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10/03/2005 . . . COMMUNITY REDEVELOPMENT AGENCY MEETING MINUTES CITY OF CLEARWATER October 3, 2005 Present: Frank Hibbard Hoyt P. Hamilton William C. Jonson Carlen Petersen John Doran Bob Fernandez Chair/CRA Trustee CRA Trustee CRA Trustee CRA Trustee CRA Trustee Ex-Officio Member Also present: William B. Horne II Garry Brumback Rod Irwin Pamela K. Akin Cynthia E. Goudeau Brenda Moses City Manager Assistant City Manager Assistant City Manager/CRA Executive Director City Attorney City Clerk Board Reporter The Chair called the meeting to order at 9:00 a.m. at City Hall. To provide continuity for research, items are in agenda order although not necessarily discussed in that order. Approval of Minutes: 09-12-2005 Trustee Petersen moved to approve the minutes of the regular meeting of September 12, 2005, as submitted in written summation by the City Clerk to each Trustee. The motion was duly seconded and carried unanimously. 1. Presentation of Initial Recommendations of the Downtown Clearwater Market Study by Lambert Advisory. LLC. As a joint effort between the CRA and the Downtown Development Board (DDB), a Downtown Market Study was identified as a critical first part in a multi-part analysis of Downtown to guide future redevelopment/recruitment efforts. With funds from the DDB, the CRA selected Lambert Advisory to conduct the study on April 18, 2005. The goals for the study are: 1. Identify Downtown Clearwater's existing economic base. 2. Identify the market potential for future redevelopment within Downtown Clearwater. 3. Identify opportunities for projects that would draw visitors and users from throughout the Tampa Bay region to Downtown Clearwater. 4. Identify potential residential supporting uses for Downtown. 5. Identify recommendations and next steps based upon the baseline data collected. The study will also address: 1. Short and long-term economic climate. 2. Demographic and economic trends. 3. Development patterns. Community Redevelopment Agency 2005-10-03 1 . 4. Existing retail and office space supply and trends. 5. Economic development strengths and weaknesses. 6. Existing and potential trade area including drive times. 7. Spending patterns. . 8. Markets for special events and promotions in Downtown. 9. Overall market opportunities. During the past 60 days, Lambert Advisory has met with staff to clarify the study, interviewed key downtown business and civic leaders, and completed their data collection and analysis. . Based upon their analysis, they have concluded: 1. Market and economic trends indicate that Downtown retail and office could be performing better than is actually the case. 2. Given land prices and market trends, Downtown will primarily be a for-sale opposed to for-rent luxury housing market for the foreseeable future. The first few developments are now in the planning/development stage serving as a bellwether of how deep the market is for Downtown luxury condos. 3. Significant opportunity to attract restaurants/retailers downtown with the right mixed- use space, improved self/valet parking, improved street scene and the potential to support the anchor restaurant users. 4. Consistently strong competition from Safety Harbor and Dunedin requires Downtown Clearwater to differentiate itself from the downtown "quaint" village feel. 5. First wave of new retail investment will need to be strong local and regional stores, restaurants, and entertainment venues willing to take a risk in Downtown. National retailers will be part of the next evolution. 6. Focus on downtown corporate retention and attraction leverages off of relatively strong county and region wide office employment trends. 7. City can better market its infrastructure capacity and high regulatory development capacity to investors. Following the CRA presentation, Lambert presented their findings to the DDB on September 5, 2005. The initial draft was to be completed by the end of August. The final report should have been concluded by the end of September. Once the final report is received, the Economic Development & Housing Department in conjunction with the CRA and DDB will review and implement next steps. Paul Lambert, Lambert Advisory, LLC, presented the Downtown Clearwater Market Study in draft format, stating the analysis was based on discussions with local area realtors, Downtown stakeholders, etc. He said the Downtown is the fastest growing residential area in the County. He believed there was a demand for office space and a market for a hotel in Downtown and identified location opportunities. He indicated a need for a targeted parking strategy and a retailer attraction program. Disappointment was expressed with the study as it did not offer much new information or recommendations, the zip code 33767 area was not taken into account, and none of the Council members had been contacted. . Community Redevelopment Agency 2005-10-03 2 . In response to a question, Mr. Lambert said there are multiple examples of independent restaurants that open a second restaurant within a downtown. He said a strong opportunity to attract drinking and eating establishments in the Downtown exists, and the focus should be on strong chefs and entrepreneurs who are interested in taking some risk. He said national chains are not market leaders but follow computer models. In response to a question, Mr. Lambert said growth is coming from higher income households and this growth will feed Downtown. The study did account for inflow from the beach. He said the Downtown, as defined by the CRA (Community Redevelopment Area), was the primary focus. The CRA boundaries do not define the area that will serve Downtown demands. Detailed expenditures show sales will inflow from the secondary market with the majority of expenditures made by residents of surrounding areas. Mr. Lambert said a concentric circle model could be used but felt that method did not represent the best boundaries. Discussion ensued and it was felt there was a deficiency in the report, as it did not include strengths and weaknesses, a comparison with other cities, recommendations regarding the appropriate business mix and did not consider the Bayfront and Coachman Park. It was remarked the hotel concept in Downtown did not include construction cost information and the probable need for a subsidy. Mr. Lambert said the study considered more than government office space but projected business and private market services. He said the challenge is finding appropriate space and sufficient parking for businesses. He said the scope of the study was limited and was not to include a Downtown business plan. He said his charge was baseline. . Assistant City Manager Rod Irwin recommended going back to a concentric circle model, looking at economic strategies, and marketing Downtown to permanent residents to attract active first class retail. In response to a question, Mr. Irwin reported he has met with the fayade consultants who will be coming forward with a theme for Downtown. He indicated the need for a retail strategy. Executive Director (Assistant City Manager) verbal reports - None. Other Business - None. Adjourn The meeting adjourned at 9:58 a.m. 4~.~-~ r ~ '-Cba(r Community Redevelopment Agency Attest: ~~ ~City er . Community Redevelopment Agency 2005-10-03 3