02/17/2004
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COMMUNITY REDEVELOPMENT AGENCY MEETING
CITY OF CLEARWATER
February 17, 2004
Present: Brian J. Aungst
Hoyt P. Hamilton
Frank Hibbard
J.B. Johnson
Trish Johnson
Chair/CRA Trustee
CRA Trustee
CRA Trustee
CRA Trustee
DDB Ex-Officio
Absent: William C. Jonson
CRA Trustee
Also present: William B. Horne II
Garry Brumback
Ralph Stone
Pamela K. Akin
Cynthia E. Goudeau
Patricia O. Sullivan
City Manager
Assistant City Manager
CRA Executive Director/Asst. City Manager
City Attorney
City Clerk
Board Reporter
The Chair called the meeting to order at 9:03 a.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
Trustee Hibbard moved to approve the minutes of the December 15, 2003,
meeting, as recorded and submitted in written summation by the City Clerk to each
Trustee.
3 - Approve a Development Aareement with Station Sauare LLC (SS LLC) for a mixed
use proiect on Station Sauare Parkina Lot: authorize the sale of the Station Sauare
Parkina Lot to SS LLC for $720.000: accept a mortaaae 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 two vears from final CO from tax
increment revenue: approve an interlocal aareement with the City reauirina the City to
construct defined infrastructure improvements related to Cleveland Street and Station
Sauare Park and purchase 100 parkina spaces from SS LLC for $12.500 each.
On July 14, 2003, following a competitive proposal process, the Clearwater CRA
(Community Redevelopment Agency) selected the Station Square LLC development
corporation as the 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 be .97 acre.
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
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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
attached 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.
Staff estimates that $50,000 will be needed for construction oversight regarding the
public parking garage spaces, bringing the required funding to $1.3-million. A CIP
(Capital Improvement Project) will be established at midyear with $1.3-million of funds
available in the Special Development Fund, which were collected and earmarked
specifically for downtown parking.
The interlocal agreement also requires the construction of defined infrastructure
improvements related to Cleveland Street and Station Square Park. Currently, $3.7-
million has been budgeted for this project from Penny for Pinellas, with additional
funding to be allocated from CRA funds. 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 CDB (Community Development Board) reviewed the site plan and
unanimously approved the project.
Assistant City Manager Ralph Stone reported staff has a good relationship with
the developer and has been meeting with them since early fall 2003. It was stated the
project is the key to the rebirth of Downtown. In response to a question, Mr. Stone said
while the 100 parking spaces will be part of the City's parking system, operational details
have not been determined. In response to a question, he said a second appraisal of the
property was in the $500,000 range. An alternate site for the Farmers Market has not
been determined. The City will pay for the parking spaces after the CO (Certificate of
Occupancy) has been issued. The cost of condominium units will range from $165,000
to $500,000.
In response to a concern, Beck representative Brian Murphy said a study had
determined two elevators were appropriate. In response to a question, Planning Director
Cyndi Tarapani said the residential portion of the development is based on the number
of dwelling units. The FAR (Floor Area Ratio) for the retail portion is extremely low.
DDB (Downtown Development Board) Ex Officio Trish Johnson reported the
DDS supports the project. Disagreement was stated regarding the provision that allows
a less desirable use for the space if a restaurant is not attracted after one year. It was
felt incentives will attract a nationally recognized restaurant to that space.
Beck representative Nick Pavanetti said the restaurant space has not been
formally marketed. He said architects were instructed to design the space to be
attractive for a restaurant. His firm will pursue a tenant for the space as soon as the
agreement is approved. Mr. Stone said the City is trying to make certain restaurant and
retail types of uses a reality Downtown. He complimented the City Attorney and
Economic Development & Housing Director for their work on this issue.
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The City Manager complimented the developer's attitude and willingness to build
a project that works for the City. It was commented the City can be proud of this project.
Public parking spaces, delineated from others, will be located on the building's first and
second floors. In response toa question, Mr. Pavanetti estimated construction of the
project will take between 13 and 16 months.
Trustee Hamilton moved to 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, to be paid over two
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 Street and Station Square Park and purchase 100 parking spaces from SS
LLC for $12,500 each. The motion was duly seconded and carried unanimously.
4 - Executive Director (Assistant Citv Manaaer) Verbal Reoorts - None.
5 - Other Business - None.
6 - Adjournment
The meeting adjourned at 9:28 a.m.
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