12/12/2006
COMMUNITY REDEVELOPMENT AGENCY MEETING MINUTES
CITY OF CLEARWATER
December 12, 2006
Present: Frank Hibbard Chair/CRA Trustee
Carlen Petersen CRA Trustee
William C. Jonson CRA Trustee
John Doran CRA Trustee
Also Present: J.B. Johnson Councilmember appointee
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
Rosemarie Call Management Analyst
The Chair called the meeting to order at 2:18 p.m. at City Hall.
To provide continuity for research, items are in agenda order although not necessarily
discussed in that order.
2. Approval of Minutes
2.1 Approve the minutes of the October 2, 2006, Community Redevelopment Agency Meeting
as submitted in written summation by the City Clerk.
Trustee Jonson moved to approve the minutes of the regular meeting of October 2,
2006, as recorded and submitted in written summation by the City Clerk to each Trustee. The
motioncarried
was duly seconded and unanimously.
3. CRA Items
3.1 Approve a Development Agreement between the CRA and OPUS South Development, LLC
concerning “Water’s Edge” project, 331 Cleveland Street, delineating the terms and conditions
for the provision of certain economic assistance by the CRA.
OPUS South Development, LLC is developing the Water’s Edge project located at 331
Cleveland Street. The Project is a mixed use development with a maximum of 157 residential
condominium units, approximately 310 private parking spaces, not more than 10,600 square
feet of ground level retail and sidewalk and site improvements.
Flexible Development Approval was issued by the Community Development Board
(CDB) on August 16, 2005 that permits the development of the Project. The purpose of this
Development Agreement is to secure economic assistance through the Community
Redevelopment Agency (CRA) to increase the economic feasibility of a project which supports
the implementation of the City of Clearwater’s “District Vision” for the revitalization of the
Downtown Core; and to further the implementation of the Downtown Redevelopment Plan by
Community Redevelopment Agency 2006-12-12 1
the development and construction and operation of the Project to enhance the quality of life,
increase employment and improve the aesthetic and useful enjoyment of the downtown.
The main business terms of the Agreement are for (1) the reimbursement of impact fees
not to exceed $535,000 and (2) the reimbursement of sidewalk and site improvements following
the Osceola Streetscape Conceptual Design not to exceed $500,000. The total reimbursement
to the Developer will not exceed $1,035,000. The project is estimated to generate between
$750,000 and $1,000,000 in tax increment in the first full year of assessment the project is
operational (estimated to be received in 2009). Starting in the fiscal year in which tax increment
revenue is expected to be generated (most likely 2009), the CRA will budget for the anticipated
reimbursement to the Developer, and in each annual budget thereafter until the reimbursement
is paid in full.
Upon execution and recordation of the Completion Certificate, the Developer will provide
the CRA with documentation verifying both the amount and payment of Impact Fees for the
Project by the Developer and the Developer’s expenditures for the Sidewalk and Site
Improvements. Within thirty (30) days after receipt of such documentation, the Agency will
acknowledge in writing to the Developer the amount of: a) the Impact fees to be reimbursed to
the Developer and b) the cost of the Sidewalk and Site Improvements constructed by the
Developer. Within sixty (60) days after the Developer has paid its annual Ad Valorem Taxes, the
Agency shall pay the Developer the lesser of the amount necessary to satisfy the total
reimbursement due Developer, or fifty percent (50%) of the increment of the Project’s Annual Ad
Valorem Taxes that are paid to the City of Clearwater and/or the Agency that year. If the first
Annual Reimbursement (50% of the City of Clearwater’s and Agency’s Tax Increment) is not
sufficient to satisfy the Total Reimbursement Due Developer, then the Annual Reimbursement
shall be continued for up to three (3) additional years (for a maximum total of four (4) years after
recordation of the Certificate of Completion) until the Agency has paid the Developer the Total
Reimbursement Due Developer. Upon completion of the terms of this Agreement all parties will
execute an Agreement Expiration Certificate. If the Agreement is not terminated earlier, it will
terminate on the 10th anniversary of the effective date.
In response to questions, OPUS South representative Mr. West said funds earmarked
for streetscape improvements along Cleveland Street and Osceola Avenue are for public right-
of-way only, any remaining funds could be used for façade enhancements but nothing final has
been determined. City Attorney Pam Akin said this project is not subject to new public art
ordinance as it was initiated prior to the ordinance being in place.
Trustee Jonson moved to table the Development Agreement between the CRA and
OPUS South Development, LLC until an approved TIF policy and plan is presented. There was
no second.
A concern was raised that on page 9, there is a reference to the CRA approving the site
plan but the CRA has not had a full review of the site plan. Consensus was to change “approve’
to “accept.”
In response to questions, it was indicated the reimbursement of impact fees was
discussed at beginning of negotiations and staff agreed to recommend.
Trustee Petersen moved to approve a Development Agreement between the CRA and
OPUS South Development, LLC concerning “Water’s Edge” project, 331 Cleveland Street,
delineating the terms and conditions for the provision of certain economic assistance by the
Community Redevelopment Agency 2006-12-12 2
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CRA. The motion was duly seconded. Upon the vote being taken, Trustees Petersen, Doran
and Chair Hibbard voted "Aye"; Trustee Jonson voted "Nay. II Motion carried.
3.2 Clearwater Aqua Proiect Status Review
Reiker & Associates, Inc. President Mark Reiker reviewed the project development
cycle, theater/office retail and garage components, pricing process, and structural requirements.
In response to questions, Mr. Reiker said two years ago the City of Orlando invested $28
million in a 1.6 million sq. ft. downtown movie theater with retail and residential components and
provided the developer with a $20 million no interest loan.
Discussion ensued regarding future of traditional theaters and garage location
standards.
Consensus that theater would be a wonderful asset to downtown but currently cost
prohibitive.
4. Other Business
Discussion ensued regarding the need to address street lights and sidewalks within the
CRA district.
Trustee Jonson moved to establish a project to fill streetlight gaps within the CRA
district.
Concerns were expressed with lack of data and information. The motion was withdrawn
until the CRA plan is discussed.
5. Adjourn:
The meeting adjourned at 3:23 p.m.
Attest:
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Community Redevelopment Agency
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Community Redevelopment Agency 2006-12-12
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