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HomeMy WebLinkAboutInv# 216 - SHAWN MITCHELL - 04/01/2025InvoiceShawn Mitchell Bill To:Dania Beach CRA mchen@daniabeachfl.gov Dania Beach Community Redevelopment Agency 100 W. Dania Beach Boulevard Dania Beach, FL 33004 Invoice No:216 Date:03/28/2025 Terms:NET 45 Due Date:05/12/2025 Description Quantity Rate Amount Professional Services: review, analysis, and creation of CRA Annual Report data sets including State Reporting Requirements. 1 $2,350.00 $2,350.00 Subtotal $2,350.00 Total $2,350.00 PAID $0.00 Balance Due $2,350.00 Notes Please make all checks payable to Shawn Mitchell. Thank you for your business! 2299 Rose Walk Drive Alpharetta, GA 30005 (470) 856-9730 shawn.fms@gmail.com 1 / 1 106-52-01-552-31-10 Shawn Mitchell 2299 Rose Walk Drive Alpharetta, GA 30005 (470)235-9079 cell shawn.fms@gmail.com March 28, 2025 K. Michael Chen, Executive Director Dania Beach Community Redevelopment Agency 100 W. Dania Beach Boulevard Dania Beach, FL 33004 Dear Mr. Chen: Please find attached hereto my invoice for services rendered pursuant to the review, analysis, and updating of CRA financial matters for the Dania Beach Community Redevelopment Agency. I have included the following documentation: •Invoice •Deliverables Thank you for allowing me the opportunity to work with your organization and please let me know if any additional information is needed. Sincerely, Shawn Mitchell Page 1 of 14 03/28/2025 CRA PERFORMANCE BENCHMARK Understanding the Broward County Property Assessor (BCPA) Tax Roll is one of the best quantifiable benchmarks of how a CRA is performing. Let’s start with some definitions. • Tax Roll Year: A real estate property Tax Roll is created annually by the BCPA. The tax roll year is the assessed value of the parcels in the tax roll as of January 1st of each year. • Fiscal Year: City/County revenues are generated from the collective Taxable Value of the previous year – property taxes are paid in arrears. • Taxable Value: Assessed Value is what the BCPA determines a property is worth based on its size, use, and location. Assessed Value adjusted for special conditions and exemptions results in Taxable Value, the value used to calculate property taxes. • Base Year Taxable Value: In the year a CRA is created (or amended), the existing taxable value of the area encompassed by the CRA boundary is set as the Base Year benchmark. • Taxable Value Increment: Taxable Value is determined by BCPA annually. Each year in the life span of the CRA the Base Year Taxable Value is subtracted from the current year Taxable Value, resulting in the annual Taxable Value Increment. Therefore, the increment is the financial measure of the annual CRA performance. Since the Taxable Value Increment reflects the growth of property values from the beginning of the CRA, it is an effective measure of CRA performance. In the case of a CRA with a Tax Increment Financing Trust Fund (TIF), the annual increment is the basis of calculating the funding contributions from captured taxing authorities. The Dania Beach CRA does not have a TIF, but it is still a measure of the CRA’s performance. So, what do the numbers tell us? By the table below, in tax roll year 2015, the property values from the 2008 real estate crash had recovered enough to bring Taxable Value Increment into the positive range for the second time since tax roll year 2010. The good news is that the real estate values bottomed out in 2012, the first year of the expanded CRA, and the Taxable Value has increased every year since. By tax roll year 2024, the Taxable Value was more than triple (340%) the Base Year Taxable Value. Page 2 of 14 03/28/2025 TAXABLE PROPERTY VALUES A B =A-B TAX ROLL YEAR FISCAL YEAR TAXABLE VALUE % CHANGE OVER PRIOR YEAR BASE YEAR TAXABLE VALUE TAXABLE VALUE INCREMENT 2024 2025 1,889,967,450 20.0% 555,988,910 1,333,978,540 2023 2024 1,574,625,790 12.8% 555,988,910 1,018,636,880 2022 2023 1,395,414,500 12.9% 555,988,910 839,425,590 2021 2022 1,235,867,510 14.1% 555,988,910 679,878,600 2020 2021 1,083,147,040 6.4% 555,988,910 527,158,130 2019 2020 1,017,542,200 21.1% 555,988,910 461,553,290 2018 2019 840,265,840 10.5% 555,988,910 284,276,934 2017 2018 760,320,310 15.6% 555,988,910 204,331,400 2016 2017 657,675,940 8.5% 555,988,910 101,687,030 2015 2016 606,167,390 7.9% 555,988,910 50,178,480 The trend of the growth of the Increment is easier to see in the graph below. Not only is the Increment growing each tax roll year, but it is growing at an accelerated rate – slope of the curve is increasing over time. Page 3 of 14 03/28/2025 A balanced and diversified tax-base reflects market stability and helps insulate the CRA from value declines occurring market segments. The diversification of the CRA real estate base is reflected in the pie chart below and this diversification has remained relatively stable for the ten-year period ending with tax roll year 2024. That said, the last several years have highlighted an accelerated growth pace for the residential market segment relative to the other segments (commercial, industrial, etc.) including new construction in tax year 2024 (that is to say, the improvements being reflected on the tax roll upon completion of the development’s construction). The larger new construction developments in tax year 2024 reflected residential uses including the Sea View at Dania Apartments (owner: Dania Beach Rentals, LLC), Soleste SeaSide Apartments (owner: 4 Dania Beach Holdings, LLC), etc. and are reflected in the Principal Taxpayers table included herein. The strength and stability of the CRA real estate base is reflected in the graphs below. The graphs show the continued increase of property values in each major property classification. Page 4 of 14 03/28/2025 Page 5 of 14 03/28/2025 An important analysis to consider when discussing property values pertains to taxpayer concentration, or more specifically, the percentage of total tax increment generated from the CRA’s principal taxpayers. Taxpayer concentration is a measure of revenue risk for the CRA. A low taxpayer concentration indicates a diverse base of taxpayers and a stronger ability to adapt to the loss of any one taxpayer. PRINCIPAL TAXPAYERS TAXPAYER PROPERTY USE FY 2025 TAXABLE VALUE % OF FY 2025 TAXABLE VALUE DANIA LIVE 1748 II LLC COMMERCIAL; RESIDENTIAL 232,473,450 12.3% DANIA BEACH RENTALS LLC RESIDENTIAL 106,492,530 5.6% 4 DANIA BEACH HOLDINGS LLC RESIDENTIAL 99,747,060 5.3% DANIA LIVE 1748 LLC COMMERCIAL 91,071,380 4.8% DANIA ENTERTAINMENT CENTER COMMERCIAL; RESIDENTIAL 53,295,600 2.8% DANIA POINTE WATERFRONT LLC RESIDENTIAL 39,726,570 2.1% KD DANIA BEACH LLC COMMERCIAL 36,111,300 1.9% BROWARD INTERNATIONAL COMMERCE COMMERCIAL; INDUSTRIAL 35,271,520 1.9% DAWSON JOHNSON OPERATIONS LLC RESIDENTIAL 34,984,770 1.9% STIRLING INDUSTRIAL PARK INDUSTRIAL 34,371,730 1.8% TOTAL 763,545,910 40.4% Page 6 of 14 03/28/2025 Performance Data The following section provides performance data in accordance with F.S. §163.371 as of September 30, 2024 (most recent data available). • F.S.§163.371 ­ Total number of activities started and completed and the estimated cost for each activity; ­ Original assessed real property values within the boundaries of the CRA as of the creation date (base year); ­ Total assessed real property values of property within the boundaries of the CRA as of January 1 of the reporting year; ­ Total amount expended for affordable housing for low-income and middle-income residents; and ­ A summary indicating Redevelopment Plan achivements. Within the framework of this data, the redevelopment activities are categorized by achievement. Page 7 of 14 03/28/2025 555,988,910.00$ ACHIEVEMENT Economic Development Tuesday, October 15, 2024 6 Total number of Activities completed Most Recent Update * During Fiscal Year 2024, the CRA sold one of its land holdings to a private developer for the construction of two low-income affordable housing units. The CRA received $80,000 for the land sale which had an appraised market value of $195,300. The difference between market value and sales price represents the CRA's investment in this affordable housing initiative as reported above. Dania Beach Community Redevelopment Agency Florida Department of Economic Opportunity Special District Accountability Program ID Mailing Address Office Address 1827 Mr. K. Michael Chen 100 West Dania Beach Boulevard Dania Beach, FL 33004 100 West Dania Beach Boulevard Registered Agent (954) 924-6801 (954) 921-2604 mchen@daniabeachfl.gov Base Year Taxable Value in CRA Telephone Fax Email Website County(ies) www.DaniaBeachCRA.org Broward Total number of Activities started and/or ongoing Board Selection Authority to Issue Bonds City of Dania Beach Municipality Contributions Local Governing Authority Date Created / Established Creation Documents Tuesday, June 25, 2002 City Ordinance 2002-032 Identical to Local Governing Authority Yes The following is a summary of this community redevelopment agency's achievement of its redevelopment plan's goals. 1,333,978,540.00$ Total amount invested for low and middle income affordable housing *$115,300 Current Year Tax Increment Value Current Year Taxable Value in CRA 1,889,967,450.00$ 4 Revenue Community Engagement CRA Plan (Section 9) 9.1, 9.2, 9.3, 9.4, 9.5 9.1, 9.2, 9.3, 9.4, 9.5 Page 8 of 14 03/28/2025 Page 9 of 14 03/28/2025 Page 10 of 14 03/28/2025 While the Performance Data included thusfar provides an important linkage between the CRA’s financials (budget, expenditures, etc.) and its activities, it is also important to understand that the CRA has material economic impacts that are not readilly apparent in its financials. For example, the CRA has been an aggressive partner in facilitating the growth of business, industry, and residential development in the district and has had direct influence in 3.5 million square feet of development either under construction or in the planning stages. PROJECTS DEVELOPED WITH CRA SUPPORT/INFLUENCE (2024)* PROJECT USE PHASE AREA (SF) UNITS DANIA POINTE RESTAURANTS PHASE I (9) 30,000 PHASE I (16) 82,000 RETAIL PHASE I (18) 288,000 PHASE II (23) 33,700 AC/MARRIOTT HOTEL 218,470 154 MARRIOTT HOTEL 278,053 196 AVERY I RESIDENTIAL 321,860 264 AVERY II RESIDENTIAL 321,860 264 SPIRIT AIRLINES OFFICE 180,000 TRAINING (FLIGHT SIMULATORS) 103,000 TRAINING (RESIDENCES) 250,000 200 OASIS POINTE RESIDENTIAL 500,000 301 SKYSPACES OFFICE 7,000 SOLESTE RESIDENTIAL 564,700 340 RETAIL 14,000 TOTAL 3,192,643 1,719 * The following notes are intended to provide additional context for the projects listed above: Dania Pointe is a CRA initiative. The CRA is providing the required local match for the Spirit Airlines development. Oasis Pointe is being constructed across the street from Dania Pointe (many other residential projects also coming proximate to Dania Pointe). SkySpaces is a 7,000 sq. ft. co-working office project resulting from direct influence from the CRA. Soleste has a development agreement with the CRA for $1 million in funding for the cost of constructing a public park which was provided through the Broward Redevelopment fund. These developmnents are highlighted to show the significant economic impact of CRA activities that extend beyond those directly related to expenses included in the financial statements. Page 11 of 14 03/28/2025 Financial Statements The CRA Annual Report for the fiscal year ending September 30, 2022, has been prepared in accordance with F.S.§163.371 and 163.387(8). • F.S.§163.371 This Annual Report has been prepared in accordance with F.S. §163.371 including a financial statement setting forth its income/expenses. • F.S.§163.387(8) The Financial Statements included herein are sourced from the Annual Comprehensive Financial Report (“Financial Report”) for the fiscal year ending September 30, 2022. The Financial Report is under its annual independent audit review and will be issued within State mandated timelines. Once issued, copies can be obtained electronically from the website: http://www.daniabeachcra.org/about-us/plans Page 12 of 14 03/28/2025 Page 13 of 14 03/28/2025 Page 14 of 14 03/28/2025