Type The segmentation of taxable values within the Lake Park CRA highlights a relatively balanced tax-base with Industrial, Residential, and Commercial properties representing approximately 50%, 25%, and 23% respectively with the balance comprising other uses (e.g., institutional). TAXABLE PROPERTY VALUES BY USE TYPE A B C =A+B+C EXPANDED AREA EXPANDED AREA USE TYPE ORIGINAL AREA (10th COURT) (SILVER BEACH RD) TOTAL RESIDENTIAL 58,494,270 1,229,162 19,931,174 79,654,606 COMMERCIAL 49,498,126 20,225,436 1,805,292 71,528,854 INDUSTRIAL 153,263,258 6,624,026 - 159,887,284 INSTITUTIONAL 3,533,524 - - 3,533,524 GOVERNMENT - - - - MISC. (FPL, etc.) 2,491,587 - - 2,491,587 CENTRALLY ASSESSED (rail) - - - - TOTAL 267,280,765 28,078,624 21,736,466 317,095,855 11 LAKE PARK CRA Parcels by Use Type There are 643 total property parcels within the Lake Park CRA with Residential, Industrial, and Commercial parcels representing approximately 50%, 29%, and 17% respectively with the balance comprising other uses (e.g., government, institutional). PARCELS BY USE TYPE A B C =A+B+C EXPANDED AREA EXPANDED AREA USE TYPE ORIGINAL AREA (10th COURT) (SILVER BEACH RD) TOTAL RESIDENTIAL 207 8 104 319 COMMERCIAL 77 27 3 107 INDUSTRIAL 175 9 - 184 INSTITUTIONAL 7 - - 7 GOVERNMENT 18 - 3 21 MISC. (FPL, etc.) 3 - - 3 CENTRALLY ASSESSED (rail) 2 - - 2 TOTAL 489 44 110 643 12 LAKE PARK CRA Millage Rates The table below provides a summary of the operating millage rates levied by each Taxing Authority that make payments to the Lake Park CRA. CONTRIBUTING TAXING AUTHORITY MILLAGE RATES A B C =A+B+C TAX ROLL FISCAL TOWN OF LAKE TOWN OF LAKE PARK (PBC PALM BEACH YEAR YEAR PARK FIRE MSTU EQUIVALENT) 4 COUNTY 5 TOTAL 2024 2025 5.1000 3.4581 4.5000 13.0581 2023 2024 5.1870 3.4581 4.5000 13.1451 2022 2023 5.3474 3.4581 4.7150 13.5205 2021 2022 5.3474 3.4581 4.7815 13.5870 2020 2021 5.3474 3.4581 4.7815 13.5870 2019 2020 5.3474 3.4581 4.7815 13.5870 2018 2019 5.3474 3.4581 4.7815 13.5870 2017 2018 5.3474 3.4581 4.7815 13.5870 2016 2017 5.3474 3.4581 4.7815 13.5870 4 The Town of Lake Park began utilizing the Palm Beach County Fire/Rescue MSTU on October 1, 2015 (FY 2016) for fire- rescue services. The PBC Fire MSTU is exempted from contributing to the LPCRA. However, the Town of Lake Park contributes an amount equivalent to the PBC Fire MSTU calculated tax increment to the LPCRA annually. 5 Palm Beach County contributes tax increment to the Original CRA area only and is exempt from contributing tax increment to the Expanded Area. 13 LAKE PARK CRA Tax-Increment Revenues Taxing Authorities, which levy ad valorem taxes on real property subject to taxation located within the CRA, are required by January 1st of each year to deposit into the Lake Park CRA Trust Fund an amount equal to 95% of the difference between: a) The amount of ad valorem taxes levied each year by that Taxing Authority on taxable real property contained within the geographical boundaries of the Lake Park CRA, exclusive of any amount from any debt service millage; and b) The amount of ad valorem taxes which would have been produced by the millage rate upon which the tax is levied each year by the Taxing Authority on the assessed value of the taxable real property in the Lake Park CRA as of January 1st of the base year, exclusive of any amount from any debt service millage. The Taxing Authorities which are obligated to remit tax increment to the Lake Park CRA: • Original CRA Area: Town of Lake Park and Palm Beach County. • 10th Court Expanded CRA Area: Town of Lake Park • Silver Beach Road Expanded CRA Area: Town of Lake Park The following table provides a 10-year summary of historical tax increment revenues for the CRA segmented by Taxing Authority. TAX INCREMENT REVENUES A B C =A+B+C+D % CHANGE TAX ROLL FISCAL TOWN OF TOWN OF LAKE PARK (PBC PALM BEACH TOTAL OVER PRIOR YEAR YEAR LAKE PARK FIRE MSTU EQUIVALENT) 6 COUNTY 7 (ROUNDED) YEAR 2024 2025 $ 1,040,160 $ 705,290 $ 902,730 $ 2,648,181 29.8% 2023 2024 805,387 536,940 698,524 2,040,850 14.4% 2022 2023 705,752 456,402 621,952 1,784,106 21.2% 2021 2022 579,441 374,718 517,894 1,472,053 8.6% 2020 2021 533,424 344,959 476,859 1,355,242 14.0% 2019 2020 468,132 302,735 418,405 1,189,273 19.1% 2018 2019 392,972 254,130 351,202 998,304 14.0% 2017 2018 344,772 222,960 307,994 875,726 19.7% 2016 2017 288,146 186,341 257,251 731,738 6 The Town of Lake Park began utilizing the Palm Beach County Fire/Rescue MSTU on October 1, 2015 (FY 2016) for fire- rescue services. The PBC Fire MSTU is exempted from contributing to the LPCRA. However, the Town of Lake Park contributes an amount equivalent to the PBC Fire MSTU calculated tax increment to the LPCRA annually for all CRA Areas. 7 Palm Beach County contributes tax increment to the Original CRA Area only and is exempt from contributing tax increment to the Expanded CRA Areas. 14 LAKE PARK CRA Accomplishments and Activity Status Updates Redevelopment Projects 1301 10th Street The Lake Park CRA entered into a Grant Agreement with the Lake Park Group in late 2022 for a new construction CRA Grant of $1 million for a 28,000 SF building that includes the addition of the Oceana Coffee Headquarters, Culinary Studio, and Florida Canning. Construction began in 2023 and will be completed in early 2025. The CRA investment was combined with private funding and a Palm Beach County Economic Development loan. • Start Date: August 2023. • Private Investment: over $10,000,000. • End Date: March 2025. • Use: Coffee roaster, retail, commercial • CRA Investment: $1,000,000. kitchen, canning operations. Construction (left/above) Conceptual Rendering (below) 15 LAKE PARK CRA 796 10th Street A Lake Park CRA economic development grant was awarded to Liberty Square, LLC for façade improvements to the property located at 796 10th Street. The property is an outdated strip center that includes multiple businesses, including a restaurant, brewery, and martial arts center. • Start Date: May 2024. • CRA Investment: $360,000. • End Date: Spring 2025. • Private Investment: $1,500,000. Conceptual Rendering of Façade Improvements (above) Marketing Materials (right) 16 LAKE PARK CRA 1100 Old Dixie Highway Lake Park Logistics completed construction of a 185,000 SF warehouse within the Lake Park CRA industrial district in December 2023. This property is now valued at over $37 million. The owners are seeking a tenant for a corporate headquarter use, distribution center, etc. Conceptual Rendering (above) Construction (below) 17 LAKE PARK CRA 1450 Waterview Road DXD Self Storage completed construction in 2024. This public storage facility is within the industrial district of the Lake Park CRA and is 4 stories and nearly 25,000 SF. The property value is now over $1 million. Conceptual Rendering Capital Projects Park Avenue Hardscape & Landscape Improvements Park Avenue was given a facelift in fiscal year 2024 with the replacement of ground cover and landscaping as well as sidewalk improvements. Construction took place along Park Avenue from 7th to 10th Streets with improvements completed in August 2024. 18 LAKE PARK CRA 10th Street Ovalabout This project is focused on improving vehicular safety (reduced travel speeds) and pedestrian mobility (protected crosswalks) at the intersection of 10th Street, Northern Drive, and Prosperity Farms Road with the installation of an ovalabout. An ovalabout is a type of oval-shaped intersection or junction in which road traffic is permitted to flow in one direction (counterclockwise) around an oval- shaped island. Design was completed in 2024. Pocket Park The Lake Park CRA completed construction of a Park located at 610 7th Street in 2024. Improvements included the addition of a gazebo for musical performances, places for art, and abundant landscaping. The CRA Board and community selected the name Centennial Memorial Park. 19 LAKE PARK CRA Redevelopment Grants and Incentives The Lake Park CRA offers incentives for business and property owners to encourage taxable value growth by enhancing properties and encouraging new development. In May 2024, the CRA began developing structured incentive packages to market to the public and increase the predictability of CRA offerings. The incentives were approved on July 17, 2024, via Resolution 48-07-24. The following is a summary of incentives that are now available for business and property owners. Redevelopment Grant and Incentive Portfolio Façade and Exterior Improvement Program This grant is available to all properties/businesses in the Lake Park CRA for aesthetic improvements to the exterior of commercial buildings and sites. The grant provides 80% of the project cost up to a maximum CRA grant of $50,000 depending on the project location. • Park Avenue (7th St. to 10th St.): $50,000. • 10th Street (Northlake to Silver Beach): $50,000. • Industrial Area $20,000. Commercial Interior Buildout Program As an incentive for restaurant/brewery/distillery uses, the Lake Park CRA will fund 80% of interior build-outs up to $50,000. Improvements must increase the property value and remain with the property. These improvements could include a grease trap or hood system, bathrooms, HVAC, etc. Real Estate Development Accelerator (REDA) Program Primarily for large scale development projects greater than $5 million, this incentive can be utilized in the form of a land mark-down, infrastructure improvements, Tax Increment Financing or similar types of assistance. Each project is negotiated on an individual basis based on a gap in a development pro forma or level of public benefit provided. Strategic Investment Program Based on a formula that considers the amount of tax increment generated from each project, commercial and mixed-use projects up to $5 million may be eligible for funding for interior and exterior improvements to the property or structure. Priority will be given to uses considered as a goal of redevelopment within the CRA, such as restaurants. Relocation and Development Assistance Program The Lake Park CRA may assist with relocation and development of certain uses to allow for a more desirable or upgraded use. This program provides the incentives necessary for 20 LAKE PARK CRA redevelopment including tenant relocation, acquisition, buildout, and rehabilitation/ renovation of existing properties. Grand Opening Assistance Program The Lake Park CRA offers assistance to new businesses within the CRA for their “Grand Opening”. This will include an invitation to elected officials, marketing through the town’s social media as well as a ribbon cutting. The business can receive up to $500 for refreshments or marketing expenses for the event. Beautify Lake Park Program This is a small administrative grant of up to $5,000 for facade improvements such as paint, signage, lighting and landscaping for businesses within the Lake Park CRA. Paint, Plant and Pave Program Created to provide curb appeal to single-family and multi-family properties in the Lake Park CRA, the CRA will assist with 80% of a project cost up to a maximum of $10,000 per property for exterior improvements such as pressure cleaning, painting, facade repair, landscaping, awnings, driveways, irrigation systems and fence repair/removal. Redevelopment Grant and Incentive awards in Fiscal Year 2024 Façade and Exterior Improvement Program • 903 Park Avenue (Kelsey Market) Lake Park CRA staff, in conjunction with the Lake Park Community Development Department and the applicant, finalized the design for a façade grant for the property at 903 Park Avenue. Incentive approved in fiscal year 2025. • 1249 10th Street Lake Park CRA staff is currently working with the applicant to design façade improvements for the property located at 1249 10th Street. Incentive approval targeted for fiscal year 2025. Strategic Investment Program (SIP) • 101 10th Street (Twiggs Academy) The Lake Park CRA has been working closely with the Twiggs Academy to assist in securing funding for an expansion of their location. Palm Beach County, Small Business Association, and private funding resources have been secured, along with potential CRA SIP program funding. The CRA will consider this grant for formal approval in fiscal year 2025 now that other funding sources have been secured. 21 LAKE PARK CRA Grand Opening Assistance Program • 801 Park Avenue (Flowers for All Occasions) Ribbon Cutting and Grand Opening on June 15, 2024. 22 LAKE PARK CRA • 921 Park Avenue (Brown Baloons) Ribbon Cutting and Grand Opening on July 27, 2024. • 933 Park Avenue (Tentacion Mexican Restaurant) Ribbon Cutting and Grand Opening on May 24, 2024. Beautify Lake Park Program • 921 Park Avenue (Brown Baloons) Incentives targeted towards signage improvements. • 1249 10th Street Incentives targeted towards signage improvements. 23 LAKE PARK CRA New Business Activity The opening of 42 new businesses within fiscal year 2024 is a testament to the Lake Park CRA’s strong economic vitality, business-friendly environment, and growing market demand. This influx of new enterprises not only diversifies the local economy but also stimulates job creation, enhances the commercial tax base, and fosters a vibrant, dynamic community. As these businesses establish themselves, they contribute to increased consumer spending, attract further investment, and enhance the overall quality of life for residents. Moreover, their presence signals confidence in the city's infrastructure, governance, and economic development initiatives, reinforcing its reputation as a prime destination for business growth. Of these new businesses, seven (7) are located on Park Avenue. Marketing Plan The CRA selected a firm to assist in the creation of a Marketing Plan and District Branding. The firm began work in August 2024 with a series of public meetings and research. The final marketing plan was delivered in January 2025, and District Branding will begin immediately following. 24 LAKE PARK CRA Social Media Over the past year, the Lake Park CRA’s Facebook and Instagram accounts have seen significant growth in engagement. On Facebook, reach remained steady, engagement metrics soared, with content interactions up 89%, link clicks increasing 2,400%, and visits rising 247%. On Instagram, engagement also improved, with content interactions and link clicks both doubling (+100%) and visits increasing by 140%. The following metrics are for October 1, 2023 – September 30, 2024: • Facebook o Views: 101. o Reach: 107,600. o Content Interactions: 2,000 (+89%). o Link Clicks: 6,900 (+2,400%). o Visits: 3,600 (+247%). o Follows: 104 (-63%). • Instagram o Views: 591. o Reach: 5,600. o Content Interactions: 35 (+100%). o Link Clicks: 229 (+100%). o Visits: 574 (+140%). o Follows: 34. 25 LAKE PARK CRA Holiday Display Beginning in fiscal year 2024, the Town of Lake Park and the Lake Park CRA expanded the annual holiday tree lighting event by adding lighted displays and lighted trees along Park Avenue from 7th to 10th Streets. This investment served to drive customers to Downtown Lake Park businesses throughout the holiday season. Year one was a huge success and nearly 27,000 guests visited Downtown. The CRA heard from local businesses that the name recognition of Lake Park is a challenge, and the lights display serves as a catalyst to continue to boost brand identity. 26 PERFORMANCE DATA Downtown Lake Park The Lake Park CRA continues to focus on creating a vibrant Downtown Lake Park along Park Avenue. In addition to the holiday display, completion of Centennial Memorial Park and Park Avenue landscape enhancements, the CRA continues to work with property owners to enhance their properties. Electric and sound upgrades being considered and plans for parking upgrades will help mitigate parking challenges with future growth. District Branding of Downtown will help create the sense of place and awareness to continue to attract new owners and businesses to Lake Park. Performance Data The following section provides performance data in accordance with F.S. §163.371 as of September 30, 2024 (most recent data available). • F.S.§163.371 ­ Total number of activities started and completed and the estimated cost for each activity. ­ Total expenditures from the Redevelopment Agency Trust Fund. ­ Original assessed real property values within each CRA District as of the day the CRA was created (base year). ­ Total assessed real property values of property within the boundaries of the CRA as of January 1 of the reporting year. ­ Total amount expended for affordable housing for low-income and middle- income residents. ­ A summary indicating Redevelopment Plan achivements. Within the framework of this data, the redevelopment activities are categorized by achievement. 27 PERFORMANCE DATA Community Redevelopment Agency of the Town of Lake Park Florida Department of Economic Opportunity Special District Accountability Program ID 1692 Registered Agent Ms. Vivian Mendez Mailing Address 535 Park Avenue Lake Park, Fl 33403 Telephone (561) 881-3311 Fax (561) 881-3314 Email vmendez@lakeparkflorida.gov Website https://www.lakeparkflorida.gov/government/departments/community-redevelopment-agency County(ies) Palm Beach Local Governing Authority Town of Lake Park Date Created / Established Wednesday, November 20, 1996 Creation Documents Town Resolution 65-1996 Board Selection Similar to Local Governing Authority Authority to Issue Bonds Yes Revenue Tax Increment Financing Most Recent Update Tuesday, November 12, 2024 Total number of Activities started and/or ongoing 14 Total number of Activities completed 18 Total amount expended for low and middle income affordable housing $ - The following is a summary of this community redevelopment agency's achievement of its redevelopment plan's goals. REDEVELOPMENT INITIATIVE CATEGORIES CRA MASTER PLAN OBJECTIVE(S) Advertising 1,2,5 Capital Outlay 1,2,3,4 Community Policing 1,2,5 Contractual Services 1,2,3,4,5 Grants and Aids 1,2,3,4 Professional Services 1,2,3,4,5 Redevelopment Support 5 Seasonal Displays 1,2,5 28 PERFORMANCE DATA 29 PERFORMANCE DATA 30 FINANCIAL STATEMENTS Financial Statements The CRA Annual Report for the fiscal year ending September 30, 2024, has been prepared in accordance with F.S.§163.371 and 163.387(8). • F.S.§163.371 This Annual Report has been prepared in accordance with F.S. §163.371 including a financial statement setting forth its income/expenses. • F.S.§163.387(8) The Financial Report is currently under its annual independent audit review and will be issued within State mandated timelines. Once issued, copies can be obtained electronically from the website at: https://www.lakeparkflorida.gov/government/departments/finance-department 31 FINANCIAL STATEMENTS TOWN OF LAKE PARK COMMUNITY REDEVELOPMENT AGENCY BALANCE SHEET (UNAUDITED) SEPTEMBER 30, 2024 General Fund ASSETS Cash and cash equivalents $ 1,530,614 Due from other funds 317,379 Prepaids 394 Total assets $ 1,848,387 LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES Liabilities: Accounts payable and accrued liabilities $ 65,115 Total liabilities 65,115 Fund balance: Restricted for: Nonspendable - prepaid items 394 Restricted for community redevelopment 1,782,878 Total fund balances 1,783,272 Total liabilities, deferred inflows of resources, and fund balances $ 1,848,387 32 FINANCIAL STATEMENTS TOWN OF LAKE PARK COMMUNITY REDEVELOPMENT AGENCY STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES (UNAUDITED) FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024 General Fund REVENUES Tax increment - Palm Beach County $ 699,404 Tax increment - Town of Lake Park 1,338,794 Miscellaneous - Total revenues 2,038,198 EXPENDITURES Current - Economic environment 1,136,403 Capital outlay 626,029 Debt service - contribution to Town debt service 168,597 Grants and aid 396,365 Total expenditures 2,327,394 Net change in fund balances (289,196) FUND BALANCES (DEFICIT), BEGINNING OF YEAR 2,072,469 FUND BALANCES (DEFICIT), END OF YEAR $ 1,783,272 33