CRA Annual Report FY 2017-2018
Below is an online version of the Annual Report. To download a pdf of the actual report, click the link at the bottom of the page.
LAKE CLARKE SHORES
COMMUNITY REDEVELOPMENT AGENCY
ANNUAL REPORT
2017/2018
For the fiscal year ending September 30, 2018
REQUIREMENT OF THE CRA ANNUAL REPORT
The Community Redevelopment Agency (CRA) Commission shall file with the Town of Lake Clarke Shores on or before March 31 of each year, a report of its activities for the preceding fiscal year and this report shall include a complete financial statement setting forth the CRA’s assets, liabilities, income, and operating expenditures as of the end of such fiscal year.
At the time of filing the report, the agency shall publish in a newspaper of general circulation in the Town, a notice to the effect that such report has been filed with the Town and that the report is available for inspection during business hours in the office of the Clerk of the Town.
BACKGROUND
The Lake Clarke Shores Community Redevelopment Agency (CRA) was created on July 12, 2016 by the Lake Clarke Shores Town Council under Section 163, Part III, Florida Statutes.
The boundaries of the CRA District are included on the map herein. The general boundaries of the CRA are comprised of approximately 53.4 acres or 8% of the total area of the Town. It is the intent that all exterior borders of the map are to include all public rights of way that are tangent to the external envelope of the CRA boundaries.
The governing body of the Lake Clarke Shores CRA is the Lake Clarke Shores Town Council. The Council is comprised of five (5) members. Under the State Statutes and the Town ordinances, the Lake Clarke Shores CRA has substantial powers and authority within the Lake Clarke Shores CRA area. These include the power to make and execute contracts, to acquire and dispose property, to approve development plans, to implement a program of voluntary or compulsory rehabilitation of buildings, to mortgage its property, to borrow and invest money, and to apply for and accept grants and contributions.
Tax Increment Financing (TIF)
The primary revenue earned by the CRA is Ad Valorem Taxes from Tax Increment Financing.
Tax Increment Financing, or TIF, is the amount of tax specifically due to increased property values within the CRA District.
The Town established the Community Redevelopment Agency Fund using 2016 as the base year for tax increment revenues.
The Community Redevelopment Agency collects TIF funds only from Palm Beach County and the Town of Lake Clarke Shores.
BOARD MEMBERS
The Town Council sits as the Board of Directors of the LCS CRA established by Resolution. The Mayor is the Chairman of the Board and the Vice-Mayor is the Vice-Chair. The Board positions are:
Gregory Freebold, Chair
Valentin Rodriguez, Jr., Vice-Chair
Paul Shalhoub, Commissioner
Robert M. W. Shalhoub, Commissioner
John Studdard, Commissioner
The Lake Clarke Shores Community Redevelopment Agency(CRA) is considered a blended component unit of the Town and therefore it is included in the Town’s annual financial audit.
In order to meet the requirement of Section 163.387(8), Florida Statutes, which requires the CRA to provide for annual audit of the redevelopment fund, the Lake Clarke Shores CRA has been treated as a major fund of the Town. The financial statements included herein are unaudited statements of the Lake Clarke Shores CRA.
Audited statements will be included in the Town’s Annual Financial Report for the fiscal year ending September 30, 2018 and once completed may be obtained in the Town Clerk’s office, 1701 Barbados Road, Lake Clarke Shores, Florida, 33406 or online at www.townoflakeclarkeshores.com
18: Number of new businesses opening or expanding within the Community Redevelopment Agency during 2017/2018 FY
MEETINGS HELD & ACTIONS TAKEN
The following activities were performed by the Board of Commissioners of the Lake Clarke Shores Community Redevelopment Agency:
- March 13, 2018 – presented the 2016/2017 Annual Report.
- July 10, 2018 – presented proposed 2018/2019 CRA Budget.
- September 11, 2018 – approved Resolution #2018-01 to submit proposed 2018/2019 CRA Budget to the Lake Clarke Shores Town Council for adoption as part of the Lake Clarke Shores 2018/2019 Budget to be adopted during the September 25, 2018 Budget Hearing.
- September 25, 2018 – the Town Council of the Town of Lake Clarke Shores adopted Resolution #18-24, approving the 2018/2019 Budget, which included the CRA Budget for the 2018/2019 FY.
20: Number of building permits issued within the Community Redevelopment Agency during 2017/2018
NEW BUSINESSES ADDED OR EXPANDED
A total of 16 new businesses opened in the Lake Clarke Shores Community Redevelopment Agency area in 2017 / 2018, and two existing businesses expanded during that same time period.
- Yuliet Hernandez
- Go Chiro Accident & Wellness Center
- Michael B Schorah & Associates
- Concepts in Eldercare
- Viva Health Centers of LCS Inc
- Prospect Financial
- Gege's Spa & Electrolysis LLC
- Certified Foot & Ankle Specialists
- Deborah Sue Gellis
- Diba Travel, Insurances & Service Corp
- Leo Life Saving Skills LLC
- Brighter Minds Behavorial Health LLC
- Dr, Finlay Medical Center
- West Palm Endodontics PA
- Giocovi Realty Inc
- Lidia Suarez DDS Inc
- Palm Beach Childrens Counseling LLC
- Leo Express Medical Care LLC
STATEMENT OF REVENUES, EXPENDITURES & CHANGES IN FUND BALANCE
Town of Lake Clarke Shores Community Redevelopment Agency
Statement of Revenues, Expenditures, and Changes in Fund Balance
For the Fiscal Year Ended
September 30, 2018 (Unaudited)
REVENUE
Taxes - $25,009
Interest income - $113
TOTAL - $25,122
EXPENDITURES
General government - $4,838
Physical and economic environment - $4,535
Capitsl outlay - $5,379
Utility special projects fund - $10,370
Total expenditures - $25,122
Excess (deficiency) of revenues over (under) expenditures - $0
FUND BALANCE, beginning of year - --
FUND BALANCE, end of year - $0
BALANCE SHEET
ASSETS
Cash - $25,122
Total assets - $25,122
LIABILITIES
Due to general fund - $14,752
Total liabilities - $14,752
FUND BALANCE
Unassigned - $10,370
TOTAL FUND BALANCE - $10,370
Total liabilities and fund balance - $25,122
SUMMARY
Lake Clarke Shores
Community Redevelopment Agency
Prospective Projects Summary
For the Year Ended September 30, 2018
Projects:
Sanitary Sewer Service Expansion - $1,800,000
Roadway Gris Improvements - 1,000,000
Mobility Improvements - 500,000
Canal Bank Multi-Use Path - 250,000
Recreational Enhancements - 1,000,000
Parking Improvements - 4,375,000
Stormwater Improvements - 200,000
Beautification, Lighting & Wayfinding - 350,000
Electric Car Recharging Network - 75,000
Total Project Cost Estimate - $9,550,000
Funding Sources for Prospective Projects:
- CRA Revenue
- Florida Boating and Improvement Program
- Florida Department of Environmental Protection
- Florida Department of Transportation
- Lake Worth Drainage District
- Palm Beach County
- Palm Beach Metropolitan Planning Organization Private Sources
- South Florida Water Management District
- State Revolving Loan Fund
Grant Sources:
- Community Development Block Grant Economic Development
- Administration Environmental Protection Agency
- Other Grant Funds TBD
Actual funding allocations for projects will be determined annually through the budget process.
