Ormond Crossings
takes another step forward
Many
Ormond Beach officials consider the city's future and Ormond Crossings
inextricably linked. So they were gratified when the Volusia County
Council took the first step in advancing the project by passing a
resolution. Eventually it will consider the Community Redevelopment
Area (CRA) master plan that would clear the way for funding of the
project’s main thoroughfare through tax increment financing.
Mayor Fred
Costello welcomed the news, attributing it to the partnership between
the city and county that hastened the approval.
"Ormond
Crossings has enormous potential for Ormond beach and the entire
region," he said. "By working together, we can ensure its success now
and long into the future."
The CRA
designation will allow the city to pursue tax increment financing to
generate funds to pay for the project’s main thoroughfare–Crossings
Boulevard. The road will include two railroad overpasses and an
overpass above 1-95, at a cost of approximately $14 million. This
would require a bond of about $20 million, paid by TIF funds from the
project itself, not existing residents. The CRA, along with approval
of the project as a Development of Regional Impact, will serve as a
catalyst for the improvements necessary to prepare Ormond Crossings
for presentation to the market.
Ormond
Crossings is planned as a mixed-use development that will serve the
region as a business center. It is designed with the tenets of smart
growth. Specifically, the plan calls for measures to protect the
environment, encourage public investment, promote attractive
structures, retain community character, balance property rights, and
provide transportation choices. It is envisioned as a community
designed for living and working and features a business park,
lifestyle town centers and a variety of residential neighborhoods.
The
project will cover some 6,100 acres overall. The city annexed 3,000
acres of the project in August 2004. Situated along U.S. 1 at
Interstate 95, plans call for the use of 1,000 acres along the east
and west sides of 1-95, attracting industrial and corporate office
development. This development will create five million square feet of
space and more than 11,000 permanent jobs. There will be one million
square feet of commercial/retail space for the project's town center.
A fire station and school will occupy some 250,000 square feet of
space. Ormond Crossings will include some 3,600 residential units and
there are 2,000 acres dedicated to conservation.
City
officials said the taxable property valuation at buildout is expected
to exceed $2 billion, nearly doubling the city's current property
valuation and bringing in property tax revenues of $42 million per
year. Buildout is expected to take about 20 years.
The
businesses that may establish operations at Ormond Crossings include
electronic manufacturers/ distributors; medical and biotechnology
firms; distribution facilities for varying enterprises; corporate
headquarters and office buildings.
"Ormond
Crossings is a significant addition to the region, " said Ormond Beach
Director of Economic Development Joe Mannarino. "It will contribute to
the success of Florida’s High Tech Corridor, which traverses the state
from Volusia County to Florida’s west coast. Just as business and
technology add to the High Tech Corridor’s stature, Ormond Crossings
gives them a home in a community that is revered for its beauty and
quality of life."
