Subject:
Title
Interlocal Agreement with the City of St. Petersburg for the commitment of tax increment revenues in the Bayboro Harbor Community Redevelopment Area (regular agenda item) (companion to item 16).
label
Recommended Action:
Recommended Action
Approval of an Interlocal Agreement with the City of St. Petersburg for the commitment of tax increment revenues in the Bayboro Harbor Community Redevelopment Area that incorporates the specific conditions identified in the Interlocal Agreement for 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 Community Redevelopment Area (CRA) and associated Redevelopment Trust Fund.
The St. Petersburg City Council on September 3, 2015 approved Resolution No. 2015-399. This resolution 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” that commits the City and the County to the following changes to the Bayboro Harbor CRA Redevelopment Trust Fund, consistent with the amendments specified in the June 2, 2015 Interlocal Agreement for the South St. Petersburg CRA referenced above:
1. Beginning in 2016, reduce the County’s contribution to the Bayboro Harbor CRA Redevelopment Trust Fund from 95% to 85% of the annual tax increment created each year in the CRA.
2. The Bayboro Harbor CRA Redevelopment Trust Fund will terminate 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:
Following action on this proposed Interlocal Agreement, the Board will be considering a separate agenda item to adopt a proposed Ordinance that would amend the Redevelopment Trust Fund for the Bayboro Harbor CRA consistent with the commitments contained in this Interlocal Agreement and in the June 2, 2015 Interlocal Agreement for the South St. Petersburg CRA.
Fiscal Impact:
The commitment to reduce 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