05/02/2005
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COMMUNITY REDEVELOPMENT AGENCY MEETING MINUTES
CITY OF CLEARWATER
May 2, 2005
Present: Frank Hibbard
William C. Jonson
Hoyt P. Hamiiton
Carlen Petersen
John Doran
Chair
Vice-Chair/ Trustee
Trustee
Trustee
Trustee
Also present: William B. Horne II
Garry Brumback
Pamela K. Akin
Geri Campos
Cynthia E. Goudeau
Brenda Moses
City Manager
Assistant City Manager
City Attorney
CRA Executive Director
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.
1 - Approve professional services contract from Swan Development Advisors. Inc. in the amount
not to exceed $7.750. to conduct an analysis of the future tax increment that will be oenerated in
the orioinal and expanded CRA boundaries and the appropriate officials be authorized to
execute same.
Staff requested this item be continued.
Trustee Petersen moved to continue Item 1 to the next CRA (Community Redevelopment
Agency) meeting. The motion was duly seconded and carried unanimously.
2 - Approve first amendment to Aoreement for Development and Disposition of Property (Station
Square Development) to reflect actual dates and party names and extend timeframes to
commence construction and CRA option to repurchase to 540 days after closino.
The CRA entered into a Development Agreement with Station Square, LLC. (Developer)
for the redevelopment of the Station Square Parking Lot (Site) on February 17, 2004. The
Developer closed on the property on August 25, 2004. Since that time, the Developer has been
seeking financing to commence construction on the project. The Developer is bringing a new
investor into the project and is therefore requesting several amendments to the Development
Agreement to reflect an assignment of the Agreement to a new owner/developer, actual dates of
submittal of permit application and real property closing, a decrease in retail space and parking
spaces (as approved by the CDB), and request an extension of time to commence construction
(definition to be clarified) and the CRA's option to repurchase the site.
The amendment will reflect the new changes as follows: 1) Owner/Developer name
changes to Station Square Clearwater Condominium, LLC per assignment under the
Agreement; 2) Revised square feet of retail from 15,000 to 10,000 and number of parking
spaces from 326 to 296. The City will still purchase 100 parking spaces for the public; 3)
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Reflect actual submittal date of permit application; and 4) Reflect actual closing date of August
25, 2004 agreed to by both parties.
The Developer also is requesting an extension of time to commence construction from
240 days after closing, to 540 days after closing. In addition, they also are requesting that the
CRA's option to repurchase the site if the developer does not commence construction be
extended from 365 after closing, to 540 days after closing. This request puts both key dates at
18 months after closing (approximately February 2006).
Staff supports these changes to the Development Agreement, as a new investor will add
strength and vitality to the project. Again, the benefits to this redevelopment project include
residential in the downtown core; a mixed-use project with retail on the ground floor; 100 public
parking spaces; estimated tax increment of $315,000 in the year following project completion
(estimated project valued at $42 million); and construction timeline still in line with the Cleveland
Streets cape project. The remaining business points to the Development Agreement remain the
same.
In summary: 1) Project contains 126 residential units, 100 public parking spaces. As
mentioned above, the CDB approved the revised Site Plan on August 17, 2004; 2) Purchase
price was $720,000; CRA holds a note on the property to be repaid when Developer receives
financing; 3) Developer agrees to sell to the City 100 parking spaces for $1,250,000 (Source:
Parking Fund); 4) CRA agrees to reimburse project impact fees up to $460,000 over a two-year
period from final certificate of occupancy (Source: Tax Increment); 4) Developer agrees to
actively market ground floor retail; 5) CRA/City agree to construct Cleveland Streetscape
Project and improvements to Station Square Park; and 6) Developer can use Station Square
Park as a staging area for construction.
In response to a question, Nick Pavenetti, representative, said this item conforms the
lanaguage of the agreement with the revised design of the building.
Felix Amon, developer, said his firm works in redevelopment areas with landmark
buildings. He is comfortable the project will start by February 2006 and will be finished at the
same time as the City's streetscape project. He said this project will be a catalyst to Downtown.
Reluctance was expressed to approving any more extensions.
Trustee Petersen moved to approve the first amendment to Agreement for Development
and Disposition of Property (Station Square Development) to reflect actual dates and party
names and extend timeframes to commence construction and CRA option to repurchase to 540
days after closing. The motion was duly seconded and carried unanimously.
3 - Executive Director (Assistant City Manaaer) verbal reports - None.
4 - Other Business
CRA Executive Director Geri Campos said the City received one response to its RFP
(Request for Proposal) to redevelop the City Hall site from Opus Development.
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5 - Adiourn
The meeting adjourned at 9:13 a.m. J~ /,~
Attest:
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Community Redevelopment Agency
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Community Redevelopment Agency 2005-05-02
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