16-08RESOLUTION NO. 16 -08
A RESOLUTION OF THE CITY OF CLEARWATER,
FLORIDA, REDUCING THE REGIONAL STORMWATER
BUY -IN FEE FROM $235,700 TO $0 FOR THE NOLEN,
AKA PROSPECT PARK APARTMENTS ON CLEVELAND
STREET AND PROSPECT AVENUE PURSUANT TO THE
CRITERIA ESTABLISHED BY CITY RESOLUTION NO. 99-
43 SECTION 3; PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City and CRA's redevelopment strategy emphasizes the
creation of a significant residential concentration in and around the downtown core to
create the support for a retail and recreation destination environment in the Cleveland
Street District; and
WHEREAS, the City views the development of The Nolen, formerly known as the
Prospect Park Apartments or the Cleveland Street and Prospect Lake Park site, as a
major opportunity to further these strategies by adding a mixed -use project with 257
market -rate rental units that activates the street and creates living opportunities for the
District's workforce; and
WHEREAS, on June 10, 2014, the City joined the Agreement for Development
and Purchase and Sale of Property between the Community Redevelopment Agency of
the City of Clearwater and Prospect Park Development, LLC for the limited purposes of
conveyance of property, granting of easements, etc.; and
WHEREAS, the CRA sold the property to Prospect Real Estate Group and Forge
Capital Partners (collectively, the "Developer ") on October 30, 2014 and the Developer
commenced construction in March 2015; and
WHEREAS, once construction commenced on the Project, the Developer
encountered even greater soil issues or "muck" than anticipated by the Developer's and
City's geotechnical consultants; and
WHEREAS, the Developer has detailed $529,104 in additional costs related to
the condition of the soils in order to ready the site for the foundation; and
WHEREAS, the Developer is requesting relief on impact fees to alleviate the
financial pressure on the project caused by the condition of the soils; and
WHEREAS, according to City Resolution No. 99-43 Section 3, for projects larger
than 1.5 acres, the City Commission (now Council) may reduce payment for the
regional stormwater buy -in district on a case by case basis depending upon project
variables such as capital investment, number of jobs, etc.; and
Resolution No. 16 -08
WHEREAS, The Nolen is anticipated to have significant impact to the CRA, the
City of Clearwater and Pinellas County with a capital investment of $34 million, 143
direct jobs and 102 indirect and induced jobs from construction, and over $60 million in
taxable sales estimated over 10 years for Pinellas County from new residents and
restaurant and retail establishments (economic impact calculated by Total Impact
economic modeling software by Economic Development and Housing Department
staff); now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CLEARWATER, FLORIDA:
Section 1. The City Council agrees to reduce payment of the regional
stormwater buy -in fee for the Nolen from $235,700 to $0 pursuant to the criteria
established by City Resolution No. 99-43 Section 3.
Section 2. This resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED this
rig-``
day of,..itl Ltio,L1. , 2016.
George N. Cretekos
Mayor
Approved as to form: Attest:
Pamela K. Akin
City Attorney
LA,riaiLLL tit
Rosemarie Call
City Clerk
2 Resolution No. 16 -08