02/17/2004
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CRA Agenda
Date: Tuesday, February 17, 2004 - 9:00 A.M.
Location: Council Chambers - City Hall
1. Call to Order
2. Approval of Minutes: December 15, 2003
3. Approve a Development Agreement with Station Square LLC (SS LLC) for a mixed use
project on Station Square Parking Lot; authorize the sale of the Station Square Parking Lot
to SS LLC for $720,000; accept a mortgage from SS LLC at 4% interest until paid; authorize
reimbursement, not to exceed $460,000, to SS LLC for impact fees paid to the City of
Clearwater (City), to be paid over 2 years from final CO from tax increment revenue;
approve an interlocal agreement with the City requiring the City to construct defined
infrastructure improvements related to Cleveland S1. and Station Square Park and purchase
100 parking spaces from SS LLC for $12,500 each.
4. Executive Director (Assistant City Manager) Verbal Reports
5. Other Business
6. Adjourn
CRA Agenda 02/17/2004
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City Council
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Trackinq Number: 436
Actual Date: 02/17/2004
Subiect / Recommendation:
CRA ITEM - Approve a Development Agreement with Station Square LLC (SS LLC) for a mixed
use project on Station Square Parking Lot; authorize the sale of the Station Square Parking Lot
to SS LLC for $720,000; accept a mortgage from SS LLC at 4% interest until paid; authorize
reimbursement, not to exceed $460,000, to SS LLC for impact fees paid to the City of Clearwater
(City), to be paid over 2 years from final CO from tax increment revenue; approve an interlocal
agreement with the City requiring the City to construct defined infrastructure improvements
related to Cleveland St. and Station Square Park and purchase 100 parking spaces from SS LLC
for $12,500 each.
Summary:
On July 14, 2003, the Clearwater Community Redevelopment Agency, after a competitive
proposal process, selected the Station Square LLC development corporation as the selected
entity to negotiate for the redevelopment of property known as the Station Square Parking Lot.
As a component of the proposal, Station Square LLC also provided additional property for the
proposed project known as the Cassano property (immediately east of the Post Office and
adjacent to the Station Square Parking Lot). The total project site being proposed would total
.97 acres.
The proposed project will contain a maximum of 146 residential condominiums, 15,000 square
feet of restaurant/retail space and 326 parking spaces, of which, 100 will be public parking.
The Developer will pay fair market value for the Station Square Parking Lot property, which is
$720,000. The CRA will hold a mortgage with a 4% interest rate on the property until the
developer obtains financing at which time the developer will pay the CRA $720,000 plus accrued
interest.
The Developer agrees to sell back 100 parking spaces, which will be made available to the
public. Through the interlocal agreement between the City and the CRA, the City will assume
the responsibility to purchase these spaces for $12,500 per space for a total of $1,250,000. The
source of funding for the purchase of these spaces will be from the City's Special Development
Fund from funds collected and earmarked specifically for downtown parking.
The Beck Development Corporation has estimated the market value of the project, upon
completion, is $42,000,000, which will provide an estimated additional tax increment amount of
$315,000 annually, with a City portion of $182,740 in the first full year of assessment.
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City Council
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The CRA agrees to reimburse the project impact fees of up to $460,000 over a two year period
from the final certificate of occupancy for the project. The source of funding for this
reimbursement will be CRA tax increment funding.
The Developer agrees to market the restaurant/retail space for a minimum of one year. The
range of retail uses is limited and will not include a nightclub or package alcoholic beverage
store. After one year, if not occupied by one of the permitted retail uses, the Developer may
market the retail spaces for one of the following alternate uses; tailor or seamstress, dry
cleaners, financial institution, or business offices, but not medical or veterinary offices.
The CRA agrees to construct infrastructure improvements defined as the Cleveland Street
Streetscape project which includes the redevelopment of Station Square Park.
The Developer will be allowed to use Station Square Park as a construction staging area prior to
the redevelopment of the park.
On January 20, 2004 the Community Development Board reviewed the site plan for the project
and unanimously approved the project.
Oriqinatinq: Economic Development and Housing
Section Consent Agenda
Cateqory: Agreements/Contracts - with cost
User Department: Budget Office
Public Hearinq: No
Financial Information:
~ Other
Bid Required? No
Bid Exceptions:
Other
Other Contract?
Developer Selected from RFP Responses
In Current Year Budqet?
No
Budqet Adiustment:
No
Current Year Cost:
$0.00
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City Council
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Annual Operatinq Cost:
$0.00
Total Cost:
$460,000.00
Not to Exceed:
$460,000.00
Appropriation Code(s)
315-94715-530100-552-000
Amount
$460,000.00
Comments
Downtown Redevelopment Fund
Review Approval
02-10-2004 09:59:04
Maraie Simmons 02-11-2004 10:29:06
Bill Horne 02-12-2004 20:43:35
Tina Wilson 02-10-2004 13:00:59
Cyndie Goudeau 02-11-2004 16:34:21
Pam Akin 02-10-2004 13:21:34
Ralph Stone 02-11-2004 16:28:06