This document is an update of the Redevelopment Plan for the Casselberry Community Redevelopment Agency (CRA), originally completed in 1995 and updated in 2014 and 2016. An update of the Redevelopment Plan is required as part of a request for extension of the timeframe of the CRA. The request for an extension was made to the Seminole County Board of County Commissioners, who has authorization power under the home rule charter for the County. The approved amendment to the authorization extends the timeframe of the CRA until the year 2025. The rationale for the extension is found in the CRA Justification Report.
The request was based upon the concept that the CRA operates based on the collection of Tax Increment Financing (TIF), which has an underlying dependence on increasing property values. The Casselberry CRA received a double economic blow with the impacts of the Recession, as well as loss of property value due to eminent domain taking of property for the US Highway 17-92 flyover. In addition, the flyover restricted access to certain properties located near the intersection of US Highway 17-92 and SR 436. This limitation of accessibility and visibility damaged some of the enterprises in the primary business core of the CRA.
The CRA extension to 2025 allows the CRA to recuperate lost Tax Increment Financing from the double economic blow during the recession and the construction of the Flyover. With redevelopment occurring within the CRA, additional Tax Increment Financing funding is available for the CRA to fund the projects it wasn't able to fund during the recession. Anticipated Tax Increment Financing funding generated within the last 8 years of the life of the CRA is expected to exceed $9 million.
The updated CRA Redevelopment Plan identifies projects that capitalize on the development momentum currently occurring within the CRA. Projects include improving infrastructure throughout the district, expanding Lake Concord Park to accomodate additional parking and larger events, and acquiring commercial property within the CRA to aggregate for the use of a catalyst project to further illustrate the redevelopment potential of parcels within the CRA.