Subject:
Title
Ordinance amending the Pinellas County Code related to the City of St. Petersburg Redevelopment Trust Fund for the Intown Redevelopment Plan and reducing the County contribution to the tax increment for the Intown Community Redevelopment Area (companion to items 12 and 14).
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Recommended Action
Recommended Action
Public Hearing for proposed ordinance amending the City of St. Petersburg Redevelopment Trust Fund for the Intown Redevelopment Plan and reducing the County contribution to the tax increment for the Intown Community Redevelopment Area (CRA).
Amendment of Pinellas County Code, Article III, Division 2, Sec. 38-61 (1982 plan and trust fund for the City of St. Petersburg).
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 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 CRA, which specified certain amendments to the Intown Redevelopment Plan (IRP), related Interlocal Agreement and the Intown Redevelopment Trust Fund 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 City of St. Petersburg Intown Redevelopment Trust Fund are proposed:
1. Reduce the tax increment from ninety-five percent (95%) to eighty-five percent (85%) for the St. Petersburg Intown CRA.
2. Amend the date payable of the increment to the Fund from January 1st to April 15th of each taxable year.
3. Amend the maximum TIF (Tax Increment Finance) Fund required to the redevelopment trust fund to $117.354 million dollars for an additional project. The Downtown Waterfront Master Plan Improvements-Pier District would be added to the IRP at a cost of $20 million dollars. In addition, $2 million dollars, previously approved by the First Amendment to the Interlocal Agreement in 2006, is also included. Due to an oversight, the Redevelopment Trust Fund was not amended to reflect the $2 million dollar increase in 2006. However, this change was accurately reflected in Table 2 of the 2006 amendments to the Interlocal Agreement.
4. Providing for changes to Table references in the IRP.
Concurrent with this resolution, the Board will review (1) a resolution amending the Intown Redevelopment Plan, and (2) amendments to the Intown Redevelopment Area Interlocal Agreement.
Background Information:
N/A
Fiscal Impact:
The proposed amendments will increase the St. Petersburg IRP program budget by $20 million to fund improvements in the Downtown Waterfront Master Plan for the Pier District that will be funded through tax increment financing revenues. The Board will also be considering approval of amendments to the IRP to include the $20 million Pier District improvements. The County’s annual tax increment contribution to the IRP redevelopment trust fund will decrease from 95% to 85% on January 1, 2016.
Staff Member Responsible:
Gordon Beardslee, Director, Planning
Partners:
City of St. Petersburg