03/10/1989 (2)
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Meeting
Friday,'March 10, 1989
Large Confere~ce Room
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COMMUNITY REDEVELOPMENT AGENCY
AGENDA
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APPROVAL OF MINUTES
I. Meeting of December 15; 1989
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Mee~ing of February 10, 1989
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OLD BUSINESS
I. Update on Bilgore'Property Negotiations
II. Update on City Hall Annex Property
Brown's , , ,
III. Update on Dr. Property
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IV. Proposed Amendment to Downtown'Sidewalk Project
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VERBAL REPORTS
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I. ) First Florida Bank Negotiations
II. Streetscape Update
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III. Update on Advertising Agency Selection Process for Downtown. Marketing
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COMMUNITY REDEVELOPMENT AGENCY MEETING
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March 10, 1989
The Community'Redevelopment Agency (CRA) of ~he City of Clearwater met
at City H~ll, March 10, 1989, at 2:01P.M., w,ith. the following members
present: .
Rita Garvey
Lee Regulski
Don Winner
William Nunamaker
Tyler Grady
Tommy Thompson
Absent:
chairperson
Member
Member
Member
Ex Officio member
Ex Officio member
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. James Berfield
Also present were:
Ron H Rabun
M. A. Galbraith, Jr.
Cynthia E. Goudeau
Member
Executive Director
City Attorney
Secretary
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In'order to pr~vide continuity ,for research, the items will be listed in
.agenda order although not necessarily discussed in that order.
. The Chairman of, the Community Redevelopment Agency (CRA) called the
meeting to order and the following items were discussed: .
Aooroval of the Minutes
I. and II. Minutes of 12/15/89 and 2/10/89
Member Nunamaker moved to approve the minutes as submitted.
The motion w~s duly seconded by Member Winner, and carried unanJrnously.
Old Business,
1. Sale of 'Biloore Prooerties for Residential Development to H &, G Structures
In a telephone conversation of 2/14/8Q, John Gallant conveyed his last
bid'for the purchase of the Bilgore Property. The offer is for a total.
, payment of $400,000 with $ 50,000 down at c 1 os i ng and $ 350,000 to be pa i d on a
pro rata square foot basis to the Community Redevelopment Agency as the
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March 10, 1989
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individual units are sold,and all funds to be paid to the CRA within three (3)
years. This offer is near the top of the range a developer could be expected'
to pay for land on which to build condominium units priced in the '$90,000-
$100,000 range. The CRA paid $690,000 for the land resulting in,a difference
of $290,000. The eRA could be expected to receive approximately $206,000 in
increased tax revenue over a five (5) year period, and the City of Clearwater
General Fund would receive approximately $10,000 over the same five year
. period. 'These calculations are based on fifty (50) units.wit~ an average sale
price of $95,000 and one-fourth (1/4)' of the units claiming homestead
exemption. The combined eRA and General Fund 5 year increased tax revenues
are $~16,OOO and when coupled with the sale price of $400,000" total maximum
return to. the City would be $616,000, or $74,000 less than the purchase price.
It should be noted the site was originally purchased as commercial
prope~ty and there is an inherent risk in accepting payment for the real
estate on a unit by unit,basis.
, A queition was raised regarding accepting the prpposal, and a year from
now the project collapsing. The City Attorney stated this eventuality would
need' to be a~dY'essed in the contract. chuck Arn, representing H & G
Structures, stated construction would not begin unless 50% of the units were
pre-sold.
Discussion ensued regarding whether or not the proposal should be
accepted, 'and concerns were expressed regarding how'to .assure the project is
successful. Some concern was expressed'regarding this being a residential
development, and it was stated that while this may not be an ideal site for
residential development, ~t would provide additional people in downtown. A.
question was raised regarding whether or no~ commercial or retail facilities
could be provided on the first floor, and Mr. Arn stated the numb~r of units
'will 'have an effect on the price range and that they are now getting out of
the proposed range.
Member Winner moved to continue negotiati6ns with
thirty (30) days with a progress report to be provided.
seconded and' carried unanimously.
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H & G Structures for
The motion was duly
March 10, 1989
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III. Update on Proposed Purchase of Dr. Brown1s Propertv. City Annex Site
After a series of negotiations with Dr. Paul Brown, the City Staff had
reached arr impasse. Dr. Brown is firmly convinced the property is worth at
least $800,000 and the City believes it can offer no more than $400;000 cash,
or the CETA Property as an equal exchange. The CETA property, which the eRA
purchased for $450,000 several years ago, is slightly more than an acre and is
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March 10, 1989 .
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located across Cleveland Street from Dr. Brown's property. Dr. Brown's site
is slightly larger than one-tenth (1/10) of an acre and contains a buildi~g
with 6,250 sq. feet. The City's MIA appraisai for the property is $270,000.
The acquisition of the property would .enhance the City's Annex site for
marketing purposes, however, it is not critical 'in terms of hindering
potential development.
Member Winner moved to discontinue negotiations with Dr. Brown. . Thd
motion was du~y seconded, and carried unanimously.
IV. Proposed amendment to the Downtown Sidewalk Project
I~ May of 1988 the City Commission awarded the Downtown Streetwalk
Improvement Project to L. G. Couch Construction Co. Due to the.f~ct that
Couch ~ad not. participated in a project of this size ~efo\'e, they could not
obtain ~ performance bond for the project amount. The City authored an
agreement protecting it's interest and accommodating the circumstance. It has
now been found that the contractor cannot provide even the reduced bond as
described in the agreement. The proposal that staff wilJ be making to the
City Commission is to waive the bond for this project knowing that the City's
interest wi 11 be fu 11y covered by management of the amount of work that the
contractor must complete before being allowed to begin further disruptions and
b~ increas~ng the payment r~tainage ~mount referred to in the agreement from
5% to 10%.
A question was raised r&garding whether or not the award of the contract
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could be legally ~hallenged based on this amendment. It was staff's opinion
that this was not a probability.
Member Winner moved to recommend that the City Commission approve the
amendment to the contract. The motion was duly seconded and carried
unanimously.
Verbal Reports
I. First Florida Bank Neaotiations
It was reported that the City staff is still meeting with various groups
regarding this proposal.
March 10, 1989
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IiI'. Update on Advertisino Aoencv Selection Process.for Downtown Marketino
Study
It was reported that.requests for proposals have gone out and,that it is
hoped they will be received in late April.
Other AQencv Action
Member Winner requested the status regarding. the Ec~nomic Development.
Director. The City. Manager reported that they. have re-advertised for the
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'position and they 'are receiving new resumes. Member Winner requested a'break-
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out regarding the' Parking Garage'revenues and costs.
The meeting adjourned at 3:11 P.M~
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Chairperson
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March la, 1989
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