06/05/1986*Revised
Community Redevelopment Agency Meeting
June 5, 1986
The City Commission of the City of Clearwater met as the Community
Redevelopment Agency at City Hall, Thursday, June 5, 1986. The meeting
called to order at 6:18 p.m. with the following members present:
Kathleen Kelly
Lee Regulski
James L. Berfield
Rita Garvey
Don Winner
Also present were:
Anthony L. Shoemaker
Milton A. Galbraith
William C. Baker
Paula Harvey
Cynthia Goudeau
Mayor -Commissioner
Vice-Mayor/Commissioner
Commissioner
Commissioner
Commissioner
City Manager
City Attorney
Public Works Director
Planning Director
City Clerk
ITEM #2 - Minutes of February 20, 1986 meeting.
was
An error was pointed out in the 1st line of Item 3; July 1986 should be
July 1985.
Commissioner Winner moved to approve the minutes of February 20, 1986 as
corrected. Motion was duly seconded and carried unanimously.
*Item #3 - Purchase of Bilgore Property for $690,000.
CRA staff has negotiated with the Bilgore Liquidating Trust to purchase
the property bounded by East Avenue, Pierce Street, Myrtle Avenue and Park
Street. It is recommended that this property be purchased by the Agency for
the sum of $690,000 ($9.47 per square foot) payable $100,000 at closing and
the balance at the end of three years. Interest on the unpaid balance would
be paid semi-annually at the rate of 9% per annum and secured by a mortgage
on the property.
The purposes of acquisition are:
1. To provide future development opportunity in furtherance of the
Downtown Redevelopment Plan.
2. To provide interim off-street parking if necessary.
It is proposed that the purchase price be paid from the following sources:
$100,000 down payment be loaned to the agency by the City from the Special
Development Fund, without interest and to be repaid upon subsequent sale of
the property; annual interest, as required (maximum of $56,050), to be paid from
annual deposits to the Redevelopment Trust Fund (now approximately $100,000);
the balance of the purchase price to be paid from the current bond issue of
the agency, subsequent sale proceeds or other funds available to the agency.
CRA
1. June 5, 1986
`Q
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The proposed mortgage may be prepaid without penalty. It is the
present recommendation that this purchase be included as a project within the
presently authorized bond issue of the agency without increasing the dollar
amount authorized and that the funds thereby generated be used, together with
existing funds of the agency, to pay cash for the property.
Mr. McFate distributed a balance sheet of the CRA to the Agency and stated
plans are to continue improvement of the Bayfront Park, Streetscape and other
projects. He stated the agency could receive additional revenue from parking
for the Coachman building and leases from the City parking system.
The agency currently has funds available for projects in the downtown
area or to pay an additional portion of the debt service. It was
pointed out that the money is not tax dollars and cannot be used for anything
other than projects in the downtown area and each year's increment must be spent
by the end of each fiscal year.
The Agency stated they would like more detail on how the money could be
spent.
William O'Malley spoke in support, thanking the Agency for serious
consideration of landbanking.
Mr. McFate suggested that the item be continued for two weeks so that
additional information could be provided to the Agency where the money could
be spent and a list of projects for which the funds could be used.
Commissioner Regulski moved to continue this item to the meeting of June
19, 1986. Motion was duly seconded and varied unanimously.
Meeting adjourned at 6:39 p.m.
CRA
q
Miyor/Commissioner
2. June 5, 1986
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*Revised
COMMUNITY REDEVELOPMENT AGENCY AGENDA
June 5, 1986
ACTION
1. Call to Order 1. 6:18 p.m.
2. Approval of Minutes of
February 20, 1986 meeting.
*3. Purchase of Bilgore Property
for $690,000.
4. Adjourn.
2. Approved as amended.
3. Continued to 6/19/86.
4. 6:39 p.m.