08-16-1993
Agenda/C
8-16-93
/ / os--
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ACTION ,AGENDA
Community Redevelopment Agency
August 16, 1993
9:00 A.M.
\I
I. Call to order
1. 10: 15 a.m.
II. Approval of Minutes of:
8/2/93 & Screening Committee/Ft.
Lauderdale trip
II. 8/2/93 approved as amended;
Screening Committee as
submitted.
III. Unfinished Business
a) Executive Director Search
b) Community Development
Corporation (CDC) Status Report
c) (Cont. from 8/2/93) Amended
Budget for FY 1992-93
d) Clarification of Budget Process
e) Sale of CRA property in
conjunction with Sun Bank
(Atrium) Building
III. a) Offer to be made to Yvonne
Magee, $55,000 base salary with
up to $10,000 bonus possible,
standard SAMP benefits and
relocation expenses. Dorothy
Stephenson as second choice if no
agreement reached with Ms.
Magee.
b) Report given.
c) Approved.
d) Public Hearings at 5:30 p.m. on
9/2/93 & 9/16/93. Budget ad to
be done separately.
e) Agreement reviewed and
revised. Conclude action on
8/30/93.
IV. r~ew Business
IV. None.
V. Executive Director Verbal Reports
a) Joint Meeting with DDB
V, a) Joint Meeting to be scheduled
after Executive Director hired and
on board.
VI. Other Trustee Business
VI. Garvev recommended some
consideration be given to acquiring
the Oaks of Clearwater and use
facilities for housing in downtown.
Deegan requested the following
items be added to the Agenda
Tracking List for the CRA: 1)
Hiring the Executive Director &
Administrative Assistant; 2)
Community Development
Corporation organization; 3) CDC
Planning Grant; 4) Parking on
Bilgore propert)'; 5) Budget for
FY93/94; 6) Appropriating funds
before year end (project list);
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7) a Main Street program; 8)
Quarterly meetings with the 008;
and 9) Role of the 008.
He gave a check in the amount of
$1,000 from the Florida Power
grant to the City Manager,
VII. Adjournment
VII.
1 :40 p.m.
eRA action agenda 8/16/93
2
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AGENDA
Community Redevelopment Agency
August 16, 1993
9:00 A.M.
* Revised 8/12
I. Call to order
II. Approval of Minutes of:
8/2/93 & * Screening
Committee/Ft. Lauderdale trip
III. Unfinished Business
a) Executive Director Search
b) Community Development
Corporation (CDC) Status Report
... c) (Cont. from 8/2/93) Amended
Budget for FY 1992-93
* d) Clarification of Budget
Process
* e) Sale of CRA property in
conjunction with Sun Bank
(Atrium) Building
IV. New Business
V. Executive Director Verbal Reports
* a) Joint Meeting with DDB
VI. Other Agent Business
, VII. Adjournment
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COMMUNITY REDEVELOPMENT AGENCY
I tern #
Meeting Date:
'd/16/93
.
.
Agenda Cover Memorandum
SUBJECT: AMENDED BUDGET FOR FISCAL YEAR 92-93
RECOMMENDATION/HOTION: Review and approve the attached amended Budget for
fiscal year 92-93
mend that the appropriate officials be authorized to execute same.
BACKGROUND: As in previous years, we are presenting an amended fiscal year 92-
93 Budget for your consideration and approval. The revenue budget has been
amended to equal actual tax increment revenues received and to increase the
estimated interest earnings due to a larger than anticipated cash balance
during the year.
The expenditure budget has been modified to delete the budget for "transfers
for capital projects," and instead this amount now shows at the bottom as
"excess of revenues over expenditures." Unless this excess is appropriated to
a "specific redevelopment project pursuant to an approved community
redevelopment plan" between now and September 30, 1993, the actual balance,
including funds carried forward from the prior year, will be transferred into
the debt service fund and restricted for use in retiring existing eRA debt.
This item is continued from the meeting of August 2, 1993.
N/A
~
ilIA
Costs::
Reviewed by:
legal
Budget
Purchasing
Risk MgMt.
CIS
, AC"
Other
Total
COlIIIlission Action:
[) Approved
[J Approved w/conditions
[J Oeni ed
[j Continued to:
CUrrent fiscal Yr.
Ad\'E!rti sed:
Date:
Paper:
o Not R(!qui red
Affected Parties
[] Noti fi ed
[] Not Requi red
FU1di ng Source:
[] Capital Imp.
[J Operating
[J Other
Attachments:
Amended Budget
C None
Appropriation Code:
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City of Clearwater
CLEARWATER COMMUNITY REDEVELOPMENT AGENCY
Origina'
1992/93
Budget
6/17193
AMendment
3rd Quart.r
Amendment
Revhed
1992/93
Budget
RevenlNlla and other Financing Sources:
Tax Incr...nt Revenues:
Pine11a. County
City of Clearwater
304,400
268,000
(26,571)
(7,250)
277,829
260,750
572,400
o
(33,821)
538,579
Downtown D8v.lo~ent Board
9,750
(72)
9,678
other Revenues:
Interest Earnings on Investments
Interest Earnings on Debt Reserve
Rental Incoee - Garden Ave Garage
Rontal Income - STEP Lease
Rental Inccee - Kravas Parking
Other IncOll8
5,000
10,000
15,750
25,260
5,000
10,000
10,000
15,750
8,940
6,500
10,200
(16,320)
6,500
10,200
Total Revenues
638,160
o
(28,513)
609,647
Expenditure. :
EconOMic Environment
Miscollaneous
Saturday Downtown Parking - Street
Advertising - Bilgore/Bluff Parce's
Prof Sorvices - East End
3,000
15,000
10,500
13,500
15,000
12,000
4,515
12,000
4,515
Capital outlay
Parking Lot Expansion - Kravas Parcol
70,000
70,000
Transfers (IN)/out:
For Fundin9 of Redevelopment Projects
For Debt Service Requirements
Fund 214 - 20X of Tax Increments
Reimburse General Fund - Adla expense
Rei_bursa General fund - Jolly Trolley
Parking Fund - Garden Ave Garage
310,150
(32,100)
(40,804)
237,246
114,480
104,530
o
21,000
(6,7B4)
107 ,716
104,530
32 ,100
21 ,000
32 , 100
Total Expenditures and Transfers Out
tS38 , 160
o
(20,553)
617,607
Excess of Revenues & other Financing Sources
over Expenditures and Transfers out
o
o
(7,960)
(7,960)
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Balance Ava1lablQ 10/01/92
7,960
Available For Appropriation or Transfer
To Debt Service Escrow At Year End
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Revised per eRA direction 8/2/93
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CITY OF CLEARWATER, FLORIDA
Office of the Cit~ Attorney
Telephone (813) 462-6760
Facsimile (813) 462-6426
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FROM:
Mayor and City Commissioners
IIRustyll MackeYr Esquire (via Fax: 614-457-1514)
Albert N, Justice, Realtor (via Fax: 530-4004)
Michael Wright, City Manager
Emil Pratesi, Esquire (via Fax: 446-3741)
M. A. Galbraith, Jr., City Attorney 4--
Sun Bank/Atrium Building
August 13, 1993
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TO:
RE:
DATE:
Since distributing the draft outline of a memorandum of understanding, I have
received responses from Commissioner Thomas and from Attorney Rusty Mackey.
Commissioner Thomas has asked that the following changes be made:
1. In paragraph 2, which describes the lease of the Bilgore tract:
(a) Change the term of the lease to 5 yearsr deleting the renewability
for two successive 5-year terms. This change would also affect the terms of the
option on the parking garage and the right of first refusal on the police
station,
(b) Instead of specifying 150 spaces or any other fixed number, specify
that the property will be improved with as many surface parking spaces as will
comply with the applicable codes of the City, taking into consideration all code
requirements including but not necessarily limited to stormwater retention and
landscaping.
2. In paragraph 3, which describes the option on the parking garage:
(a) Insert $200,000 as the consideration for the option, of which 100
percent would be credited towards the purchase price at closing.
(b) Change the down payment from 12.5 percent to 20 percent.
(c) Until the option is exercised, the interest rate of 5.0 percent per
annum would be subject to adjustment up or down every 6 months as the prime rate
changes, using the prime rate as of the date of the option contract as the base,
(d) The note would be a "balloon, II payable in equal monthly installments
over 5 years but amortized over 20 years.
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Mr. Mackey has suggested a number of changes as shown in the enclosed copy of the
outline, Headed" to show the changes. The highlights can be summarized as
follows, but please see the enclosed copy of the "coded" outline:
1. Add the air space above the parking garage in addition to the top two
floors, in the property to be conveyed with the building.
2. Add a provision for a joint use easement agreement for the joint user
maintenance, and operation of the garage,
3. The provisions for the construction and leasing of parking spaces on
the Bi1gore tract is revised.
4. The consideration for the option contract is proposed to be $25,000,
of which 100 percent would be credited against the purchase price at closing.
Additional consideration for each renewal of the option would be $2,000, also to
be credited in full against the purchase price at closing.
5. The exterior ground-level spaces east and south of the parking garage
would be transferred to the Buyer if the option on the garage is exercised,
whether the police station has been relocated or not, and the Buyer's rights to
th~ same number of spaces (38 or 397) on the Bilgore tract or the substitute site
would cease. [Their problem is that if they exercise the option on the garage,
the police station does not move, and the Bilgore lease expiresr they will be
short 38 (or 397) parking spaces.]
The other changes pretty much speak for themselves.
This is on your eRA agenda for Monday, August 16.
MAG:a
Copy:
Cynthia Goudeau, City Clerk
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FAX TRANSHITTAL SlIEET
JUSfICE
CORPORATION
DATE:
AUGTJST 13, 1993
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M. A. GALBRAITH, CITY ATTORN~Y
(FOR IMlotEDIATE DELIVERY)
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COMPANY NAME: CITY OF CLEl\RWA.'fER
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TELEPHONE NUMBER:
FAX NUMBER: ..-1G?:- G 426
SUBJECT:
SUN BANK B.O I!:D IN~; ('l'IlE ATRIUM) ____,_~_.
Nl11-!8ER. OF PAGES DEING TR..ANS~II'l'TeO iNCLUDING COVER PACE: FIVE
(PLEASE NOTIFY US IMMEDIATELY IF YOU Q9~OT RECEIVE ALL PAGES.)
FROH:
A. N. JUSTICE
MESSAGE:
ATTACHED AllE RUSTY' 8 REVISIONS TO YOUR M13HOrtANPUM OF
UNDERSTANDING RECEIVED ON WEDNESDAY. PLEASE CALL WITH
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ANY QUESTIONS YOU MAY HAVE.
OTHERWISE WE ASSUME THIS
COULD BE DISCUSSED AND APPROVED AT 'l'IlE MEETING ON MONDAY I
AUGUST 16TH~
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YES
-~
NO
ORIGINAL W/AT'rACHHENT(S) MAILED TO RECIPIENT:
19329 U. S. 19 NI:>rth, Suite 100, Clcnrwiltn, P!oridn 31162-1] I ~i()
TeJ~phoJ1t:: B 1 ~- 531-4600 FAX: 81 3.~JO. "'100'"
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AUG-13-93 FRl 16161
WALTER J Nf'CKEV OH 10
FAX NO. 18144571514
PI 01/04
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AtriumJrnlJmoJ Au g\l sat 13. 1993
EM.QB.Al:IDlJM..Q.~ANllRill
The following is. subject to review by bond/tax counsel in vie.w of the March 8,
1993, IRS mlina regardlng the "safe harbor" rule:
1. &.l1LBInk/AtrlY.~ The Buyer1 will pux:chaae the buildin.,g
and the top two :f1oor~ of the parking garage and nir space abnre for $6,900,000,
"as is", cash at closing, all closing costs to be paid by Buyer S.elJ.~u. This
con'veyance will include the right to cover the fourth floor [additional air space
~Ely bo required], the tight to t;:onatruct u security gnte At the be~inlling n[ibe
access ramp to the tl1ird floor, the right to construct a security entry or gate at the
entry to the elevated pedestrian 'walkway over Park ~trect, an easemont to permit
the continued maintenance of the walkway over Park Street, and !ill assignment of
the amount held in escrow by Maria R~:41 R~tJlt~ for the repair of the Dedestrian
walkway ~ A j()1nt Use. eaanme.n1..iir.~.mnenLlrlll.JHLm:IUillrtlll!lI_t he.J1J'~
~ul<<lSdlm:'s joint USt, lll~t;ntmJlnte-.and opc~atl.o.n~tluunu:.ae(.h
2. Bilgar~ tract The Seller1 will 1101.dJnL.to.J.5.0._a>.a.rkin1LSPIl~~
an1Iable-U::,t lease to the :Buyer .on the Bilgore tract for $20/f'pacelInonth fOf a
term of S yer~rs, renewable for two successive 5-yoar terms. JhJJer lllPY It.8fttl
thgiR ~peces ~~: ~UlI or It! R tlb~~dc.d
or...decreasc ~ JIljb anv l!nJ~as~d.9u)~, Illll(Je li\'aJ.lable.Jnjb~
c I Parking Jot improvetuents (~ 150 spaces) to be
oonstruoted by, and at cost to, thEJ Seller. Buyer or Seller nlay terntinale thi,Q
Bi.Iam:.e lease IF B subs1im1e and go I'f) alternate ground-level parking ar..e1LU!Jl
1 r-!l~ cax. SI1.~ h d.cllftred in ~
· · LIu ilL-Buyer or Seller ill! ieuutea 'prop"rty
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I" Buyer" means Atrlum at Cloarwater, Lhnlted. a Florldn Umlted pal1norship, of wbJch Atrium at
Cleatwstor, Ine.~ a Florida corp()rlltlon~ wilJ ue tlJe ~~tler3r pnrlner.
2/Seller" meam the Community Redevelopment Agency of the City ot Cleuwnter, Plorlda (the
"eRA '), wJeb r"rareno~ to tba 9i13ore tNlQf, tho flrjlt 2 floor: of tb~ p~rldng Bnmga (iJ1cJudi1l~ the
ground below and the alr above), and the Jround..level parking east and south uf Lh~ pal king garage,
Or the City of CreRrwater, Florida (tho "Clty"), with reference to the Sun Bank} Atrium building. the
top 2 Cloor:s of the p~rklns ,Snrltgc, And the pollee statlon.
McnnClrandum, Rev: 1
Pnge )
P."96~
1011145715111
08-J3.Q1 n~:SIPM rool "U~
AUG-\3-93 FRI 15:52
W^LfER J HACKEY OHIO
FAX NO. t 6 t 4457151 4
P.02/04
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euitable fer such P'U"P09&-~ in the area west of Myrtle A vcnue1 east of Ft.
Harrison Avenue, ROUth of l)rew Street. and north of Court Street.
3. Par.kiJ.)g "tn'$ge~ BUY"t will buy option to purchaQe parking garsage
(firat two floors, ground be~low, and air above). Option consideration will be
$25,000, aU of which will be credited to Buyer against tM purchase price at
closing if 1M option is cXCCC~i9cd. ~ ternl of ili~ option will be identical to the
term of the lease of the Bi18(ore tract, renewable for two s:ucces9ive 5-year terroR
~b1LJlurcl1a~nrite. (but will survive a
termination of the Bilgorc tract lease if alternate gluund-lovol parking is found).
:rb..t p-urchnse price will be fu current appraised value mtlLthe appraisal to be
obtained ~qt..nr...a uttachetLlu:r.du
~. wlth--An annual escalator based upon Consunler Price Index or
other dm.ibu: agr~"upon. bcncluul1rk .m.D1U.ru:a:ilM.~....1b~Llllll:roi\li(LIll'i~~ It a
s · .lx1fu1 h lUllllsal. 1he
term~~: 12.5 percent of purchaso price dwLin.JdUSh at timo of
closing mtb..1I1e. balance to be paid in equal monthly installmenls over 5..year tertn
at intorest rate or 5,0 percent per nnnum socurod by n first tnol'tgage 011 the
property. During term of option;. Buyer !MY rcttt : T~ ,~aees-fur sh.al~
taJfa;ic spaces on the.J11xt tWQ floors on n one-year term
.1rl.fu rent prepaid ~~ at A discount~d rate of $25 per space ~r !rcl){)rtidllY
alw!rt ~ of the current roarket rental rate) whieltevcei9-tfooter Vl119 ft S~
Increase ver year s~J8.1)lJa[J.. 12.2Ch
4. ~ The Buyer will have a right of first refusal, as
distinguished from an option, on the police stRtion.J The right of first refusal wiJl
bave a term identical to the term of tho lease of the Bilgore tract, renewable for
two successive 5-year terms al.illLclmr~ (but will survive tl termination of the
Bilgore tract lease if alternate ground-level parking is found). ~
have ao ... :blS-11ID~he..a,pJlrniscll~81ucJ~s_JleliYcnaLb.y
, I . 'r . :iucl~ui:iiti.oILr.QltltLwr.
becomr~ frJJ:dble or ~~rrl.ealliLDLt1l1mlulscL.lnJ~lull Jhc_ rJ~J_.fiJ:'~
~
r VUlh.
3Socauae the police stntion is City pr()p~rty J\l\d not eRA property? thA inJe of tbR policE'! Rtation it
subject to tho City Chatter requirements to dee.lare tho propony sUlplws and to s~ll to tlm p1Uty
submitting tha highl!lAt cCHnpetitiv~ bid above the AppraIsed value. See Section 2.0I(d)(4). City Chnrt&f.
A eight of first refusal will pormit JluYe>t to m~tch tho high bid, Ot wl.'l.ivo U\t,t right, l\t hi~ oJoetlon.
MemorRndum, Rev~ 1
Pagt2
R-g7"
1f'14~571':iI,1
118 -I )-9) O)-I;If'M PLIO:? \!u1
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AUG-13-93 FRI 16:62
WALTER J MACKEY OHIO
FAX NO. 1614467\ 6\ ~
P. 03/04
s. SpaC69 (3!!t.amurui..gm~ The land occupied by the ground..level
parking spaces on the east aJ),d south sides of tbe garage is part uf the real property
~ 011 whith the garage ~ and is subject to ~uuLp~
~ ~ptfon ~.&ift en the garage.
. (1) If the option on thl' garage is not exercised. the property mll
rema\n eRA proporty and the City will continue to hove the right to use the (ill
spaces for parking for City purposes :witl!ml.tJiliar.e.e~r-
(Item fiZ below Is Mackey'8 sixnplc suggestlora)
~opose4 J2l . L.21lrnae, l~ "2U~(l;j.5ttLhLnuRL_tJu~ 3~
lUUldnR-8paoos 8J1.d..~~.-lliiItJillall.-hUran5 fcrrlQ.(L.t.tLthtt.D.u!tL.8.t
. {ts rJdltUQ ~~ frc~ llfirl{h~3-lin.R~"-.2nJhft.D1.lgure (Qr.Jlil~J!
~nt_pa~bese 39 ~
· , ..on.._tb~.u.bs.tltnttt
~
ho.uLtb.tLl2..slaces e:Y.e~t
(2) If the option on the garage is exercised, and if the police station
has not been relocated as of the closing on the purchase of the garage:
(a) The Seller may continue to u~e the spaces for
parking for City purposes wiU10Ut rent for a term of 99 years or until
such time as the pollee department is relocated, whichever occurs
earlier. (The SeUerdoes not represent that tho police departulcIlt will
be relocated.)
(b) For the bidance 01' the term of the Bilgore lease, or
a lease of alternate puking property owned by the Seller, the Buyer
will be credited by Seller for 38 3.2 spaces 3gainst the rental 011 the
Bilgore tract or on the alternate parking property.
(c) If alternate parking is found on property not owned
by the eRA or the Ci,ty, nnd if the Bilgore lease has been terlninated,
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AUG~\3-93 FRI \5:53
F~K NO. 16144571514
PI 04/04
WALTER J t\ACKEV OHIO
'110 credit shall be flvRilnble against the rental on the alternhte parking
property,
(3) If the opt:ion on the garage is exer~ined J atld if tho pulice s;tntion
ha~ been relocated and the Seller no longer u~es the $;pnces aR of the closing on the
purchase of the garage, the spaces shall be imn)ooialcly available to Buyer for
Buyer's uses. and no credit fihall be available against tbe rental on the Bilgore tract
or on any alternate parking property.
6, Spaces SQ"tluJ.~ge. The sIx parking spaces, 1J1ore or
less, immediately Bouth of the Atriurn Building, \villl)e lIrcconfigured" to permit
landscaping, p1.'o-v-jded that the access to tlle lJast- W e~t alleyway is preserved and
maintained. [Caveat: if tbls is City properly J se~ foutnote explaining limits Oll
City's ability to so11 tho pr"()perty.] [Tb1.s provision iCi subjeot to tl review of title
to deternline the existence of restrictions or ea~ements limiting the ability of either
party to perform.J The acrtf~ftYll~d,._ea!it..betw.een1he
e ~ luu~lDtul rl.-Shfel_llnly.ldfld
B.uyer' 9 gfi..tbJ..ailJlr.()~alnttba.atDr.aBJyjne~.1.tf.s.\lClUJ.CfAlSlLllOil1t.~uyer.!&
s J r JLlease, e9sement. f)r join'" f.9SmllCnL
Z. ~'er ftc.qufre.~ ()"f tQntr~cjtlQD% of.jl1e par\dlll~
mthin..Jhe e~raieL-B.Py--er.."Jll1a.'V cgnt1:QUbe nc.ce$s, ~t&.ul"ltY-,_!lLJlrJ1i~
to operate, Jecllr~ or maiIltaiJJ.Jhf-eara~
8. Default. A default by Buyer in the lease ngreelncnt for the Bilgore
tract will constitute a defs'Ult in the option agreement for tile }>fukillg garage and
the right of first refusal agreement for the police station.
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