01-29-1993 - Joint CRA/DDB
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1- 29-93
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AGENDA
JOINT eRA/DDB MEETING
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January 29, 1 993
Noon
Call to Order
Presentation regarding proposal for Residential Development on East End
Property
Alternative Designs for Parking Lot on Kravas Property
Adjourn
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BACKGROUND INFORMATION
EAST END PROPOSAL
January 29, 1993
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RESPECTZVE ROLES
OF THB
DOWNTOWN DEVELOPMENT BOARD
AND THB
CLEARWA~ER REDEVELOPMENT AGENCY
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DOWNTOWN DEVELOPMENT BOARD
Created by a special act of the legislature in 1970. It is
mandated:
* To act as a catalyst to see that governmental services
are performed hut without the authority to provide
such services.
* To assist the city in preparing and maintaining an
analysis of the economic conditions and changes
occurring in the downtown area.
* To assist the city in formulating and maintaining
short and long range plans for improving downtown.
facilities, promoting their efficient use, and
remedying the deterioration of downtown property
values.
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* To recommend to the city action for implementing any
downtown development plans.
* To participate in the implementation and execution of
downtown development plans.
* To carry out additional undertakings related to the
downtown area as might be assigned by the city
commission.
operating revenues for the DDB are derived from the levy of up to
one mill of property taxes in the district.
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CO~UN~TY REDEVELOPMENT AGENCY
Created by resolution in 1981 as a tax increment financing
district and granted certain powers by statute that included,
but were not limited to:
* To prepare and follow a redevelopment plan for the
district.
* The ability to execute contracts.
* To undertake community redevelopment activities
including the acquisition of slum or blighted areas,
demolition, construction of streets, parks, and other
improvements, dispose of property, carry out plans for
voluntary or compulsive repair and rehabilitation of
buildings, acquisition of real property and air rights
by negotiated purchase or eminent domain, with
approval by city commission.
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* To borrow money, accept grants or other financial
assistance.
* To develop, test, report methods and techniques, and
carry out demonstrations and other activities, for the
prevention and the elimination of slums and urban
blight and developing and demonstrating new and
improved means of providing housing for families and
persons of low income.
Funding for the eRA comes from the increased district property
values that have occurred since the base year 1981. Property
owners in the TIF District pay the same overall taxes as do other
city residents - excluding any DDB millage. The difference, is,
the money from property taxes the city and County general fund
would normally receive from the downtown are frozen in time, any
revenues as a result of increases in the tax base are diverted into
the eRA trust fund.
In summary, the eRA has fairly broad governmental powers that allow
it to take actions that are consistent with its adopted
redevelopment plan, while the DDB ordinance speaks specifically to
its acting "as a catalyst" and assisting or recommending specific
actions in implementing the downtown development plan.
Ad Valorem Millage Rates
1/1/92 Taxable Value of eRA District:
$138,646,300
Taxable Value of Base Year - 1982
$ 84,658,490
Value of Increment over Base Year
$ 53,987,810
Taxing Agency Millage Rate Proceeds on Proceeds on Total
Base Increment Proceeds
eRA:
City 5.084 mills 0 274,474
County 5.417 mills 0 292,451 566,925
City:
Total Levy 5.1158 mills 433,095 0
Debt Service .0318 mills 248 433,343
County:
Total Levy , 5.417 mills 458,575 0 458,575
DDB 1.000 mills 84,658 53,987 138,646
School Board 9.000 mills 761,926 485,890 1,247,816
Other 2.6213 mills 221,916 141,518 363,434
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LAND PROFILE
Description:
Southwest corner of Cleveland and
Missouri
13.79 + Acres/600,697 square feet
14.77 + Acres with Right-Of-Way
and Street Vacations
Acquired: May 1974 - June 1991
Cost: $2,458,290.
Current Use: City Hall Annex and Parking Area
Commercial Value: 1-25-92 Letter Appraisal
Based on 22 Acres @ $10.00 Sq Ft
Total $9,583,200.
Caveat - Holding property intact
for 2-3 years for marketing (pg 5).
Appraisal contingent upon impact of
City Hall/accompanying mixed use.
Recent Negotiations:
(Estimated sales price of
similar situated downtown property)
14.7 Acres @ $6.75 sq ft
Total $4,322.241
Residential Value: 1-27-93 Letter Appraisal
Based on 14. 7 + Acres @ $ 2. 89 Sq Ft
Total $1,850,000
No holding period
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NOTE: This is not
o survey!
1/28/93
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Total eRA cost
$3,000,000
$ 500.000
$3,500,000
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, LAND DISPOSITION
eRA:
Borrows
Cash
Available
$2,500,000
!.:1.000.0..o.o.
$3,500,000
eRA purchases land from City
, eRA clears land
CITY:
Projected Annex Personnel Relocation Costs
Initial Move $ 1 00,000
2 Vr Lease $ 896,700*
Center Counter $ 60.000
$1,056,700
Oper Savings !j520.0001 ($260,000/Yr x 2)
Total Relocation Costs
$ 536,700
Note: Cost of relocation could be offset by use
of $541,710 from the $3,000,000
purchase price paid by the eRA for land
(city costs basis in land $2,458,290)
eRA:
Leases "clean" parcel to developer
for 30 year term
CITY:
Purchases land from the eRA for outstanding
debt at some point in time prior to the developer
purchase of the land. The city then sells the
land to the developer at a predetermined price
of $2.5 million plus 3% per year (percentage
estimated; subject to further negotiations).
*35,000 Sq Ft @ $12.81 - $448,350 x 2 years
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Estimated Taxable Value of Development:
Value of Increment over Base Year
$8,000,000
7,800,000
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Ad Valorem Millage Rates
School Board .
Other
Millage Rate
10.501 mills
.0318 mills
1.000 mills
9 . 000 mills
2.6213 mills
Proceeds
Taxing Agency
eRA
City
DDB
$81,908
248
7 , 800
70,200
20,446
TOTAL
23.1541 mills
$180,602
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l\1EMORANDUM
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COPIES:
Mayor and City Commission
Michael Wri~Y Manager
Downtown D~ment Board
Cyndie Goudeau, City Clerk
cm~n~!! ;~SION
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Date JAN 2 d 'i;~j
TO:
FROM:
CITV CLERK
SUBJECT: East End Proposal
DATE: January 28, 1993
Attached for review is information submitted by the developer for the proposed apartment
complex to be built on city-owned land located at the Annex site,
There is a significant amount of additional information that will be presented at the Friday
meeting that will explain the potential impacts and benefits of the project from both the
Community Redevelopment Agency and City General Fund perspectives,
Friday's meeting is informational only with regard to this project. Under separate cover, you
will be receiving information regarding various parking lot designs that have been considered
for the Kravas property.
Please advise if I can provide additional information.
attachment
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January 25, 1993
Via Airborne Express
Mr. Michael J. Wright
City Manager
City of Clearwater
112 S. Osceola Avenue
Clearwater, Florida 34616
Re: East End Land Proposal
Dear Mike:
Enclosed you will find our revised East End Proposal.
We look forward to working with you and the commission in the
revitalization of Downtown Clearwater.
~z;:y;;
Richard J. Whaley
Chairman
RJW/csk:005
Enclosure
600 Cleveland St., Suite 900, Clearwater, FL 34615
(813) 441-3131
FAX: (813) 447-9582
Busch Corporate Center, 1105 Schrock Rd., Suite 206
Columbus, OH 43229-1174
(614) 431-0722 FAX: (614) 431-1536
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East End Land Lease Proposal
In response to the City of Clearwater's desire to see the East
End parcel redeveloped, this revised proposal outlines the general
t~rms and structure. of a land lease whereby MAS Properties
Corporation will develop luxury apartments on the property.
Incorporated in this proposal are changes and adjustments
reflecting the use of the 14.7 acres currently owned by the City.
Among other changes made, this proposal reflects a reduction in the
number of units from 240 to 236, the elimination of future
comrnerc ial phases (except as the City may choose to encourage
through additional purchases in the future), and the elimination of
infrastructure contributions by the City. Stated another way, the
City does not need to purchase additional property as this
development will use all of the contiguous land currently known as
the Annex site.
We propose that the City of Clearwater sell the Annex site to
the Community Redevelopment Agency (CRA) for $2.5 million. The
eRA, in turn, would lease the site to l~S for thirty years under
the general terms and provisions discussed below. The site would
have to be cleared of all existing structures, be clean and
certified as free of all hazardous materials (environmental
certification), have title acceptable to a lender for mortgage
purposes, not be burdened by unusual easements or platted streets,
and generally be in proper physical and legal condition for
development. The Developer will be indemnified against any pre-
existing site conditions by the City/eRA.
In turn, MAS Properties Corporation will develop the site as
a high-end 236-unit garden apartment community. MAS will be
responsible for the property design, securing financing, overseeing
construction, and selecting and managing the management and leasing
company. These functions will entail the assumption of the
customary risks associated with real estate development, including
any corporate or personal guaranties required by the lender. Other
forms of risk include the risk of shifting markets, exposure to
liability from lawsuits or other claims (justified or not), risk
from changes in state, federal, or local tax laws, building codes,
or environmental laws, and risks of loss (beyond that covered by
insurance) through acts of nature, fire, or other action. While
these risks can be addressed through proper management, marketing,
insurance, etc., they are present and MAS must rely on its skill
and knowledge of real estate development to mitigate these risks.
In return for assuming these risks, MAS receives the benefit of
owning the property. As described below, the customary benefits of
ownership will be subordinated to the leaseg not only in respect to
the payments made to the CRA, but also i.n respect to the
establishment of significant reserves, with ongoing contributions
to those reserves. Not only are we proposing to assume the risks
of ownership but, as you will see below, we are proposing to
support a land price which is much higher than customary and to be
far more patient in receiving the benefits of ownership.
,
, t
While the specifics of the lease will be negotiated between
MAS and the CRA, it will require annual stipulated rent payments,
as well as additional rent in the form of a portion of the net
cashflow. The CRA will share in any refinancing proceeds. The
lease will contain provisions allowing MAS to buyout the lease at
any point in time... While the lease will be subordinated to
mortgage financing, safeguards will be required in the form of
limitations on the amount of debt permitted and through the
creation of cash reserves. Each of these items are discussed more
fully below.
Although the City will incur some cost beyond its current
basis in the property in preparing the site, the substantial
benefits to Downtown Clearwater, the CRA, and the City of
Clearwater have been discussed at length in prior presentations.
To recap those items, this project will serve to further the
revitalization of Downtown Clearwater, providing an opportunity for
those that work downtown to live, shop, and recreate in the area as
well. The community will benefit from improved property values,
increased property and sales taxes, in addition to the aesthetic
improvement of a major artery into Downtown Clearwater. Assuming
an average of 1.5 occupants, this development represents an
increase of approximately 350 residents into the downtown
community. Given the traditional profile of a luxury apartment
community resident, it is reasonable to expect these new residents
will have substantial disposable incomes, much of which will make
its way into the surrounding community, stDmulating both business
and future development. It is easy to see how supporting such a
development will have a substantial multiplier effect on the
downtown, with the City of Clearwater being one of the prime
beneficiaries.
The major element of the land lease are as follows:
1. Annual Scheduled Rents: Scheduled annual rent payments
will be due each year. As the property will be .under
construction and lease-up in the early years, rent payments
will be low. Accordingly, rents step up during the first five
years. After the initial five year period, annual rents will
be fixed for five years at a time. The proposed rent schedule
is:
Years 1 - 3 $ 1.00
Years 4 - 5 $ 25,000
Years 6 - 10 $ 75,000
Years 11 - 15 $ 125,000
Years 16 20 $ 200,000
Years 21 - 25 $ 250,000
Years 26 - 30 $ 350,000
2. Additional Annual Rent: As additional rent, the eRA will
be paid 50% of net cashflow after payment of all project
expenses, debt service, provision for reserves and scheduled
lease payments.
3. Refinance Proceeds: Should the owners choose to
refinance the property at any time, subject to the debt
limitations discussed below, 50% of the net refinance proceeds
~ will be paid t~ the eRA, and will reduce the Buyout Price
effective as of the date of the refinance and from that point
forward.
4 . Buyout Provision: The lease will provide that the
Developer may purchase the ground from the CRA at any time.
The initial buyout price will be $2,500,000 and will be tied
to an index (similar to CPI) which reflects increases in
values in the area. Buyout prices will be set for periods of
five years and will be reset based on the five-year compounded
rates dictated by the index. At no time will the buyout price
be less than $2,500,000.
5. Debt Limitations: The Developer will be limited at all
times to mortgage debt equal to or less than 80% of the
appraised value of the property at the time the financing is
secured.
6 . Reserve Requirements: The Developer will be required to
place a percentage of cashflow, calculated after the scheduled
lease payments (#1 above) but before the additional lease
payments (#2 above) into interest bearing reserves for the on-
going maintenance of the property, debt service reserves,
atc.. During the first three years of the lease, 100% of
cashflow will be reserved. In years four and five, 50% of
cashflow will be reserved. Thereafter, 20% of annual cashflow
will be added to reserves.
Every business transaction has its risks. This proposal has
been crafted with an eye toward mitigating the risks in this
development. Some of these risks are common to any real estate
development effort. Others are specific to this structure and
must be addressed by this structure. In order to understand the
full spectrum of risks, it is important that one keep in mind both
those risks common to all development and those specific to this
structure.
As a real estate developer and owner, it is common to have
others look only at one's real estate asset values. The troubles
of the last decade have taught us we must look beyond values alone,
to the true equity or net worth of an asset. Just as in any
accounting text, equity or net worth in a real estate development
transaction is the difference between an asset's value and the
liabilities which go with that asset. Liabilities need not be
limi ted to debt. It is a developer's skill and expertise in
managing a much broader spectrum of liability which creates value
and net worth. As these other liabilities are less obvious to
those not familiar with the real estate development process, a
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discussion of the major areas of risk follows below.
As Owner in the redevelopment of the East End (the Annex
property), MAS Properties Corporation and its principals, Richard
Whaley, Dennis Dean, Tom McVay and Jim Carswell, will be exposed to
this broad spectrum .of liability. As experienced developers, it is
a set of risks they have successfully managed before, however that
does not lessen the degree or seriousness of these risks. With a
multi-million dollar development comes a multi-million dollar
exposure to risk. As O\Imer of this apartment cOIllIl\unity, MAS
Properties Corporation ,..,ill stand behind all other claims on the
profits generated, while standing virtually alone in exposure to
risk.
In broad terms, the general areas of risk
estate developer is exposed are discussed below.
open-ended in that elements of risk never go
financial consequences are never capped.
to which a real
These risks are
away and their
1. Construction Risk: The owner assumes the risk that the
project may encounter some problem which will interfere with
the timely completion of the project on budget. This problem
may be an act of God, an environmental problem, a hidden site
problem, litigation, a risk of increased building materials
cost, or a strike or moratorium.
Examples of situations which may cause such a problem are
common. Developers on Hilton Head Island found a buried
indian canoe, halting construction for three months. A fire
in a major plant producing the raw material for PVC pipe
caused a significant increase in the cost and availability of
PVC. The hurricanes, coupled with the halt to logging due to
concerns for the spotted owl, dramatically increased lumber
prices, starting with partie Ie board and plywood. These kinds
of problems can easily cost hundreds of thousands of dollars,
and costs in the millions is not unheard of.
2. Marketing Risk: The owner assumes the risk that certain units
will lease for certain rents. Even once these lease up and
the initial project is successful, there is the risk the
market will weaken or that the demographics of the market will
shift, lessening the demand for the mix of units which was
developed.
A key example of this type of shift is the movement away
from a large number of one-bedroom units toward the inclusion
of two-bedroom/den units. With an increase in the average age
of the apartment community resident (and an increase in
average income), apartment residents are seeking more square
footage.
.....~.
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3. Financing Risk: With financing today, most lenders are
requiring some level of personal guarantee. Any event which
causes the property to underperform could result in personal
exposure to the lender. Such a personal exposure immediately
.. effects one's...reputation and one's ability to negotiate
effectively on other investments. This risk can be brought
about by a shift in markets, a change in laws, or any number
of other events. Something as simple as a road widening which
makes it difficult for someone to reach the property can
trigger major problems. Messrs. Whaley, Dean, McVay and
Carswell are using up a portion of their total credit capacity
while exposing themselves. to millions of dollars of potential
liability while pursuing this development.
4. Exposure to Litigation: In a highly litigious society, few
actions can expose you to more risk than owning a property
where 350 people live every day. People trip and fall, drown
in pools or hot tubs, start electrical fires, refuse to pay
rent, lose jobs and fail to pay rent, etc., any of which can
expose the owner to a lawsuit, justified or not. While the
management company is often the target of such litigation, the
owner is always named a party 'to such a suit. Therefore,
ownership goes hand-in-hand with defending oneself from
lawsui ts from time-to-time. It is highly probable MAS
Properties will be subject to some kind of suit while owning
this property and will be required to defend itself.
5. Change in Tax Laws: On several occasions in the last decade,
significant retroactive changes to the tax laws governing real
property have been enacted. The 1986 Tax Act is generally
credited with beginning the real estate depression from which
the country has only recently begun to emerge. Such radical
and unpredictable shifts in law can dramatically change the
projected J:.'eturns of any property, changing a successful
investment into an unsatisfactory investment. The 1986 Tax
Act has taught us all that real estate values do not always go
up.
6. Change in Environmental Laws: Shifts in environmental laws
can have sLmilar impacts to shifts in tax laws. Recent years
have given rise to wetland regulations, controls over certain
building materials, asbestos regulations and other previously
unforeseen problems. Few apartment owners suspected the 2%
asbestos content in the paper on their wallboard would render
their communities worthless. Today t concerns are being raised
regarding certain types of carpeting, proximity to high power
lines, and certain combinations of building materials. Being
an o~mer means assuming the risk that you will own the next
environmental problem to be identified. MAS Properties must
be attuned to these issues and must adjust to them if and as
'i~~
they arise.
7 . Change in Building Codes / Access Requirements: Continued
revision of the building codes and other, related codes can
~ entail signifLcant and unplanned costs for property owners.
Both the Fair Housing Act of 1988 and the recent American
Disabilities Act resulted in new measures which must be taken
by property owners, some of them retroactively. It is common
in many areas that a certain amount of new work on an existing
property triggers a requirement that the entire property be
made to meet current code requirements. The point here is not
to dispute the merits of some of these requirements, but only
to point out unforeseen costs which can go with ownership.
At the risk of repeating elements of the discussion above, the
specific structure of this redevelopment proposal must be .examined
in light of the specific risks inherent in its structure. Some of
these mirror elements of any real estate development, while others
are more unique to this structure. Regardless of the type, we have
wor]ted hard to address these risks in the structure we are
proposing. We understand the eRA desires to limit its exposure to
risk in every possible way. We have endeavored to fulfill those
desires. The general challenges which we have tried to address are
as follows:
1. Risk of Completion of Construction: The first major risk
is that this project is never completed. While this is a
primary risk for the Developer, it has secondary implications
for the eRA. In selecting the development team of MAS, Opus,
and Architectural Alliance, the City has a qualified, proven
development team. As General Contractor for this development,
Opus brings a long-standing reputation for integrity, quality
construction and financial strength. Opus can deliver product
on time and within the terms of their contract, as evidenced
by their track record. Through a guarantee of completion from
Opus and the overall knowledge, skill, and strength of the
entire development team, one can feel assured this project
will be completed.
2. Leasing Risk: Next to be encountered is the question of
demand for this product. While this cannot be addressed
structurally, it can be evaluated by assessing the current
market. Little development of luxury apartment communities
has occurred in recent years, none of it in close proxLmity to
downtown. Those working in and around Downtown Clearwater, at
Morton Plant, or on Clearwater Beach who desire such a
community must travel a considerable dis.tance. In-fill sites,
such as the Annex site, represent unique opportunities to meet
that demand without the commute. Occupancy levels in existing
communities are at all time highs, largely due to the lack of
new product. The current lack of capital for all but the
,
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premier development opportunities will limit the future
supply. As such, the demand for this community is not only
supported by its location, but by the overall high occupancy
levels currently in existence in Pinellas County.
...
3. Risk of Foreclosure: As a subordinated land lease, this
lease could be foreclosed by a secured lender. We feel a
subordinated lease is essential, not only because of the
redevelopment nature of the property and the cost of the land,
but also due to the community's implicit statement of support
for this effort as an important signal to lenders, residents,
and others. To provide protection against more debt than
would be proper, debt will be limited to 80% of appraised
value. While MAS has made every effort to be conservative in
establishing a proforma for the property, the current
conservative practices of the lending community will serve as
a further check and balance. On an ongoing basis, substantial
reserves will be built to cushion against market downturns or
other events which might impact the ability to service
interest. The ultimate issue here is character and, to that
end, the CRA is looking to MAS, a member of the business
community with substantial other investments. To jeopardize
this property would mean jeopardizing a much larger investment
in the downtown community.
4. Improper Management/Poor Maintenance: Should the
property become run down or simply be badly managed, there
would be a direct financial impact on the lease. To prevent
this, the reserves discussed above are being maintained and
are available. Furthermore, these practices would also hurt
MAS in its local dealings. By relying on owners with a strong
local presence, together with the creation of reserves, these
problems can be easily rectified if not avoided altogether.
5. Substandard Financj.al Performance: The final risk for
discussion here is that the rents and buyout price are less
than projected, resulting in substandard financial performance
on the lease. If the cause for this substandard performance
is not one of those addressed above, it is most likely an
issue of the overall economic environment. If rents and
values do not rise, or should the long term future of downtown
Clearwater be one of decline, sharing in cashflow and having
an indexed buyout will not be meaningful. The City of
Clearwater has a far greater ability to address or influence
these threats than MAS. MAS stands behind all other parties
in this transaction, and is the last in line for any cashflow
or profits which are generated. While we believe in Downtown
Clearwater and its future, we feel this is a risk which should
be shared with the CRA.
It is only in managing these types of potential liabilities
.
that MAS Properties Corporation will successfully create value in
the East End for its principals. We have investigated the market
and feel confident the need exists for this development. We feel
the structure which has been proposed provides significant
protection for both the Lender and the CRA. The ultimate risk
rasides with MAS Properties. Despite a structure which defers
benefits of ownership such as cashflow and asset value, subjecting
them to claims from the lease, we believe in the project and in the
future of Downtown Clearwater. We believe this step is in the best
interest of Downtown and in the best interest of our existing
investment in Clearwater. As an experienced team, we are willing
to forge ahead, addressing these risks as we face them once again.
Our view of this development mirrors our view of Clearwater,
that of a community with a solid, positive future, taking steps to
energize its downtown. We feel firmly that this development will
be highly successful, a sentiment which will be evidenced by the
guarantees we will need to provide to the mortgage lender. We are
also eager to qet started. The potential benefits of this project
for Downtown Clearwater range far beyond the assessment of a single
development, and must be viewed by all as a signal of Clearwater's
commitment to a bright future.
We hope you share our view of the very positive nature of this
development and its overall benefits to the downtown and the
community. We ask your support in considering this proposal.
; ,
1.
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KRAVAS PROPERTY
PARKING LOT ALTERNATIVES
~
Alternate #1 - does not trigger higher standards
- has most number of parking spaces - 79 total
Alternate #2 - does not trigger higher standards
- has fewer spaces than Alternate #1
Alternate #3 - triggers and meets higher standards
- has undesirable use of Laura street
- has fewer spaces than Alternate #1
Alternate #4 - triggers and meets higher standards
- has undesirable use of Laura street
- has fewer spaces than Alternate #1
Alternate #5 - triggers higher standards does not meet higher
standards .
has fewer spaces than Alternate #1
Alternate #6 - triggers and meets higher standards
- has fewer spaces than Alternate #1
Alternate #7 - triggers and meets higher standards
- has no driveway off Cleveland street
- has fewer spaces than Alternate #1
Alternate #8 - triggers and meets higher standards
- has fewer spaces than Alternate #1
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