Subject:
Title
Ordinance amending the Pinellas County Code related to the City of St. Petersburg Redevelopment Trust Fund for the Bayboro Harbor Community Redevelopment Area (companion to item 15).
label
Recommended Action:
Recommended Action
Adoption of an ordinance amending the Redevelopment Trust Fund for the Bayboro Harbor Community Redevelopment Area (CRA) in St. Petersburg in accordance with specific provisions contained in the “Interlocal Agreement between the City of St. Petersburg and Pinellas County for Governance of the South St. Petersburg Community Redevelopment Area” executed on June 2, 2015.
Body
Strategic Plan:
Foster Continual Economic Growth and Vitality
4.1 Proactively attract and retain businesses with targeted jobs to the county and the region
4.3 Catalyze redevelopment through planning and regulatory programs
4.4 Invest in infrastructure to meet current and future needs
4.6 Support a vibrant community with recreation, arts, and culture to attract residents and visitors
Summary:
On June 2, 2015, the St. Petersburg City Council and the Pinellas County Board of County Commissioners (Board) executed an “Interlocal Agreement between the City of St. Petersburg and Pinellas County for Governance of the South St. Petersburg Community Redevelopment Area”, which specified certain amendments to the Bayboro Harbor Redevelopment Trust Fund that would need to occur in order to effectuate establishment of the South St. Petersburg CRA and associated Redevelopment Trust Fund.
In accordance with the above referenced Interlocal Agreement, the following amendments to the Bayboro Harbor CRA Redevelopment Trust Fund are proposed:
1. Beginning in 2016, Pinellas County’s contribution to the Redevelopment Trust Fund will be reduced from 95% to 85% of the annual tax increment created each year in the CRA.
2. The Redevelopment Trust Fund will be terminated on March 17, 2018.
3. All tax increment funds remaining in the Redevelopment Trust Fund upon its expiration must be expended by September 30, 2021.
Background Information:
On September 3, 2015, the St. Petersburg City Council approved Resolution No. 2015-399 that approved an “Interlocal Agreement between the City of St. Petersburg and Pinellas County for the Commitment of Tax Increment Revenues in the Bayboro Harbor Community Redevelopment Area”. The Board is also scheduled to take action on the Interlocal Agreement as an item on the November 10th Board agenda.
Fiscal Impact:
The reduction in the County’s contribution to the Redevelopment Trust Fund from 95% to 85% is projected to reduce the County’s contribution over the remaining three years of the Redevelopment Trust Fund by approximately $14,000.
Staff Member Responsible:
Gordon Beardslee, Director, Planning Department
Partners:
City of St. Petersburg