Page 22 - DKS 2nd real try on NMBa

163 Street, North Miami Beach 5 of 6
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Estimated RedevelopmentCapacity by Land Use
Estimated Gross Development 2025 Additional
Estimated Gross
Land Use Without Development With
Development 2015 1 With Station
Station Station
1,980
1,870
1,900
80
Base Residential (DUs) 1,304,000 1,957,000 2,853,000 896,000
Commercial (SF)
1,900
130
2,030
1,870
High Residential (DUs) 1,304,000 1,957,000 3,070,000 1,113,000
Commercial (SF)
1 Commercial development based on 265 gross square feet per employee factor and MPO forecast 2015 employment.
Station Area Development Growth 2015 – 2025 (millions, 2012$)
Total Value 2025 Growth 2015 - 2025 Additional
Land Use Total Value 2015 Without With Station Without With Station Value With
Station Station Station
$2.0
$7.4
$5.4
Base Residential $127.0 $129.0 $134.4 $69.0 $164.2 $95.0
Commercial
$138.2
$302.4
$207.4
Total Base Value $265.2 $336.4 $436.8 $71.2 $171.6 $100.4
$2.0
$8.8
$10.8
High Residential $127.0 $129.0 $137.8 $69.2 $187.2 $118.0
$138.2
Commercial
$325.4
$207.4
Total High Value $265.2 $336.4 $463.2 $71.2 $198.0 $126.8
Station Area Tax GenerationGrowth 2015 – 2025 (2012$)
AnnualTax Rates Annual Revenue Increase
Land Use Non-ad Ad valorem Non-ad valorem Ad valorem Total Revenue
Increase
valorem (mills)
$507.55
$41,000
$52,000
$93,000
Base Residential $1,526.28 9.5520 $137,000 $907,000 $1,044,000
9.5520
Commercial
Total Base Value $178,000 $959,000 $1,137,000
$150,000
$66,000
$84,000
$507.55
High Residential $1,526.28 9.5520 $170,000 $1,127,000 $1,297,000
9.5520
Commercial
Total High Value $236,000 $1,211,000 $1,447,000
Descriptionof Taxes and Fees Review of Local Redevelopment Plans
Ad valorem taxes The City of North Miami Beach published a
Ad valorem taxes are property taxes. The “Tax Increase” figure above smart growth plan in 2005 that includes
is derived by subtracting the Without Station scenario from the With recommendations for prioritizing
Station scenario. Calculations for municipalities with CRAs include the development around light-rail, many
County millage rate since it impacts TIF generation. elements of which are relevant to commuter
Non-ad valorem taxes rail.
Non-ad valorem taxes include Franchise Fees, Utility Taxes, The City’s 2007 Urban Design Plan identifies
Communications Service Taxes, Stormwater Fees, Fire Fees and State the 163 Street Corridor as in need of major
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Shared Revenues (residential only) for all residential units and typical rehabilitation, but does not specifically
commercial enterprises (10,000 square foot segments). The amounts identify TOD as a solution.
are based on typical usage and the established rates in each
municipality.
Tri-Rail Coastal Link Station Area Market and Economic Analysis 190