08-09-1993 - Special
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8-9-93
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AGENDA
Special Community Redevelopment Agency Meeting
Monday - August 9, 1993
1 :00 P.M.
J. Call to order
II. Sale of eRA property in
conjunction with City sale of Sun
Bank (Atrium) Property.
III. Adjournment
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Sun Bank Building
ITEM
Mackey 7 /6 City 7/12
$6,900,000, but $6,900,000 is
parking needs to acceptable
be resolved
"Concurrency An attempt to
in reverse" be cooperative
Needs joint Commitment to
effort to fix work together
Offer to purchase Offer too low.
for $180,000 in Ad valorem
order to offer value $433,100.
free to tenants Offer to lease @
$27 froo/space
Option @ $2 good Right of first
for 2 years after refusal @ then
city leaves site market price,
Shorter time.
Purchase Offer for
Bldg + top 2 floors
of parking garage
Parking Situation
Parking in general
Bilgore Site
Police site
Floors 1 and 2 of
parking garage
5 year option
for $700,000
Consider pur-
chase now with
$180,000 down
and 5% interest.
Ad valorem value
$1,441,500 (in-
cludes land)
Other Issues
4th floor cover
OK
Security gate OK
Walkway security OK
Green space near Doing at Kravas
Barnett Bank site
Green space Need alley for
East of Sun Bank Cleveland stores
Short term spaces There are 5-6
Closing costs
To be paid by you
City's objectives:
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Mackey 8/5
$6,900,000, but
parking needs to
be resolved
Still 1000 +/-
spaces missing
Need commitment
from city
Prefer purchase.
Desire to offer
free parking to
tenants
This or some other
convenient site
Willing to acquire
if terms flexible
and other needs
satisfied
1) Sell building & cooperate re parking needs at fair price
2) CRA policy: sell below cost if ROI in five years
3) Agenda for change in redeveloping downtown
4) Accept partnership concept, and also stewardship duties
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Commercial/Investment / Real Estate Services
Sf ~~~~I\,~~1
AUG - ~ 1993
City Manager
KLEIN &HEUCHAN,ING
REALTORS
D. F. Heuc:hon. Jr.. COM
Mark 5. Klein. cc~
Srewort .Ailgel. CRO
A D. Booth. Jr.
W1l1lam Ourc:henal. Jr.
1\onald L OlOSe, COM
Jim Cook
Thomas A Duncan
Natln A Slovney
Doris Posner Steuer
C. ErIc Wickman
August 9, 1993
Mr. Michael Wright
City Manager
City of Clearwater
112 S. Osceola Ave.
Clearwater, FL 34616
RE: Atrium Parking
Dear Mr. Wright:
Enclosed is a plat map and aerial depicting the Atrium building
and the contiguous City parking lot and Department of Correction
building.
I am the managing partner of the Hornblower Partnership, the owner
of the 9,000 square foot building currently leased to the
Department of Correction.
The Department of Correction building currently has a net
operating income of $78,000 annually.
We would be willing to sell this building so that the City might
be able to package the existing parking lot plus our existing 40
parking spaces and the income producing building, which could be
converted to parking at some future date. .
If this make any sense in your negotiations, we would be happy to
cooperate with the City.
..
Mark S. Klein, CCIM
mIl
MSK:csh
2040 N.E. Coachman Rood, Clearwater, FlorIda 34625 Telephone. 813/441-1951
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INDIVIDUAL
MEMBER
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ATRIUM BLDG.
PROPERTY OWNERSHIP MAP
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ITV PARKING LOT
PINELLAS
COUNTY
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SUBJECT SITE
JIM SMITH
PROPERTY APPRAISER
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COUNTY LOCATOR
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MEMORANDU1\1
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TO:
Commissioner Art Deegan.
Michael J. W~ity Manager
City Commission
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FROM:
COPIES:
SUBJECT:
DATE:
Bilgore and Parking Garage Values
August 9, 1993
The following is the cost and assessed value of the Bilgore property and parking garage.
Cost Assessed Value 1/1/93
Bilgore $ 691,852 $ 433,100
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Garage (1st & 2nd Floor) 1,514,309 1,441,500
Police Station N/A 2,328,500
Garage (Top 2 floors) N/A 836,500
Atrium Building NIA 6,134,200
If you have any questions, please do not l1esitate to call.