16-01RESOLUTION NO. 16 -01
A RESOLUTION OF THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF
CLEARWATER, FLORIDA, RECOMMENDING THE CITY
COUNCIL OF THE CITY OF CLEARWATER, FLORIDA
REDUCE 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, CRA 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 CRA and Prospect Real Estate Group and
Forge Capital Partners (collectively, the "Developer ") entered into the Agreement for
Development and Purchase and Sale of Property (Development Agreement) in
response to Request for Proposals /Qualifications (RFP /Q) 12 -13; and
WHEREAS, the CRA sold the property to 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 -01
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 COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF
CLEARWATER, FLORIDA:
Section 1. The Board recommends the City Council 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 )4{1-4' day of Au , 2016.
COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF
CLEARWATER, FLORIDA
Ct Wr1cr1 Crtke tos
George N. Cretekos
Chairperson
Approved as to form. Attest:
Pamela K. kin Rosemarie Call _I-o= SP; '�, I°�r
City Attorney City Clerk
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2 Resolution No. 16 -01