Capital Improvement Strategies
Capital Improvement Strategies Public capital investment in improvement projects, namely streetscape improvements, the creation of gateways, the continued extension of the pedestrian environment and recreational improvements will help to achieve the goals and desires of the community. It is through such projects that the City will enhance the functional and aesthetic quality of the U.S. 1 Corridor Master Plan Study Area and provide the basis for leveraging private investment within the Study Area. It is recommended that the City develop capital improvement strategies for the planning, design and construction of the improvement projects identified in this plan. The Capital Improvement Strategies are used for short-term, mid-term and long range planning purposes. The Capital Improvement Strategies are not a guarantee of expenditure of funds on a given project in a given year. Actual funding allocations will be determined annually through the City s budget process. As priorities change, the capital improvement strategies are amended. Managed correctly, funds from City can be leveraged through grants and commercial financing to accomplish a substantial number of capital improvements and planning activities. When successful, the City should see a substantial increase in the tax base and realize a healthy return on its investment through increased ad valorem revenues, sales tax receipts and other formulated revenue sharing programs. The proposed U.S. 1 Corridor Master Plan contains several projects consisting of public, private and joint public/private efforts, as described in the Concept Plan, that will take at least twenty years for completion. Therefore, it is critical that the City incorporates a sound project implementation strategy when identifying priorities. The project priorities have been classified into the following three categories: Short- Term Projects- Those that should be implemented immediately and completed within one to five years. Mid- Term Projects- To be completed within six to ten years Long- Term Projects- Projects that will likely take more than ten years to complete. This section shows how the Concept Plan translates to a phased series of capital improvements and breaks down anticipated costs for further plans and regulatory activities. The community should understand that the City, working with the other government entities, will be pursuing multiple elements of the Plan at all times. It is important to note that the following summary of capital implementation strategies are flexible in nature. It is the best estimate of project costs based on a measure of the order of magnitude for projects in relation to anticipated revenues. As a matter of practice the City should prepare annual budgets as well as establishing one and five-year work programs for budgetary and administrative purposes. Ultimately project costs will be refined during the design and construction phase of any given project. The following phasing plan sets forth recommendations concerning project priorities and funding sources. U.S. 1 CORRIDOR MASTER PLAN, CITY OF TITUSVILLE, FLORIDA 102
CAPITAL IMPROVEMENT STRATEGY: YEARS 1 THROUGH 5 Short Term: Years 1 through 5 Waterfront Parks and Trail Master Plan Initiate for the waterfront parks and trails master plan; Initiate construction phase for improvements to public owned land in accordance with the Waterfront Parks and Trail System Master Plan Engage a consultant; estimate construction costs, obtain funding RTP/FRDAP/ FIND/ LOGT/ FBIP/ FDOT/ TEP/ FCT/ FLP/ City Waterfront Parks and Trail Master Plan; Initiate Construction Phase Riverfront Land Acquisition Upgrade County and recently acquired City owned riverfront properties U.S. 1 Corridor Streetscape Improvements (Phase I) Neighborhood Planning Riverfront Land Acquisition Upgrade County Owned and recently acquired City riverfront properties Increase public ownership along the riverfront Improve visual and physical access to recently acquired City and County owned properties along the riverfront; remove obtrusive vegetation Devise grant stacking strategy to secure additional funds; establish Riverfront Trust Fund; bond money FCT/ LWCF/ FRDAP/ FLP/ RN/ TPL/ Patagonia RTP/ FRDAP/ UFG Public/Private Projects Public improvements along the peripheral streets surrounding the primary development/ redevelopment sites Regional stormwater retention areas Promote Eco- Tourism Promote Eco- Tourism Neighborhood Planning Redevelopment of Mall Sites U.S. 1 Streetscape Improvements Phase I Titusville High School Improvements Market the Kennedy Point Park and Holiday Inn site as an eco-tourism based tourist attraction use; increased activity in heritage and eco-tourism Working closely with the private sector to enable redevelopment of the Mall Sites Enhance the visual appearance of the Titusville High School entrance Conduct neighborhood planning exercises to determine specific needs for neighborhoods Create CRAs Establish trust Funds Negotiate agreements Brevard County/ RTP/ FRDAP/ FIND/ Private Sector CDBG/ MSBU/ FP TIF $2 m FDOT/ HBG/ TEP/ KAB Initiate discussions with the School Board School Board Miracle City Mall Mixed- Use Redevelopment Searstown Mall Regional Commercial Center Redevelopment Mixed-use condominium: Southwest corner of U.S. 1 and SR 50 SBA- Small Business Administration Tree Planting Grant - To be Determined FRDAP- Florida Recreation Development Assistance Program U.S. 1 CORRIDOR MASTER PLAN, CITY OF TITUSVILLE, FLORIDA 103
CAPITAL IMPROVEMENT STRATEGY: YEARS 6 THROUGH 10 Mid Term: Years 6 through 10 Continue with Waterfront Parks and Trail Master Plan Continue with Riverfront Land Acquisition Continue with developing County owned and recently acquired City riverfront properties Façade Improvement Incentives Continue with neighborhood Improvements as identified by residents Continue with U.S. 1 Streetscape Improvements Phase II Hopkins Avenue Streetscape Improvements Phase I Continue with construction phase for improvements to public owned land in accordance with the Waterfront Parks and Trail System Master Plan Increase public ownership along the riverfront Develop the public realm in connection with the waterfront parks and trail master plan Establish a commercial facade improvement program $6.2- $7.5 m RTP/FRDAP/ FIND/ LOGT/ FBIP/ FDOT/ TEP/ FCT/ FLP/ City $30,000/yr FCT/ LWCF/ FRDAP/ FLP/ RN/ TPL/ Patagonia RTP/ FRDAP/ UFG/ LOST/ CDBG/ MSBU/ FP SHIP/ CDBG/ HOME/ MSBU/ LOGT/ FP $ 4,000,000- $ 5,000,000 FDOT/ HBG/ TEP/ KAB $1 m KAB/ SBA/ City Construction Phase: Waterfront Parks and Trail Master Plan Continue with Riverfront Land Acquisition U.S. 1 Corridor Streetscape Improvements (Phase II) Hopkins Avenue Streetscape Improvements (Phase I) Commercial Gateways Neighborhood Gateways Public/Private Projects Public improvements along the peripheral streets surrounding the primary development/ redevelopment sites Regional stormwater retention areas Miracle City Mall Mixed- Use Redevelopment Searstown Mall Regional Commercial Center Redevelopment Mixed-use Development: Southwest corner of U.S. 1 and SR 50 Redevelopment of vacant sites Facade Improvement Incentives Neighborhood Gateway Features: Knox McRae Drive with Hopkins Avenue and U.S. 1 U.S. 1 with Coquina Avenue and Riveredge Drive Commercial Gateway Features: U.S 1 with SR 50 and Grace Street U.S. 1 with Harrison Avenue and Country Club Drive Neighborhood identity signage, landscaping and brick crosswalks Identity signage and landscaping; in coordination with the Downtown Master Plan establish gateway at U.S 1 and Grace Street; work with the private sector to develop the two identified gateways in conjunction with key projects 4@ $10,000 = $40,000 FDOT/ HBG/ CDBG/ MSBU/ FP/ KAB/ City 4 @ $75,000 = $300,000 FDOT/ HBG/ CDBG/ SBA/ City SBA- Small Business Administration Tree Planting Grant - To be Determined FRDAP- Florida Recreation Development Assistance Program U.S. 1 CORRIDOR MASTER PLAN, CITY OF TITUSVILLE, FLORIDA 104
CAPITAL IMPROVEMENT STRATEGY: 10 YEARS AND BEYOND Continue with developing City acquired riverfront properties Continue with Façade Improvement Incentives Develop the public realm in connection with the waterfront parks and trail master plan; improved visual and physical access to waterfront Continue with commercial facade improvement program $ 1,500,000 RTP/ FRDAP/ UFG/ LOST/ $ 30,000/yr CDBG/ MSBU/ FP Long Term: 10 Years and Beyond Maintain Waterfront Parks and Trail System Increased public ownership along the riverfront Develop City owned riverfront properties Hopkins Avenue Streetscape Improvements Phase II Prioritize and initiate construction of neighborhood improvements Neighborhood Gateways Continue with neighborhood improvements as identified by residents SHIP/ CDBG/ HOME/ MSBU/ LOGT/ FP Residential / Cottage Commercial Development Redevelopment of vacant sites Continue with Hopkins Avenue Streetscape Improvements Phase II $ 3,000,000 KAB/ SBA/ City Facade Improvement Incentives SBA- Small Business Administration Tree Planting Grant - To be Determined FRDAP- Florida Recreation Development Assistance Program U.S. 1 CORRIDOR MASTER PLAN, CITY OF TITUSVILLE, FLORIDA 105