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08-19-2002AGENDA Community Redevelopment Agency Meeting Monday - August 19, 2002 - 9:00 a.m. 1 - Call to Order 2- Approval of Minutes: 06/17/02 3- Presentation - Downtown Strategic Program 4- Approve release of consent of sale restriction on property known as Atrium building and retaining certain restrictions on the transfer of the property. 5- Adopt the proposed FY 2002/03 Community Redevelopment Agency budget. 6- Executive Director (Assistant City Manager) Verbal Reports 7 - Other Business 8 - Adjourn SEAI�� I, i '' o 9�k'�iE��o� SUBJECT/RECOMMENDATION: Community Redevelopment Agency Agenda Cover Memorandum \��orksession Item #: � Final Agenda Item # Meeting Date: Aug. 19, 2002 Ap�rove request to release consent to sale restriction on property known as the Atrium building and retaining certain restrictions on the transfer of the property. ❑ �nd that the appropriate officials be authorized to execute same. SUMMARY: • On July 14, 1983, the City entered into a development agreement with the Clearwater Redevelopment Agency and J.K. Financial CorE�oration regarding certain property in the City. � Section 11(c), sentence 1 of this agreement states that property conv�yed pursuant to the agreement will not be sold without the consent of the City or Agency. • Tfie City consented to the conveyance of the property to BSF III-B, LLC in tlie Third Amendment to the Development Agreement. • On March 25, 2002, BSF III-B, LLC conveyed tlie property to the Wilder Corporation. • On April 18, 2002, tlie City Commission consented to, confirmed, and ratified t{ie sale of the ��roperty to Wilder Corporation. • Wilder Corporation's Lender, American Ex�ress, will not close the loan on the property with the current restriction in place. • Wild�r Corporation is requesting that the restriction requiring the City and Agency's agreement to any sale of the property be released. • The remaining restrictions of paragraph 1 1(c) will remain. Reviewed by: '^ Legal Iv ` Info 7ech Budget NA Public Works Purchasing N� DCM/ACA1 Risk Mgmt NA Other Submitted by: Cit Mana er PriMed on recycled paper Nn Legal u�Uv N� Uscr Dept. Legal h� Attachments Amendment to Agreement � Nune C�►st s Funding Sourcc: Cap��ol Impiov�m�rnt Chmra��R ar.r� Approprialion Codc: NA Tot � I Current Fiscal 1'ear Rev. 2/9ti S�'' ,y+�— � _ Q �� 9�� p SUBJECT/RECOMMENDATION: Comi�iunity Redevelopment Agenc�� fi�,TEI1Cic`i COVE'i' l�/Ie1110I'�iI1CiL1I71 Final Agenda Item # � Adopt the proposed FY 2002/03 Community Redevelopment Agency budget. ❑ and that the appropriate oKcials be authorized to execute same. SUMMARY: Meeting Date: 8/19/02 The 2002 Estimates of Taxable Value for the CRA District increased 2.5%; therefore, Tax Increment Revenues increased $44,522 from the previous year. The details of the proposed budget are: Operatinq Revenues- Other Revenues — Rental Income reflects a$6,000 increase as recommended by the Parking Facilities Manager using the formula-based agreement for the Station Square Parking lot as to the amount of revenue the Parking System is to pay to the CRA. Transfers In — DDB Administration reflects a$1,747 increase (4%). This change is contingent upon the approval of an Inter-local agreement between the DDB and CRA for the administration of the DDB. Other Operatinq Expenses • Professional Services reflects an increase of �40,000 in anticipation of the approval of the CRA boundary expansion into the Gateway area that will increase the need for various professional services. • Pavments to Other Aqencies- DDB has increased $3,521 to equal to the TIF dollar amount the DDB pays to the CRA. Transfers Out • General Fund — Administrative reflects an increase of $12,812. This is due to salary increases for the 2.5 positions funded by the CRA. • Parkinq Fund — Saturdav Downtown and ParkinQ Fund - Harborview have both decreased $15,000 and $6,360 respectively. These expenditures were required during the period of time that the Parking System was paying off revenue bonds. The bonds are now satisfied and these funds are no Innger necessary. • Parkinq Incentive Fund reflects an increase of $21,360. The funds previously earmarked for Harborview and Downtown Saturday parking are being used to fund a Parking Incentives Program for downtown redevelopment and investment. • Economic Develoqment Incentive Fund has been decreased $94,492. This fund currently has adequate resources and does not require additional funding at this time. • IMR LandscapinQ Fund reflects a decrease $11,882. The IMR Development Agreement required a three-year commitment and FY02/03 is the last year of this commitment. • Mediterranean Villaqe Proiect Fund reflects an $85,483 increase. The $115,483 will be used to fund the second year commitments to pay impact and permit fees associated with Phase 2 of the project as outlined in the Development Agreement. Reviewed by: '�� Originating Dept: �t �',� Legal Nq Inio. Tech. Nq Economic Develop�i ne t• Budget �.�-?� Public Works NA User Dept. ,� - L �--��/ Purchasing � DCM/ACM i�,c� '' CRA � Risk Mgmt NA Other NA Attachments: CRA FY02103 Proposed Budget Submitted by: �� ❑ None VI/« E3 Printed on recycled paper 2/98 Costs Funding Source: Capdallmprovement _ Operatmg O�her Appropriation Code: N/A Total Current Fiscal Year Rev. • Cleveland Street Maintenance Fund is a new project fund opened in FY01/02. $10,000 has been earmarked to pay for a change out of plant material in the planters along Cleveland Street and other maintenance needs that may arise in FY02/03. • Redevelopment Proiects Fund reflects an increase of $1,647. This fund is used for redevelopment projects within the CRA boundaries. � Community Redevelopment Agency FY 02-03 Proposed Budget Operatin4 Revenues Tax Increment Revenues 338930 Pinellas County 381115 City of Clearwater 381116 Downtown Development Board Other Revenues 361101 Interest Earnings 362101 Rental Income-Station Square Parking Lot 369901 Other General Revenue Transfers ln 381782 DDB Administration 381782 Loan Payment From DDB Total Revenues Other Operating Expenses 530100 Professional Services 530300 Other Contractual Services 534200 Incentive Expense 542200 Elect - Utilities 542500 Postage 543100 Advertising 543200 Other Promotionai Activities 543400 Printing 8 Binding 547200 Employee Expense-Travel 547300 Employee Expense-Auto Allowance 547400 Employee Expense-Meals 548000 Other Services 550100 O�ce Supplies 550400 Operating Supplies 557100 Memberships and Subscriptions 557300 Training and Reference 571200 Principal Payment for Loan 571220 Interest Payment for Loan 581000 Payments to Other Agencies-DDB 582000 Aid to Private Organizations Internal Service 540200 Document Reproduction 540700 Postal Service 541300 Print Shop 541500 Garage Variab�e 541600 Building 8 Maintenance Variable Transbrs Out 590200 590600 590600 590800 590800 590800 590800 590800 592400 General Fund-Adm(nistrative Parking Fund - Saturday Downtown Parking Fund - Harborview Parking Incentive Fund Economlc Development Incentive Fund IMR Landscaping Fund Mediterranean Village Project Fund Cleveland Street Mafntenance Fund Redevelopment ProJects Fund Total Expendituros Exceas oi Revenuea Over Expendituros Approved Proposed FY 01102 FY 02/03 Mid Year Budget Budget 373,583 395,207 334,783 354,160 60,834 64,355 15,000 15,000 4,000 10,000 2,000 0 43,680 45,427 7,848 7,848 841,728 891,997 10,000 50,000 3,000 3,000 0 0 120 0 200 200 6,500 6,500 25,000 25,000 1,000 5,000 10,000 10,000 1,000 1,000 200 100 200 100 2,000 2,000 2,000 2,000 4,0�0 4,000 4,000 4,000 112,600 112,600 62,500 62,500 60,834 64,355 55,000 55,000 360,154 407,355 2,000 2,000 1,000 1,000 1, 500 1, 500 500 0 1,900 1,900 6,900 6,400 189,680 202,492 15,000 0 6,360 0 0 21,360 94,492 0 133,711 121,829 30,000 115,483 0 10,000 5,431 7,079 474,87� 475,242 841.728 891.997