04/03/2006
COMMUNITY REDEVELOPMENT AGENCY MEETING MINUTES
CITY OF CLEARWATER
April 3, 2006
Present: Frank Hibbard Chair/CRA Trustee
Hoyt P. Hamilton CRA Trustee
William C. Jonson CRA Trustee
Carlen Petersen CRA Trustee
John Doran CRA Trustee
Also present: William B. Horne II City Manager
Garry Brumback Assistant City Manager
Rod Irwin Assistant City Manager/CRA Executive Director
Pamela K. Akin City Attorney
Cynthia E. Goudeau City Clerk
Patricia O. Sullivan Board Reporter
The Chair called the meeting to order at 1:30 p.m. at City Hall.
To provide continuity for research, items are in agenda order although not
necessarily discussed in that order.
Approval of Minutes - October 3, 2005 & January 30, 2006 regular meetings
Trustee Hamilton moved to approve the minutes of the regular meetings of October 3,
2005 and January 30, 2006, as recorded and submitted in written summation by the City Clerk
motioncarried
to each Trustee. The was duly seconded and unanimously.
Community Redevelopment Agency Items:
1 - Presentation of the Tax Increment Analysis of the original and expanded Community
Redevelopment Agency area by Bruce Lyon of Swan Development Advisors.
CRA (Community Redevelopment Agency) Executive Director Rod Irwin said analysis
may be affected by project completion, the economy, and how the properties will be appraised.
Economic Development & Housing Director Geri Campos said the consultant provided an
interactive data tool to assist with future modifications and projections.
Bruce Lyon, consultant, reviewed a Power Point presentation of the tax increment
analysis of the Downtown core and Gateway. The study analyzed factors affecting tax
increments, estimated future tax increment revenue, including new and anticipated projects, and
developed a report of the findings. The method of analysis examined the most recent tax
increment projects, and anticipated development projects and their effects on the tax increment,
drafted a report with a description of the process, findings, and conclusions. A final report will
be produced based on City edits and technical feedback. As anticipated values proved difficult
to estimate due to complexities and the uniqueness of mixed-use projects, a range of values
were presented. The Gateway has no new planned projects at this time.
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Downtown CRA TIF (Tax Increment Financing) Projections: 1) 2005 actual construction
and sales prices - $1,361,214; 2) 2008 estimated construction costs - $1,511,722 and sales
prices - $1,521,978; 3) 2010 estimated construction costs - $5,123,860 and sales prices -
$5,110,205; 4) 2015 estimated construction costs - $5,755,426 and sales prices - $5,740,353;
and 4) 2019 estimated construction costs - $6,235,422 and sales prices - $6,219,271.
Gateway CRA TIF Projections: 1) 2005 actual construction costs and sales prices -
$158,124; 2) 2008 estimated construction costs - $204,908 and sales prices - $204,908; 3)
2010 estimated construction costs - $253,465 and sales prices - $256,465; 4) 2015 estimated
construction costs - $343,404 and sales prices - $343,303; and 4) 2019 estimated construction
costs - $425,586 and sales prices - $425,586.
Aggregate CRA TIF Projections: 1) 2005 actual construction costs and sales prices -
$1,519,338; 2) 2008 estimated construction costs - $2,558,630 and sales prices - $2,535,335;
3) 2010 estimated construction costs - $5,377,324 and sales prices - $5,363,669; 4) 2015
estimated construction costs - $6,098,830 and sales prices - $6,083,757; and 4) 2019 estimated
construction costs - $6,661,008 and sales prices - $6,644,857.
In response to a question, Finance Director Margie Simmons said individual analysis will
be required as projects come forward. Mr. Lyons explained market fluctuations will not affect
the TIF unless there is an extended recession of three to five years.
Executive Director (Assistant City Manaaer) verbal reports - None.
Other Business - None.
Adiourn
The meeting adjourned at 2:01 p.m..:f~ r ~
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Community Redevelopment Agency 2006-04-03
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