ECONOMIC PLANS

Strategic Finance Action Plans, CRA Plans, Economic Redevelopment Plans & Implementation Plans

The Strategic Finance Action Plan is intended to provide a structured and proactive approach to guide CRA activity over an extended period of time. The Action Plan portion of the document outlines specific redevelopment projects and programs, and the Finance Plan provides the associated funding sources and uses. The Finance Plan also creates a transparent financial document that clearly demonstrates the investments the CRA intends to make year after year. The Plan can be divided into distinct geographic boundaries within the CRA, thereby creating targeted redevelopment areas which accomplish two main goals; first, the districts are given a defined vision and investment plan that private sector investors, stakeholders, business owners and residents can support and participate in; second, by defining the future vision for an area, the CRA is better positioned to market and promote the area, which leads to business attraction and redevelopment. The goal is to increase the city’s tax base and promote economic growth.

The North Miami Beach Strategic Finance Action Plan was based on a review of the existing CRA activities and budgets that were in place as of February 2020. Some of the current initiatives underway were retained; however, additional investments were proposed for projects that would begin to lay the foundation for solid redevelopment to occur, mainly through capital improvements. The Executive Director position was vacant at the time of the development of the Plan, which the City Administration addressed to ensure there would be dedicated staff to implement the Strategic Finance Action Plan. 

RMA presented the proposed Strategic Finance Action Plan to the Redevelopment Advisory Board and to the Community Redevelopment Agency Board explaining the benefits of a long-term approach to redevelopment. During both instances, the Boards unanimously agreed the Strategic Finance Action Plan would be formally adopted and act as a guide for future redevelopment within the CRA. The action items in the matrix at the end of the document provide both short-term and long-term initiatives which are currently being implemented.

P3 & MIXED-USE

The East CRA district of the City of Pompano Beach is generally bordered by the beach and US1, a major highway corridor in Florida. The intracoastal waterway separates the beach from the mainland, and for 20 years, private developers were only drawn to the eastern side of the intracoastal due to the beach front access and activity. The western end of the CRA had not attracted any new redevelopment beyond that of superficial, aesthetic improvements to properties, which while attractive, did not spur additional growth.

To incentivize development of sufficient caliber to impact the tax base, and to stimulate economic growth west of the intracoastal, the Pompano Beach CRA determined a financing mechanism was needed to attract a multifamily, mixed-use developer. RMA crafted a series of development incentives ranging from small scale façade programs to tax increment financing for large scape projects. The owners of two very dated and antiquated low -rise commercial office buildings responded to the newly formed incentives, and demonstrated that not only were the incentives needed, without the additional financial assistance, the project could not get funding.

With RMA’s assistance, the Pompano Station developer was able to overcome the high costs of land and construction and transform the office buildings into an optimized residential and commercial hub. Over $19 million will be collected in tax increment financing in the 20 years following completion of Pompano Station. Revenues to Pompano Beach’s General Fund alone is estimated at $4.5 million. Indirect effects include employment opportunities and appreciation of surrounding property values.

REAL ESTATE DEVELOPMENT & RECRUITMENT

The City of Deltona, located northeast of Orlando and the most populous city in Volusia County, was exporting more than 95% of its work force outside of the City. The tax base was heavily weighted to residential properties and needed to attract commercial businesses.

Deltona has a strategic location in Central Florida: located midway between the cities of Orlando and Daytona Beach (28 miles, respectively) and two deep water ports (City of Tampa and City of Jacksonville), and 61 miles from Port Canaveral - making it an ideal location for an industrial park offering logistics, manufacturing and related uses. RMA’s team utilized their economic development approach with a real estate-based foundation to identify the area’s most suitable for a commerce park, identifying a prime 240+/- acre site with interstate frontage. Discussions ensued with the property owner for the creation of an industrial park, with support from the City. Next came the identification of potential users and developers for the newly created Portland Industrial Park and marketing the property on a national level.

Groundbreaking occurred in January 2020 for a 1 Million Square Foot Amazon Fulfillment Center, providing more than 500 permanent jobs with benefits. The construction value of the project, which was completed in September 2020, is estimated at $100 Million. Portland Industrial Park Phase 2 is underway, with environmental tests, traffic studies, and engineering to develop the remaining acreage. This will expand the logistics center and provide additional opportunities for development. RMA continues to manage the project and act as liaison for the property owner and the City.

PLACEMAKING & PUBLIC REAL CAPITAL INVESTMENT

Pompano Beach lacked a true ‘downtown’ – a central business/commercial area. The city’s economic future depended on developing a downtown area to attract private investment and improve blighted conditions. It was also clear that the city had an absence of cultural arts uses. In addition, no new development had taken place in decades.

RMA led the efforts to establish a vision for a Creative Arts district in the historic downtown area called Old Town. The CRA acquired and renovated two historic buildings into two cultural assets that became catalysts for the redevelopment of Old Town. A major streetscape project including a new urban plaza with a fire fountain and production of business attraction events were also undertaken to create the foundation for defining a sense of place.

The CRA established the city as a cultural hotspot, attracted many new businesses to Old Town including a brewery, and lured a new $63 million mixed-use development in the revitalized downtown.

VISIONING, BRANDING & MARKETING

The 7-mile barrier island known as the Town of Fort Myers Beach consists of 6,989 residents but grows ten times during Florida’s tourism “season”. Visitors often confused the destination with many of its neighboring cities. The Town’s laid back, be-yourself atmosphere was under-promoted and under-appreciated, and the Town’s communication channels lacked uniformity. RMA was hired to develop a fresh, comprehensive brand and campaign to position the Town’s unique character and differentiate it from its neighbors, particularly the City of Fort Myers. RMA prepared a situation analysis and collected the Townspeople’s impressions through one-on-one and public input meetings which laid the foundation for bridging the Town’s long-term objectives with immediately applicable tasks. The Brand and Marketing Plan were unanimously adopted by the Town Council. The Town hired its first full-time public information and communications professional and RMA delivered graphic design and social media strategy services to assist the Town and its new employees for the first 6 months of the brand launch. The Town continues to follow the Plan and is securing their identity among the region and beyond.

RETAIL & BUSINESS ATTRACTION

In 2006 the Northwood area of West Palm Beach was a blighted, tired business district bordered by an industrial warehouse area, referred to simply as “Northwood Business District.” After conducting a market assessment, we verified that a combination of branding, marketing, events and business attraction efforts were needed, but first the “perception” of the area had to change. A strategic marketing plan was drafted that outlined a targeted, comprehensive approach. Over the next several years, over 100 businesses were attracted to the now refreshed and charming, up-and-coming area. In 2014, RMA was engaged to expand the vision for the entire north end of the city and embarked upon a comprehensive vision developing the North End Master Plan that would lead to updated zoning in each of the mixed-use district areas.

Northwood Village initiatives led to numerous state and international awards and the bohemian, 9 block district is described by the prestigious magazine, Palm Beach Illustrated, as “Historically Hip”. It was once a run-down, discarded commercial district that is now a trendy, edgy hot spot in West Palm Beach. The development community responded to the North End Vision with 20 property transactions worth over $9M in private investment in the area within one year and today, investors are implementing the North End Vision developed by the RMA team and are currently planning the Currie Mixed-Use Corridor Development.