05/16/2005
Call to Order
Approval of Minutes:
04-18-2005
05-02-2005
eRA Agenda
Date: 05/16/2005
Location: Council Chambers - City Hall
CRA Item
1. Approve professional services contract from Swan Development Advisors, Inc. in the
amount not to exceed $7,750, to conduct an analysis of the future tax increment that
will be generated in the original and expanded CRA boundaries and the appropriate
officials be authorized to execute same.
Executive Director (Assistant City Manager) verbal reports
Other Business
Adjourn
eRA Agenda 5/1612005
Page 1 of 1
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CRA Cover Memorandum
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Trackinq Number: 1,246
Actual Date: 05/16/2005
Subiect I Recommendation:
Approve professional services contract from Swan Development Advisors, Inc. in the amount not
to exceed $7,750, to conduct an analysis of the future tax increment that will be generated in
the original and expanded CRA boundaries and the appropriate officials be authorized to execute
same.
Summary:
As part of the Downtown Clearwater Redevelopment Plan, approved by the County in February
2004, CRA staff conducted tax increment revenue projections for the original and the expanded
CRA over a 30-year period. In the Redevelopment Plan, TIF is identified as one of the funding
sources for several capital and infrastructure improvement projects. In addition, TIF is
envisioned to be used for paying impact fees, "buying in" of public parking in private projects,
assembling redevelopment sites, purchasing land and/or buildings, environmental remediation,
and fac;ade improvement grants.
In its 23-year history, the CRA and TIF has been a critically effective tool in positioning
downtown for redevelopment. The CRA is seeing visible signs of improvement with increases in
property values in the last several years translating into additional TIF. In order to make
informed decisions and plan for upcoming projects and developments, the CRA needs to revise,
update, and incorporate new and anticipated projects to the tax increment projections.
The consultant will undertake an analytical review of the factors affecting the tax increment in
the CRA and review the original projections made in 2003. The consultant will also examine the
taxable nature of all the anticipated projects in the CRA in order to determine an accurate
projection of the future tax increment of the CRA. The consultant will prepare a schedule of tax
increment projections that will enable the CRA to make informed decisions and plan for
upcoming projects and developments.
The $7,750.00 is available in the Professional Services line item of the CRA's FY 04-05 Operating
Budget.
Oriqinatinq: Economic Development and Housing
Cateqorv: Agreements/Contracts - with cost
Public Hearinq: No
Financial Information:
~ Other
In Current Year Budqet?
Yes
Budqet Adiustment:
No
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CRA Cover Memorandum
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Current Year Cost:
$7,750.00
Annual Operatinq Cost:
$0.00
For Fiscal Year:
10/01/2004 to 09/30/2005
Not to Exceed:
$7,750.00
Appropriation Code(s)
188-09311-530100-552-000
Amount
$7,750.00
Comments
Review Approval
Geraldine Camoos
Pam Akin
03-30-2005 17:37:14
03-30-2005 17: 40 : 31
04-11-2005 13: 12:38
04-05-2005 14:19:15
04-11-2005 13:17:23
04-05-2005 14:43:09
04-11-2005 07: 54: 10
Geraldine Camoos
Bill Horne
Tina Wilson
Cvndie Goudeau
Garry Brumback
Swan Development Advisors, Inc.
Community and Real Estate Development Consulting
PROFESSIONAL SERVICES PROPOSAL
To:
Ms, Geraldine Campos
Economic Development and Housing Director
CRA Interim Executive Director
City of Clearwater
112 S. Osceola Avenue
Clearwater, FL 33756
,;
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,. ..~/o~>... -__________
Bruce Lyon
President
Swan Development Advisors, Inc.
P,O, Box 2097
Lakeland, FL 33806
From:
Date:
March 21, 2005
Subject:
Professional Services Proposal
Tax Increment Analysis
Downtown Community Redevelopment Area (CRA)
Clearwater, FL
Scope of Services
Overview
I, The City of Clearwater Director of Economic Development requests Swan Development
Advisors to submit a proposal outlining the Scope of Work and Fee structure for assisting
the City of Clearwater to undertake an analysis of the future tax increment that will be
generated in the Downtown Clearwater Community Redevelopment Area.
2. It is the intent of the consultant and the City of Clearwater Community Redevelopment
Agency to prepare a schedule of tax increment projections that will enable the City of
Clearwater and the CRA to make informed decisions regarding methods to utilize the tax
increment for upcoming projects and developments.
3, Mr. Bruce Lyon of Swan Development Advisors, Inc. will serve as the project manager,
performing the technical and analytical project tasks for the tax increment study,
4. Ms. Geraldine Campos of the City of Clearwater will provide the necessary project
related information to Swan Development Advisors, and will be available on a periodic
basis to meet with Swan Development Advisors to examine the draft work product, to
provide additional information as needed and to make certain assumptions regarding the
timing and taxable nature of future projects.
P,Q. Box 2097 . Lakeland, FL 33806. (863) 802-9490 . Fax (863) 802-9630
Email: Bruce@Swanadvisors.com
Swan Development Advisors, Inc.
Community and Real Estate Development Consulting
Tax Increment Analvsis
Swan Development Advisors will undertake an analytical review of the factors affecting the tax
increment in the CRA utilizing information provided by the City of Clearwater to develop tax
increment projections for the area. Swan Development Advisors will revise, update and
incorporate new and anticipated projects to these projections in order to determine an accurate
projection ofthe future tax increment that the City of Clearwater Downtown Community
Redevelopment Agency will receive in the future.
I
I. Swan Development Advisors will attend up to two (2) initial meetings with the Client for
the purpose of reviewing and reaffirming the Client needs and objectives and to review
the data to be provided by the Client that the Client may need to collect from various City
Departments. These meetings may include interviews or discussions with key staff
members regarding specific projects and their taxable structure.
2. Consultant will attend up to three (3) additional meetings with Client to review variables,
assumptions and findings prior to submission of final report.
3, Swan Development Advisors, Inc. will undertake an examination of current tax
increment projections to validate their accuracy and/or to adjust for externalities not
integrated into the current modeling.
4. Swan Development Advisors will examine the taxable nature of all anticipated projects to
be located in the Downtown CRA for the purpose of projecting the tax revenues that will
be generated by these projects and thus the tax increment to be contributed to the CRA by
the projects.
5. Consultant will provide a draft report based on the review and validation of assumptions
by Client... Report will contain a written description of the process, findings and
conclusions supported by exhibits that detail the tax increment projections for the
Downtown CRA.
6. Client will provide editorial or technical feedback to Consultant regarding the draft report
within fifteen business days of receipt upon which time the Consultant will produce a
final report within fifteen business days.
Fee Schedule
The above professional services are available to the Clearwater Downtown Community
Redevelopment Agency on a lump-sum basis. Invoices to be paid monthly on a percentage
completion basis.
Tax Increment Analysis
$7,250.00
Reimbursables $ 500,00
(Including travel, mileage, subsistence, long distance communication, postage, shipping, reports and reproductions.
Out-of-Pocket expenses will be billed at cost plus 15%))
Total Maximum Contract Amount
$7.750.00
P,O. Box 2097 . Lakeland, FL 33806. (863) 802-9490 . Fax (863) 802-9630
Email: Bruce@Swanadvisors.com
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Swan Development Advisors, Inc.
Community and Real Estate D""elopment Consulting
Timeline for Completion of Project
Barring delays, the project activities can be completed as indicated below,
Final Report - 100%
60 business days
from receipt of Tax
increment data and
required project
information
15 business days
from receipt of CRA
comments .
Tax Increment Analysis
Tax Increment Analysis
Draft Report - 80% complete
Acceptance and Authorization to Proceed
Pre-Payment - The Client will make an initial payment of 0 .00 upon execution of this
agreement.
Payment Schedule - Fees will be billed monthly on a percentage completion basis. Invoices to
be paid by Client within 30 days of invoice date. Full payment shall be due to Swan
Development Advisors, Inc. upon final billing.
Client agrees to review all billing invoices/statements and promptly notify Swan Development
Advisors, Inc., in writing, of any discrepancies or errors with fifteen (15) days from the receipt of
the invoice/statement.
If this proposallAgreement satisfactorily sets forth Client's entire understanding of the
agreement, please sign the agreement below in the space provided and return it to Swan
Development Advisors, Inc. as authorization to proceed with the work.
Accepted this
day of
, 2005.
Signature
Ms. Geraldine Campos,
Economic Development and Housing Director
CRA Interim Executive Director
112 S. Osceola Avenue
Clearwater, FL 33756
P.O. Box 2097 . Lakeland, FL 33806. (863) 802-9490 . Fax (863) 802-9630
Email: Bruce@Swanadvisors.com
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