Merritt Island Redevelopment Agency Economic Impact April 13

Merritt Island Redevelopment Agency Economic Impact April 13, 2017

ASSESSING PERFORMANCE The Merritt Island Redevelopment Agency (MIRA) Board of Directors commissioned independent outside resources to identify and assess key economic performance metrics for their Community Redevelopment Agency (CRA). Scale Perspective BUSINESS AND JOBS SALES PROPERTY TAX Cost-Benefit 2

CRA DISTRICT ESTABLISHMENT, PURPOSE, AND FUNDING • Established locally • Under FL statutes • Focused leadership • To improve community • Funded by success 3

MIRA – QUICK FACTS § The County’s redevelopment agency § Established in 1989 § To redevelop Merritt Island § Focus toward small businesses § Statutorily allowed to operate to 2044 § Less than 10% of Merritt Island area § Provides leadership focused on Economic Redevelopment § A funding mechanism dedicated to a Key Economic Engine 4

MERRITT ISLAND — A KEY ECONOMIC ENGINE — 6% of the County’s Area 8% of Population 8% of Companies; Small Business 10 Years Sales Tax $421 M 1 10% 10 Years Property Tax $541 M 2 9% Florida Dept. of Revenue, Office of Tax Research 2 Brevard County Tax Collector 1 5

CRA Community Property Tax Ten-Year Contributions to Brevard County (Millions) Unincorporated Merritt Island ranks third in Property Tax contribution to Brevard County Tax Collector 91% of County Property Tax comes from CRA supported communities. 6

CRA Community Sales Tax Ten-Year Contributions to Brevard County (Millions) 93% of County Sales Tax comes from CRA supported communities. Unincorporated Merritt Island ranks third in Sales Tax contribution to Brevard County. Florida Dept. of Revenue Office of Tax Research 7

HOW MIRA SUSTAINS THIS ECONOMIC ENGINE FOR BREVARD • Provides economic redevelopment leadership • Public-private small business partnerships • Leverage multi-faceted funding mechanisms • Conceive, develop, finance and build projects • Pro-active economic analysis and planning 8

The last 10 years MIRA reinvested 97% of Tax Increment Funds it received in… CONSTRUCTION CAPITAL LAND RENOVATIONS $3. 8 M $3. 9 M GRANTS & AID $2. 1 M $788 K …totaling $10. 7 M and all with no debt 9

MIRA FULLY FUNDED RE-INVESTMENT BEFORE AFTER SEWERS & SIDEWALKS STREETSCAPES MIRA INVESTED $8. 7 MILLION OVER 10 YEARS SMALL BUSINESS GATEWAYS 10

MIRA LEVERAGED GRANT FUNDING REGIONAL STORMWATER FACILITY LAND PURCHASE BOARDWALKS MIRA OBTAINED AN ADDITIONAL BEFORE AFTER $1. 2 MILLION IN GRANTS OVER 10 YEARS 11

MIRA LEVERAGED FDOT ROAD SAFETY PROJECTS BEFORE AFTER MAST ARMS TO BE MORE COST-EFFECTIVE MIRA INVESTED $718 K ENHANCING FDOT SAFETY PROJECTS OVER 10 YEARS STREET SAFETY PROJECTS ROADS 12

MIRA LEVERAGED PARTNERSHIPS WITH SMALL BUSINESS BEFORE AFTER COMMERCIAL FAÇADE GRANTS $3. 6 M FUNDED BY SMALL BUSINESS 6: 1 MIRA Benefit to Cost Leverage Over 10 Years $788 K MIRA INVESTMENT $4. 4 m Total PROJECT Value 13

MIRA SUPPORTED COMMERCIAL PRODUCTIVITY OF MERRITT ISLAND 78% MERRITT ISLAND 10 YEAR SALES TAX TO PROPERTY TAX RATIO SALES TAX PROPERTY TAX 14

MIRA REINVESTMENT SUSTAINS the Merritt Island tax contribution $962 M $10. 7 M SUSTAINING REINVESTMENT BY MIRA $11 M 10 YEAR FUNDING TO MIRA MERRITT ISLAND 10 YEAR TOTAL TAX CONTRIBUTION TO COUNTY $951 M NET TAX CONTRIBUTION TO COUNTY 86: 1 Benefit to cost 15

MIRA 10 YEAR PERFORMANCE RECAP PERFORMANCE METRIC CRA Fiscal MIRA Project Investment / TIF Efficiency CRA Financial Leverage CRA Debt Service MIRA Leveraged Funding / CRA Project Investment 97% 11% $11 M TIF $10. 7 M INVST $1. 2 M $11 M TIF MIRA Debt Service / TIF No Debt Funding Return on Merritt Island Tax Contribution Investment / TIF Commercial Productivity Benefit to Cost Merritt Island Sales Tax / Property Tax 86: 1 78% $951 M $11 M $421 M $541 M 16

Veterans Memorial Park and Regional Stormwater Facility 17

Merritt Island Downtown 18