FY 2004-2005 - City of Clearwater

community redevelopment agency
C I T Y O F C L E A R W A T E R
Annual Report
FY 2004-2005
Clearwater
I N S T E P W I T H T H E BU S I N E S S C O M M U N I T Y
Prepared for:
Pinellas County Board of County Commissioners
March 2006
Prepared b y:
CRA Staff/Economic Development and Housing Department

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A. Introduction
The Florida Community Redevelopment Act of 1969 (Florida Statutes: Title XI,
Chapter 163, Part III) provides a vehicle for local communities to form a Community
Redevelopment Agency (CRA) and create a Redevelopment Trust Fund through Tax
Increment Financing (TIF) for financing improvements within a target area. The City of
Clearwater established its CRA in FY 81-82.
Pursuant to Chapter 163.356(3)(c) of the Florida Statutes, a progress report of the year’s
redevelopment activities, including a complete financial statement of assets, liabilities,
income and expenses, is due on March 31st of each year. This annual report briefly
summarizes the redevelopment activities conducted by the CRA in FY 04-05 and
includes the year’s financial statements.
In FY 04-05, the CRA concentrated on several major new projects for the
redevelopment area including attracting new urban housing into the downtown core,
installing the Downtown Wayfinding Signage, preparing for the Cleveland Street
Streetscape project, and attracting a movie theater to the downtown core.
The CRA worked closely with developers, the Downtown Development Board (DDB),
Main Street Program, property owners, Clearwater Regional Chamber of Commerce,
and other stakeholders to coordinate projects that impact the Downtown and spur
catalytic development within the CRA district.
The CRA’s budget for FY 04-05 was $1,316,281.
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B. New Activity
East Gateway Task Force and Steering Committee
The CRA was expanded to include the East Gateway in 2003. Bounded by Drew Street
to the north, Highland Avenue to the east, Missouri Avenue to the west and Court
Street to the south, this 175-acre “gateway” represents 32% of the downtown area and
includes a mixed use of residential, strip shopping centers and offices.
The opening of the new Memorial Causeway Bridge in August 2005 brought a change
in traffic patterns. Cleveland Street traffic was diverted to Court Street, which is now
the new Florida State Highway 60 to Clearwater Beach. With this change came new
opportunities for the “gateway” and the downtown core.
City task force and steering committees have been established and are well underway to
identify strategies that would stabilize and improve the “gateway” redevelopment area.
The creation of neighborhood and business associations, providing home ownership
opportunities and land assembly for redevelopment are among the proposed strategies.
Moving forward, the city will develop a five-year work program to implement strategies
that would establish unity and consensus among the resident and business community
and provide a positive, noticeable difference in the East Gateway.
Façade Design Analysis For Cleveland Street
To complement the new Cleveland Street Streetscape project, CRA staff proposed
to conduct a façade design analysis to encourage the adjacent private property and
business owners to improve the façades of their buildings. The Façade Design Analysis
was a joint project between the CRA and the DDB. In January 2005, a Request For
Proposals (RFP) was released to select a consultant to complete the analysis for
Cleveland Street. The goals of the analysis were to identify opportunities for façade
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improvements along Cleveland Street, from Osceola Avenue to Myrtle Avenue; to
prepare illustrative concepts of façade improvements to selected buildings; and to
establish a “vision” for building design and character for Cleveland Street reflective of
Clearwater’s unique character.
Four proposals were received and the Selection Committee met March 10, 2005 to
review the proposals. The Selection Committee selected the top ranked team of Wallis
Murphy Boyington Architects, Inc., Swan Development Advisors, Inc. and Wilson
Miller to conduct this work.
A presentation to the CRA will be made in FY 05-06. The DDB allocated $50,000 for
the Façade Design Analysis.
Downtown Market Study
The current redevelopment activity in Downtown Clearwater is an indicator of the
positive market potential for this area. However, a true understanding of the existing
and future residential, retail, and office markets were needed in order to successfully
implement redevelopment strategies.
CRA staff proposed the Downtown Market Study as a joint project between the
CRA and the DDB. In January 2005, a RFP was released to select a consultant to
complete a downtown market study. The goals of the market study were to identify
Downtown Clearwater’s existing economic base; to identify the market potential for
future redevelopment within Downtown; to identify opportunities for projects that
would draw visitors and users from throughout the Tampa Bay region to Downtown
Clearwater; to identify potential residential supporting uses for Downtown Clearwater;
and to identify recommendations and next steps based on the baseline collected.
Nine proposals were received and the Selection Committee met March 11, 2005
to review the proposals. The Selection Committee selected the top ranked team of
Lambert Advisory, LLC and PRG Real Estate Research to conduct the work. The CRA
received a draft report in August 2005.
Paul Lambert of Lambert Advisory, LLC made a presentation before the CRA on
October 3, 2005. The DDB allocated $35,000 for the Market Study.
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TIF Analysis/Projections
In February 2004, the Pinellas County Board of Commissioners approved the
Downtown Clearwater Redevelopment Plan including expansion of the CRA into
the East Gateway area of downtown. Within the Redevelopment Plan, tax increment
revenue is identified as a possible funding source for capital and infrastructure
improvement projects; as well as for payment of impact fees, funding public parking
in private projects, redevelopment site assembly, land and/or building purchase,
environmental remediation, and Façade Improvement Grants.
TIF has been a critical and effective tool in positioning downtown Clearwater for
redevelopment. During its 23-year history, the CRA has recognized visible signs of
improvement in the downtown area translating into increased property values and
additional TIF.
To plan for upcoming projects and developments, staff has employed Swan
Development Advisors, Inc. to undertake an analytical review of the factors affecting
tax increment in the CRA and to determine accurate revenue projections over the next
19 years. Swan Development Advisors will examine the taxable nature of anticipated
projects and prepare a schedule of tax increment projections relative to those
developments and compare the initial projections conducted in 2003.
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A presentation will be made to the CRA in FY 05-06. The CRA allocated $7,750 from
Professional Services line item for the TIF Analysis.
City Hall Site – Request For Proposals and Qualifications
On March 30, 2005, the CRA released a Request for Proposals and Qualifications
(RFPQ) for the Redevelopment of the City Hall Site. The purpose for the RFPQ was to
select a qualified development team to successfully redevelop the current City Hall site
at 112 S. Osceola Ave. The CRA desired a mixed-use development on this property that
will enhance the downtown area with new residential units with associated quality retail
and entertainment opportunities.

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One developer, Opus South Corporation, responded to the RFPQ and the Selection
Committee met May 6, 2005 to review the proposal and unanimously recommended
to accept Opus South as the selected developer and authorize the negotiation of a
Development Agreement. Overall, the Selection Committee agreed that Opus South
offers a potential catalyst for Clearwater’s Downtown revitalization and provides the
desired mix of residential and retail development in a pedestrian-friendly environment,
along with the preservation of important public space and waterfront views.
Opus South purchased the Calvary Baptist Church property and is proposing to
purchase a portion of the City Hall Site to develop residential units and retail to include
dedication of 0.3 acres of land to public right-of-way for the construction of a public
promenade. The estimated value of the completed project is $250 million. The details of
the purchase of city land and location of a new City Hall will be part of the negotiations
of the Development Agreement.
Proposed and Completed Residential Units in the CRA
The primary strategy for downtown
revitalization is the attraction of
quality, new urban market-rate
housing. The attraction of residents
into our downtown acts as a catalyst
for increased retail, restaurant and
entertainment venues. The CRA
COURT STREET VILLAS
WATER’S EDGE
and the city have been working with
developers as they progress through
the development process. The two
development projects approved in the
CRA for FY 04-05 were Court Street
Villas and Water’s Edge.
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CRA, DDB and Main Street Program Trip to Lakeland
In May 2005, representatives from the CRA/City Council, Downtown Development
Board, and the Main Street Program, along with Economic Development and
Housing Department staff, visited the city of Lakeland, Florida. Meeting with the
City of Lakeland’s CRA trustees, city officials, the Lakeland Downtown Development
Authority, and Main Street Program volunteers, whose relationships are similar to
those in Clearwater, provided insight to the development of art in public places,
infrastructure improvements, retail and restaurant establishments in the downtown
core, advancing residential growth and determining downtown parking solutions.
Community Redevelopment Agency (CRA) and The Downtown
Development Board (DDB) Intergovernmental Relationship
The CRA, the DDB and City of Clearwater Economic Development and Housing
Department staff have worked well together through an Interlocal Agreement first
created in 1999. Embracing the same mission and goals, the DDB and the CRA have
provided for a process that strengthens communication, leading to many downtown
development projects, infrastructure improvements, design guidelines and a
redevelopment plan that has enticed the private sector to invest.
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In a spirit of cooperation with the CRA, the DDB has invested in the future of
downtown by providing funding for two important consultant reports: a Downtown
Market Study, to evaluate the demographics and spending habits of current and
future residents, and the Cleveland Street Façade Design Analysis, identifying façade
improvements, concepts for change, establishing a vision for building design on
Cleveland Street, a plan for retail recruitment, and a framework to create a destination
downtown.
The DDB also funded a Downtown Computer Model, in tandem with the Façade Design
Analysis and the Market Study, to provide a visual interpretation of the downtown core,
as it is today, and how it would emerge as new projects are incorporated.
The DDB is active in supporting Clearwater’s annual events in Coachman
Park and at the Harborview Center. The 52nd Fun ‘n Sun Parade on
Cleveland Street, the world renowned Clearwater Jazz Holiday, the yearly
Festival of Trees fundraiser for the Upper Pinellas County Association for
Retarded Citizens, the Fourth of July Clearwater Celebrates America threeday
event in the park, the Hispanic Heritage Festival, the State of Florida
Chili Championship and the Professional Association of Visual Artists
Out of the Blue Art Show are just a few of the many events celebrated and
enjoyed by our residents and visitors from around the world.
Police Presence in Downtown
The DDB, participating with the City of Clearwater and
the CRA, supported the renovation of an out-of-use city
building in downtown Clearwater to serve the community
oriented police bicycle team. Coachman Park, the new
Main Library, the Harborview Center and City Hall are
all within view of the substation. Centrally located, the
Downtown Bicycle Team can respond immediately and with accelerated efficiency
to focus on issues that affect quality of life in public places, and to provide a sense of
security to property and business owners, visitors and residents. Working together
toward this common goal is the secret to community policing.
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Holiday Lighting & Farmers Market
The DDB is actively involved with Main Street activities and financially supports the
Main Street Program. Holiday lighting on Cleveland Street and the official lighting
ceremony are festive events sponsored in part by the DDB in cooperation with the
Main Street Program and the City of Clearwater, as is special weekly celebrations at the
Farmer’s Market located in the City Hall parking area.
FARMER’S MARKET
HOLIDAY LIGHTING
Memorial Causeway Bridge Opening
The new Memorial Causeway
Bridge Grand Opening ceremony
was celebrated in August 2005. The
DDB commissioned artist Robin
Popp, who describes the work as her
impression of pure Florida, to design a
commemorative artwork. The artwork,
depicted on event materials including
invitations, programs, t-shirts, posters
and giveaways at the grand opening celebration, is on display at Clearwater City Hall.
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C. Multi-year Projects and
Commitments
Clearwater Automotive Land Exchange-Miller Property Purchase
Long an impediment to the future redevelopment around the Town Lake area and the
Crum (formerly CGI) Campus, an automotive junk yard was acquired by the city in
October 2003 through an exchange of real property between the City and Clearwater
Mall, LLC. The land value of the exchange is $1.2 million.
This exchange contract resulted in a remnant parcel (Miller Property) that the
CRA acquired which consolidates the block into a potential redevelopment site. The
7,850-square-foot parcel is adjacent to the Clearwater Auto Salvage Yard and was
purchased for $48,000. Due to multiple prior commitments on current CRA funds, the
DDB agreed to loan the CRA $48,000 for this purchase at 0% interest, on the provision
that the DDB would share proportionately in any future gain through the sale of the
combined redevelopment parcels.
The CRA committed to pay
for the real estate taxes of the
entire property. The CRA also
paid for the closing costs of the
transaction in April 2003.
Tampa Bay Engineering (TBE),
as our environmental consultant
on this project, prepared the
Brownfields Site Rehabilitation Agreement (BSRA). As required by Chapter 376.80
of the Florida Statutes, the city and TBE presented the draft BSRA and a summary of
environmental findings and recommendations to the Brownfields Advisory Board on
May 18, 2005. The draft BSRA was submitted to Florida Department of Environmental
Protection (FDEP) for review and was approved.
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The unsafe houses located on the Washington Avenue parcels were demolished and
the City is proceeding with the BSRA agreement to include a pre-demolition asbestos
survey. Other aspects of the BSRA will be ongoing into FY 05-06.
Multi-plex Movie Theatre in Downtown Clearwater
On February 13, 2004, the CRA released a RFPQ to select a qualified developer to
develop a multi-plex movie theatre in downtown Clearwater. Two developers 1) The
Beck Group and 2) Clearwater Development, LLC submitted proposals on June 30,
2004. Beck Development was eliminated due to being non-responsive. Clearwater
Development, LLC was short-listed and selected for an interview. The Selection
Committee met again August 27, 2004 to interview Clearwater Development, LLC and
their identified movie theatre operator, AmStar Entertainment, LLC. The Community
Development Board approved the project November 22, 2005.
The general project location is the property on Cleveland Street between Osceola and
North Fort Harrison Avenues (“AmSouth” Block). The project components include 245
condominiums, 35,000 square feet of restaurant/retail, 88,000 square feet of office space,
360 public parking spaces and a 10-screen movie theatre.
The CRA has been negotiating the terms and conditions of a Development Agreement
for developing the movie theatre complex in conjunction with the approved mixed-use
development on their site.
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Station Square Parking Lot Redevelopment Project
In order to spur catalytic redevelopment in the downtown core, the CRA made one of
its prime real estate sites, the Station Square Parking Lot site, available for mixed-use
redevelopment to include new urban housing and retail in the Downtown core.
The CRA owned the 35,968+/- square-foot site, which was used as a public surface
parking lot. The CRA issued a RFPQ in May 2003 for the redevelopment of the
Station Square Parking Lot Site on Cleveland Street as an office/retail/residential infill
development. In July 2003, the CRA selected Beck, LLC as the developer for the project
and authorized the negotiation of a Development Agreement.
The Development Agreement was approved in February 2004. The project contains 126
residential condominiums, 10,000 square feet of restaurant/retail space and 326 parking
spaces, of which, 100 will be public. The developer, once financing was obtained, paid
fair market value for the Station Square Parking Lot property for $720,000 plus accrued
interest at 4%.
The Developer also agreed to sell to the CRA 100 parking spaces, which will be made
available to the public. The CRA and City will assume responsibility to purchase these
spaces for $12,500 per space for a total of $1,250,000.
The CRA also agreed to pay for the developer’s impact fees once the building is
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completed. The CRA allocated $460,000 from the Downtown Redevelopment project
account to pay for the Developer’s impact fees over a two-year period, one year after the
project receives its Certificate of Completion.
On May 2, 2005, the CRA agreed to amendments to the Development Agreement
which: changed the name to properly reflect the Owner/Developer, revised the square
footage of retail required to 10,000 square feet, amended the number of parking spaces
to 296, reflected the actual closing date of August 25, 2004, requested an extension of
time to commence construction, and requested an extension of 540 days after closing
before the CRA can exercise its option to repurchase the site if the Developer did not
commence construction on time.
Construction is expected to commence Spring 2006.
Streetscape, Wayfinding and Station Square Park
Master Plan and Implementation
Creating a pedestrian-friendly downtown
environment, coupled with significant entrance
and directional signage is a key element of
the Downtown revitalization strategy. The
city retained Bellomo-Herbert and Company,
Landscape Architects in August 2002 to develop
a Master Streetscape and Wayfinding Program for
Downtown (including the expanded CRA area). The firm prepared a Streetscape and
Wayfinding Master Plan as well as conceptual plans for the expansion of Coachman
Park and the redevelopment of Station Square Park.
The firm prepared construction drawings for the streetscape improvements on
Cleveland Street between Osceola and Myrtle Avenues and Station Square Park with
construction scheduled to begin Spring 2006. Penny for Pinellas dollars funded the cost
of preparing the construction documents for the Cleveland Street Streetscape in the
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amount of $371,828. The anticipated Engineering Department’s estimate of $6.8 million
construction cost will be funded from Penny for Pinellas ($3.7 million), and from the
CRA ($1.5 million) and the remainder will come from Utility funds.
Downtown Wayfinding Signage
In FY 03-04, Bellomo-Herbert completed construction documents
for the Downtown Wayfinding Signage project. This project included
the installation of 50 signs throughout the downtown core to assist
vehicular and pedestrian traffic find a variety of city and county
locations downtown. Most importantly, the signs identify how to find
parking. The Harborview Center, Coachman Park, Library, and city
and county buildings are identified in the signage. The project was
completed on August 29, 2005.
The CRA allocated $27,380 for the preparation of the Wayfinding and Signage
construction documents. The city’s Community Development Block Grant funds paid
for project implementation.
Bio-Life Building--Estimate for Renovation
After the Bio-Life Company vacated the building at 534 Cleveland Street, the owner
of the building approached the city/CRA about assisting in getting a new tenant for
the building. During these discussions, the owner offered the building to the city/CRA
if the CRA would participate in renovating the building. After renovation, the owner
would deduct the cost of renovation from the monthly rent. Because of the prominent
location of this building in the center of the downtown core, the CRA ordered a
structural investigation and an evaluation of existing conditions to determine the
feasibility of this project.
After the initial structural investigation and evaluation was complete, a discussion
ensued with the City’s Senior Management Team on the feasibility of upgrading the
building to meet current code. It was determined that the expenses related to upgrade
the building were fiscally unsound. The building has since been sold to a private party.
The cost of this project was $8,185 for professional services.
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Mediterranean Village
On March 7, 2002, the City Commission
approved an Interlocal Agreement between
the city and CRA regarding the Brownfields
site initially known as Dimmitt Chevrolet
Property B to facilitate the proposed
redevelopment of the site (now called the
Mediterranean Village in the Park Townhomes). The CRA purchased the land and is
paying impact fees, permit fees, utility connections fees and stormwater fees for this
100-unit residential project estimated at $18 million. The city has committed to certain
environmental remediation on the property pursuant to the BSRA entered into between
the city and FDEP on July 26, 2001. The city completed the environmental remediation
of the property in August 2004.
On August 15, 2005, the CRA accepted title to a 2,317.46-square-foot portion of
the former south half right-of-way of Park Street, vacated by the city on August 4,
2005. This parcel is necessary to convey the entirety of the property for Stage II to the
Developer.
As part of the 3-year Development Agreement, the CRA committed to pay for the
impact, permit and other associated development fees. In addition, the CRA in
FY 04-05 covered some additional legal fees to complete the required actions of the
Agreement ($3,789 for ongoing environmental legal advice). The CRA also covered the
maintenance of the property ($2,756 for landscaping services and $3,496 for fencing).
IMR/CRUM Site II - 1180 Cleveland Street
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The CRA approved the original Development Agreement with Information
Management Resources, Inc.(IMR) on October 27, 1998 for the purchase of 1.23-
acre site in the amount of $131,770. IMR sold the site on March 10, 2000 to Paul
Simone or assignees for a proposed hotel development. As a result of this purchase,
the Development Agreement was amended to allow construction of 55 hotel rooms,
as described in the amended Development Agreement. In order to have the CRA

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reimburse the project’s impact fees, the project was required to commence by October
2003. Additionally, if the project did not commence by October 2003, the Developer
would be required to pay $35,000 to the CRA. The $35,000 represents the difference
between the Purchase Price of the site and the Estimated Fair Market Value of the site.
Two extensions were granted, one in October 2003 for 12 months and one in October
2004 for 6 months. The extensions were granted, in most part, because of the downturn
in the tourism economy due to the events of September 11, 2001 and the fact that IMR
was purchased by CGI.
A third extension, for a 12-month time frame was requested on March 2, 2005. The
CRA, at their April 18, 2005, meeting denied this request. The CRA saw no benefit in
extending the commencement date for the project. The CRA is not obligated to pay for
impact fees and expects to receive the $35,000 reimbursement in FY 05-06.
IMR/CGI Landscaping Fund
According to the IMR/CGI Development Agreement, the CRA made a multi-year
commitment to allocate the TIF generated from this project in a project fund to pay for
streetscape or landscaping improvements around the immediate site. The CRA made its
final commitment in FY 02-03. The CRA’s goal is to use these funds in later years as part
of a Phase 2 for the Cleveland Street Streetscape Project between Myrtle Avenue and
Missouri Avenue. There has been no activity in this fund this year.
Jolley Trolley
The CRA subsidizes the Jolley Trolley, a non-profit trolley system, to provide reduced-rate
service between the Downtown and the Beach. The CRA’s annual contribution is $50,000.
Downtown Clearwater Farmer’s Market
The Downtown Clearwater Farmer’s Market recently celebrated their 11th year in their
new location in front of City Hall. The change of location was necessary due to the
Station Square Condominium Project using their previous location for a construction
staging area. The market operates annually from November through April. It has evolved
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into a green market and holds several special events during the season. It attracts
weekly visitors to the area and assists in making the downtown an exciting place to
visit for downtown workers, city residents, and area tourists. This year, the Main Street
Program assisted the market with the Ice Cream Social, the Annual Super Soups Event
and their 11th Anniversary celebration.
Annually the CRA provides $6,000 to the Farmer’s Market.
D. CRA Programs
Main Street Program
The Economic Development and Housing Department administers the city’s Main
Street Program through a full-time Main Street Coordinator and four standing
committees - the Joint Venture Committee, the Promotion Committee, the Design
Committee, and the Economic Development Committee. The Executive Director of the
CRA chairs the Joint Venture Committee containing representatives from each of the
Main Street committees, the DDB, and the City Council.
For the second year in a row, the Clearwater Main Street Program has been recognized
with awards from the State of Florida Main Street
Program at the Main Street Annual Conference
held November 1-3 in Naples, Florida. The
awards received were for Outstanding Private-
Public Partnership - Clearwater Downtown
Development Board, Outstanding Sign/Display
Project - Downtown Wayfinding Signage (tied with
Panama City Main Street) and Outstanding Image
Campaign or Promotional Materials - Shopping
and Dining Guide.
MAIN STREET
AWARDS PRESENTATION
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The committees were involved in a host
of activities during the year including
revising the Downtown Clearwater
Shopping & Dining Guide, coordinating
the Fall & Spring Cleanups in conjunction
with Keep Pinellas Beautiful, assisting
with the Holiday Lighting along Cleveland
Street, and coordinating the 3rd Annual
Downtown Clearwater Fall Arts Stroll.
ARTS STROLL
They were also involved in drafting the
Cleveland Street Construction Tool-kit, a binder full of resource information to assist
merchants during the Cleveland Street Streetscape construction period, developing the
2005-2006 schedule of Main Street merchant events to enhance awareness of downtown
businesses during the streetscape construction project, and coordinating the DDB
Design Awards to recognize property owners investing in their storefronts.
The Main Street Program held a volunteer reception that resulted in 22 potential new
volunteers attending the event. The Clearwater Main Street reception was highlighted
in the July edition of the Florida Main Street newsletter, the Main Street Minute. The
Main Street Program Coordinator attended the International Council of Shopping
Centers (ICSC) Conference in August 2005.
ICSC BOOTH
VOLUNTEER RECEPTION
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Façade Improvement Grants Program
The CRA offers a Façade/Storefront
Improvement Grant to attract new businesses
and to retain existing businesses within the
district. The façade improvement program
encourages aesthetic improvements and
retention of character in the urban design
district. The grant offers up to a maximum
amount of $5,000 per building owner or tenant.
The funding formula is a 50/50 split between
the applicant and CRA.
FAÇADE IMPROVEMENT
The CRA funded three façade improvement
grants totaling $13,925.
Cleveland Street Maintenance
The CRA has committed $10,000 per year for the
general maintenance of planters, bricks, street
furniture, etc. on Cleveland Street and has included
items such as bench replacement, planter rebuilding,
and updating the planter flowers twice a year. Staff
coordinated maintenance improvements and the
installation of new benches and a trash receptacle in
Cleveland Street Gaslight Alley Park.
G ASLIGHT ALLEY Planter boxes on Cleveland Street are filled seasonally
with a variety of colorful flowers. Replacement and
maintenance of the wide assortment of vegetation is
funded by the DDB who assists the CRA in providing for a cheerful array of color on the
downtown walkways.
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Downtown-Gateway Strategic Action Program
The Downtown-Gateway Strategic Action Program began in February 2002 as a
partnership between the CRA, Main Street Program, DDB, the Clearwater Regional
Chamber of Commerce, property owners and tenants to identify specific actions for
improving downtown Clearwater. Through a strategy meeting and tour of the area, the
group identified the strengths, challenges, and opportunities for Downtown as well as
short-term action items to be accomplished in one to three years. From these meetings,
a matrix was developed defining projects, programs, and costs by year as well as
priorities for the future redevelopment of Downtown and the Gateway. The Downtown-
Gateway Strategic Action Program is reviewed and revised on a yearly basis.
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C O M M U N I T Y R E D E V E L O P M E N T A G E N C Y A N N U A L R E P O R T F Y 2 0 0 4 - 2 0 0 5
C I T Y O F C L E A R W AT E R , F L O R I D A
c o m m u n it y r e d e v e l op m e n t a g e n c y
BALANCE SHEET
SEPTEMBER 30, 2005 WITH COMPARATIVE TOTAL FIGURES FOR 2004
2005 2004
Assets
Cash on Hand and in Banks $ 100 100
Receivables:
Notes - Current 755,000 720,000
Other 102,059 78,601
Land Held for Resale 913,641 913,641
$ 1,770,800 1,712,342
Liabilities and Fund Balances:
Liabilities
Accounts and Contracts Payable $ 403 2,736
Due to Other Government Entities 48,000 48,000
Due to Other Funds 120,401 120,401
Due to Other Funds (Deficit in Pooled Cash) 467,363 1,218,111
Advances from Other Funds 120,401 240,803
Deferred Revenue 70,634 78,482
Total Liabilities 827,202 1,708,534
Fund Balance
Reserved for :
Encumbrances 29,957 3,809
Land Held for Resale 913,641
Total Liabilities and Fund Balance $ 1,770,800 1,712,343
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C O M M U N I T Y R E D E V E L O P M E N T A G E N C Y A N N U A L R E P O R T F Y 2 0 0 4 - 2 0 0 5
C I T Y O F C L E A R W AT E R , F L O R I D A
c o m m u n it y r e d e v e l op m e n t a g e n c y
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE – BUDGET (GAAP BASIS) AND ACTUAL
FISCAL YEAR ENDED SEPTEMBER 30, 2005 WITH COMPARATIVE TOTAL FIGURES FOR 2004
2005 2004
Variance
Original Final Positive
Budget Budget Actual (Negative) Actual
Revenues:
Intergovernmental $ 641,242 637,201 637,201 (0.12) 524,355
Miscellaneous Revenues:
Earnings on Investments 15,000 15,000 62,210 47,210 19,990
Other 58,732 150,732 189,869 39,137 68,517
73,732 165,732 252,079 86,347 88,507
Total Revenues 714,974 802,933 889,280 86,347 612,862
Expenditures:
Current - Economic Environment 345,100 443,984 249,654 194,330 238,458
Excess of Revenues
Over Expenditures 369,874 358,949 639,627 280,678 374,403
Other Financing Sources (Uses):
Transfers In 516,604 513,348 1,171,663 658,315 424,435
Transfers Out (886,478) (872,297) (871,500) 797 (1,527,598)
State of Capital Assets – – 0 0 720,000
(369,874) (358,949) 300,163 659,112 (383,163)
Excess (Deficiency) of Revenues and
Other Financing Sources Over Expenditures
and Other Financing Uses – – 939,789 939,789 (8,760)
Fund Balance, Beginning of Year 3,808 3,808 3,808 – 12,568
Fund Balance, End of Year $ 3,808 3,808 943,597 939,789 3,808
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C O M M U N I T Y R E D E V E L O P M E N T A G E N C Y A N N U A L R E P O R T F Y 2 0 0 4 - 2 0 0 5
Community Redevelopment Agency Board
Frank Hibbard, Mayor
Bill Jonson, Vice-Mayor
John Doran, Councilmember
Hoyt Hamilton, Councilmember
Carlen A. Petersen, Councilmember
Executive Director of the
Community Redevelopment Agency
and Assistant City Manager
Rod Irwin
Director of
Economic Development & Housing
Geraldine Campos
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