City of Edgewater - File #: AR-2025-0262

• File #: AR-2025-0262
• Version: 1
• Type: Presentation
• Status: Agenda Ready
• File created: 7/16/2025
• In control: Community Redevelopment Agency
• On agenda: 8/4/2025
• Title: AR-2025-0262: Presentation by Development Services Director regarding "Main Street" on E Park Avenue.

                     COMMUNITY REDEVELOPMENT AGENCY AGENDA ITEM

SUBJECT:

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AR-2025-0262: Presentation by Development Services Director regarding “Main Street” on E Park Avenue.

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DEPARTMENT:

Development Services/Economic Development

SUMMARY:

On March 2^nd, 2015, the City of Edgewater adopted resolution 2015-R-10, which adopted the Community Redevelopment Plan.  The Community Redevelopment plan envisioned several “distinct character areas” within the boundary of the plan. One key area is along Park Avenue from Ridgewood Avenue to Riverside Drive and extending into George R. Kennedy Memorial Park. The Community Redevelopment Plan envisioned a “vibrant quaint urban Downtown with a mixed use ‘main street’ along Park Avenue from US-1.

On November 20^th, 2014, Volusia County Council passed Resolution 2014-159, which delegated the authority to the City of Edgewater to utilize a community redevelopment agency. This resolution went into effect immediately. As such, the resolution outlines that the CRA will expire on November 20^th, 2034. This means the City of Edgewater has until 2034 to complete the downtown utilizing only revenue from the CRA.

The Community Redevelopment Plan includes a capital work plan or list of all capital expenditures over the lifetime of the CRA utilize the incremental projected tax value increases. The City in 2015 had estimated the streetscape from Ridgewood Avenue to US 1 would cost roughly $1,531,160, the parking lot for the downtown was estimated to cost $550,000, and the “main street” was estimated to cost $3,000,000. Over ten years has passed since the original adoption of the plan. City staff are in the middle of updating the CRA plan to reflect a narrower vision for the “main street”.

At the January 27^th, 2025 Community Redevelopment Agency Board hearing, the CRA board requested City staff to devise a plan to facilitate the creation of Main Street prior to purchasing additional property. The City Council gave direction at the June 2^nd City Council meeting to pursue the purchase of 104 N Park Place, 114 N Riverside Drive, and 123 E Park Avenue. At the July 7^th, 2025 City Council meeting, the City Council approved the purchase contract for the purchase of 104 N Park Place. City staff are actively pursuing contracts at 114 N Riverside Drive and 123 E Park Avenue. The City in the 2024 CRA budget, budgeted $797,742 for property acquisition. With the purchase of 104 N Park Place for an appraised value of $154,000, a budget amendment will be needed to purchase 114 N Riverside Drive and 123 E Park Avenue. Fortunately, there is an additional $200,000 that can be reallocated towards property acquisition.

City staff are actively targeting vacant properties immediately adjacent to the current properties owned by the City of Edgewater. Once all immediately adjacent vacant properties have been acquired, City staff will then turn to purchasing the larger vacant tracts. The City will then reserve funds for several years to accumulate a large sum. This large sum will then be used to purchase the four remaining properties in the target area that are currently occupied with single family home residences. During this time, City staff will create a hybrid form based code for the Main Street with opportunities for the public to provide feedback. City staff anticipates that it will take an additional five years to purchase the remaining properties utilizing the City’s portion of CRA revenue, with a completion in fiscal year 2030. During fiscal year 2031, City staff would design the stormwater, public spaces, and street scape with full engineering plans. In fiscal year 2032, City staff would recommend not expending any funds. In fiscal year 2033, the CRA would have enough money to finally construct the stormwater, public spaces, and street scape.  A conservative estimate of 6.8 million dollars would be available for the construction of the main street in Fiscal Year 2033.  City staff will note that if the Community Redevelopment Agency stopped funding façade grants, and allocated that money to the main street, an additional 1.4 million dollars would be available by not funding façade grants at $200,000 a year during Fiscal year 2027 through Fiscal year 2033. 

BUDGETED ITEM:                       ☒ Yes ☐ No ☐ Not Applicable

BUDGET AMENDMENT REQUIRED:                       ☒ Yes ☐ No ☒ Not Applicable

RECOMMENDED ACTION:

Request for direction from the CRA board regarding City staff’s proposed approach.

CRA City and County Revenue from 2016 through 2026

CRA City and County Revenue 2024 through 2026, Rate of Increase

Account Description	2024	2024 to 2025 $ Change	2024 to 2025, % Change	2025	2024 to 2025 $ Change	2024 to 2025, % Change	2026
EDGEWATER CRA / CITY PORTION	$294,949	$81,718	27.71%	$376,667	$56,826	15.09%	$433,493
EDGEWATER CRA / COUNTY PORTION	$149,335	$26,675	17.86%	$176,010	$32,221	18.31%	$208,231

CRA City Revenue Fiscal Year 2027 through 2030 for Property Acquisition

Account Description	2027	2028	2029	2030	Total for Property Acquisition
EDGEWATER CRA / CITY PORTION	$498,516	$573,293	$659,287	$758,181	$2,489,277
Actual Fund Balance
$200,000 yearly allocation to CRA Grants	$298,516	$373,293	$459,287	$558,181	$1,689,277

Volusia County Revenue Fiscal Year 2025 through Fiscal Year 2033

Account Description	2025 Balance	2026	2027	2028	2029	2030	2031	2032	2033	Total for Infrastructure
EDGEWATER CRA / COUNTY PORTION	$925,000	$208,231	$239,465	$275,385	$316,692	$364,196	$418,826	$481,650	$553,897	$3,783,342

CRA City and County Revenue for Infrastructure

Account Description	2025 Balance	2026	2027	2028	2029	2030	2031	2032	2033	Total for Infrastructure	Total
EDGEWATER CRA / CITY PORTION	$0	Property Acquisition	PA	PA	PA	PA	$871,908	$1,002,694	$1,153,098	$3,027,700	$6,811,042
EDGEWATER CRA / COUNTY PORTION	$925,000	$208,231	$239,465	$275,385	$316,692	$364,196	$418,826	$481,650	$553,897	$3,783,342