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05/27/1982i? F.°. i a CITx CdMMLS3= SPECIAL VORK SESSION May 27, 1982 The City Commission of the City of Clearwater met in a special work session at the City Hall, Thursday, May 27, 1982, at 2:05 p.m., with the following members present: Charles F. LeCher Paul A. Hatchett Rita Garvey Also present were: Anthony L. Shoemaker Frank Kowalski Cyndie Goudeau Mayor-Commissioner Vice-Mayor/Commissioner Commissioner City Manager Chief Assistant City Attorney Deputy City Clerk The mayor called the meeting to order. The purpose of the meeting was to discuss proposed programs for Housing Mortgage Revenue Bonds and Industrial Development Bonds. Concerns were expressed regarding the impact of similar Federal and State programs on the City of Clearwater's plans. The representative of William R. Hough and Company stated there would only be between one and two million dollars available for Clearwater and therefore there would be very little impact. Discussion ensued regarding the State and Federal proposals which are uncertain at this time. Regarding the single-family mortgage revenue bonds, it was stated that the tax exemptions are limited to first-time home owners unless the home to be purchased is in a blighted area. Discussion ensued regarding whether or not even under this plan it is feasible for persons in low income brackets to buy a home. It was stated that the market rests in those with incomes of $25,000 - $33,000 per year. It was stated that any of the single-family revenue mortgage bonds targeted for the Downtown Area would come in the form of condominium type units, townhouses, and for duplexes. The home must be the principal residence. It was stated it was important to define the philosophy as to whether or not you were trying to renovate and rehabilitate vs. providing housing for low income people. There are no monies available in the single-family program until the January, 1983. There are monies available in the multi--family programs. Any multi-family units financed through this program are required to remain rental for twenty years. Discussion ensued regarding the impact the housing bonds would have on mortgage money available and on the sale of homes that do not qualify for the revenue bonds. Due to the limited number of homes this program would effect, it is felt there would be little impact. The safety measures for insuring the finacial feasibility of these projects were explained. The City would not put forth any money whatsoever and in the program for single family, there are three levels of safety: mortgage insurance; a pool of mortgage money; and a reserve fund. There must be a project approved before the bonds are sold. There is no cost to the City except for staff time,. More information will be coming forth before a final decision is made regarding the City'r participation in these programs. The general feeling was the City should participate. Multi-family projects would be emphasized in the Downtown area and the single-family program throughout Clearwater. ., T C.!. •^js_h l j! M1 . F 1 ' .?.Ii =':Y '? : 1...:n..x .t) ..4,.' F?, if. l.; ,1.. .. .,f.i `"14 .•i r`I.?e/ ll[[H NS',;,.°iqA ?[' . °?.: i.,.(` . ? vs '•1 •?F?r?"4{i.,. ,,'qy ???•e. rA :?:. _ ,'s??" ?s• ., F'. ~i?. ? ? 4, ?'f,th't :?,1 f? v:?? ?,_Nq o,ra?,: X5.4..].:"f.rg-. r•-wyP.... ..c?•:.i'w.;r.,' .«.fr ?.f ?'?" •?' .. ,r',. ,i .. ?!?t fe,. f. .}.}}? `?'. _;Ct' .1.. `eF .. .l.?h.s...??r..-i..?..r: eTF"-.'a ..: ?....__.: :1..:.,•r..:..t +r..'.?:.aMtiH.e" ! .L " µ +I?ii ]Ny?? rA& 3 The City Manager requested direction from the Commission regarding restrictions of uses for Industrial Development Bonds. There are projects authorized by Florida Statutes; but some of the definitions put forth are not clear; i.e. "tourism facilities" - does a hotel qualify as a tourism facility? Also discussed was whether or not the City wished to limit the areas in which Industrial Development Bonds could be used. Discussion ensued regarding the pros and oons of the Industrial Revenue Bonds and whether or not there was risk to the City. It was stated that in proposed legislation for IDB's to remain tax- exempt after 1985 a contribution would be required from the sponsoring City. The type of contribution has not been designated. Concerns regarding the screening process and how to insure the proper applicants have the bonds approved were discussed. The question was also raised whether or not an application fee could be charged. It was stated that the County has a $10,000 non-refundable application fee for those individuals applying for IDBs. . Commission directed staff to develop guidelines and criteria and bring back for approval. fi Meeting adjourned at 3:28 p.m.