1. STATE ROAD 100 CORRIDOR COMMUNITY REDEVELOPMENT AREA Bulldog Drive Right-of-Way Acquisition Status March 9, 2010 Presentation for City Council Workshop

2. SR 100 CRA Background and Purpose Background –Established April 20, 2004 –30 Year Time Horizon –Tax Increment Financing (future revenue from CRA pays for improvements to encourage redevelopment) Purpose –Improve and/or Redevelop Blighted Areas Midway Subdivision Whispering Pines Subdivision –Establish the City’s “Downtown” or Urban Core –Encourage Development of Additional Commercial Corridor (Alternative to Palm Coast Parkway)

3. SR 100 CRA Completed Projects Master Plan Updated Central Park Improvements Land Acquisitions I-95 / State Road 100 Gateway Features Bulldog Drive Project Development and Engineering Report CRA Financing Approved

4. Future Capital Improvements High Priority Projects Bulldog Drive Central Park Enhancements Phases II and III Civic Architecture (Community Center) Other (Historic Property/Site Rehabilitation) State Road 100 (Sidewalk, Traffic Signal/Mast Arm Assembly, Gateway Signage)

5. Existing Bulldog Drive Corridor

6. Potential Bulldog Drive Enhancements

7. FY 2009/2010 Budget Tax Increment Revenue...........$ 1,439,800 Investment Earnings..............$ 4,900 Loan Proceeds.................. $ 4,000,000 TOTAL REVENUES...............$ 5,444,700 Professional Services............. $ 100,000 Land Purchases.................$ 2,900,000 Bulldog Drive Design............. $ 300,000 Central Park....................$ 120,000 Debt Service....................$ 706,750 Contingency....................$ 1,317,950 TOTAL EXPENSES..............$ 5,444,700

8. Implementation Short-Term Approve Current Loan Complete Right-of-Way Acquisition for Bulldog Drive Complete Design & Construction Plans for Bulldog Drive Additional Property Acquisitions in Target Areas Central Park Improvements Long-Term Additional Financing Bulldog Drive Construction Additional Capital Improvements per CRA Plan

9. Proposed Alignment Third Coast Holdings, LLC AjramCole Flagler County School District

10. Status of Right-of-Way Acquisitions Flagler County School District –City Attorney Drafting Interlocal Agreement –No Cost to CRA to Obtain ROW Ajram –Negotiations Ongoing Third Coast Holdings, LLC –Approved Redevelopment Agreement (Sonic) –Never Executed Due to Financial Markets –Owner has Offered to Sell to City –Should City Staff Pursue Acquisition?

11. Status of Right-of-Way Acquisitions Cole Property Appraisal –Arms Length Transaction Opinion of Value: $435,000 –Not a True Arms Length Transaction Negotiations –Previous Discussions Before Downturn, Cole desired $1,200,000 –Initial Offer by City Staff was Appraised Value –Further Negotiations Concluded with Proposed Contract Signed by Cole for $800,000 Attorney’s Opinion –Alternative to Reaching Agreement would be Eminent Domain –Difference Between Appraised Value and Contract Price is within the Range of Anticipated Eminent Domain Costs –Eminent Domain would only Result in the ROW, not the Whole Parcel

12. Implementation Future Actions Cole Property Acquisition (March 16 Business Meeting) Interlocal Agreement with Flagler County School District Further Negotiations with Ajram Further Negotiations with Third Coast Holdings, LLC Design & Construction Plans for Bulldog Drive