photo credit: City of Leesburg, Florida
| Location | Leesburg, Florida |
|---|---|
| Project Sponsor / Borrower | The City of Leesburg US Highway 441/27 Community Redevelopment Agency |
| Program Areas |
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| Value Capture Techniques | Tax Increment Financing |
| Mode | Local Road |
| Description | The City of Leesburg, Florida created the US Highway 441/27 Community Redevelopment Agency (CRA) on February 13, 2006 (Ordinance 06-13). It created a Trust Fund to receive CRA proceeds on May 22, 2006 (Ordinance 06-45) and is effective for 30 years. The fund generates a majority of its annual income from tax increment revenues levied on property within the CRA. The purpose of the CRA is to generate funding for infrastructure improvements in blighted areas within the CRA zone. The boundaries of the CRA zone extend for half a mile on both sides of US 27 from MLK Boulevard to CR 48 and US 441 from CR 473 on the east to US Highway 27 on the west. The US Highway 441/27 CRA expanded in December 2015 by 106 acres and 46 properties. In addition, the CRA was extended by 10 years to 2045 and the base year for all properties, both the original and expanded, was updated to 2015. A five-member Board consisting of the sitting members of the Leesburg City Commission runs the US Highway 441/27 Area CRA. Board members must reside within the corporate limits of the City of Leesburg and serve on the Board as long as they remain city commissioners. The CRA maintains a Redevelopment Plan that evaluates physical and economic conditions within the US Highway 441/27 area. The plan also identifies measures to encourage economic development, preserve and enhance property values, improve pedestrian safety, provide recreational facilities, and assist in home ownership. In 2009, the CRA issued $16,605,000 in Tax Increment Revenue Bonds to fund the relocation of overhead utility lines in underground conduits. The undergrounding project also relocated related capital equipment and removed conduit poles. The project took place concurrently with roadway improvements on U.S. Highway 441/27 made by the Florida Department of Transportation. The CRA advanced the undergrounding project to take advantage of the cost efficiencies of completing the work at that same time as the roadway improvements and to further its Redevelopment Plan. Approximately $1.1 million of the proceeds from the 2009 Tax Increment Revenue Bonds was also used to retire a subordinate Capital Improvement Bond Anticipation Note issued by the City of Leesburg in 2008. |
| Cost | $12.2 million |
| Funding Sources | Tax Increment Revenue Bonds - $12,153,858 (deposited into a construction account with any surplus funds available to fund eligible expenditures included in the Redevelopment Plan) |
| Project Delivery / Contract Method | NA |
| Private Partner | None |
| Project Advisors / Consultants | McLin & Burnsed, P.A. - City and Agency Attorney Akerman Senterfitt - Bond Counsel Holland & Knight - Disclosure Counsel Purvis Gray & Company - Independent Certified Public Accountants Larson Consulting Services, LLC - Financial Advisor |
| Lenders | Bondholders |
| Duration / Status | The undergrounding project was completed in 2010. |
| Financial Status | Closed |
| Innovations |
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| Related Links / Articles | |
| Contacts | Ken Thomas |
