Subject:
Title
Resolution amending the St. Petersburg Intown Redevelopment Plan and the associated Interlocal Agreement between Pinellas County and the City of St. Petersburg; and Ordinance amending Pinellas County Code Section 38-61 related to the City of St. Petersburg Redevelopment Trust Fund for the Intown Redevelopment Plan. (Companion to Item No. 20)
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Recommended Action:
Recommended Action
Conduct a public hearing and approve (1) the Resolution amending the St. Petersburg Intown Redevelopment Plan and the associated Interlocal Agreement between Pinellas County and the City of St. Petersburg regarding the use of Tax Increment Financing (TIF) funds in the Intown Community Redevelopment Area (CRA); and (2) an Ordinance amending Pinellas County Code Section 38-61, relating to the 1982 plan and Trust Fund for the City of St. Petersburg, to incorporate the changes approved in item #1.
• Approval will extend the expiration of the CRA and the Trust Fund, currently set to expire in 2032, by 10 years to 2042.
• The extension would apply only to the City’s participation with TIF dollars.
• Clarifies that the County’s TIF contribution will remain at 50.0% and will end either when the total contribution amount of $108,100,000.00 is reached or the county contribution for the 2032 fiscal year has been made, whichever occurs first.
• The amendment will allow the City to annually modify its TIF contribution after 2032, but to no more than 60.0%.
• Amendments to the Plan increase the total redevelopment budget for the Intown CRA to $574.854M and includes the following additions:
o ‘New Stadium Project’ totaling $212.5M.
o ‘Historic Gas Plant Redevelopment Infrastructure’ totaling $130.0M.
• Any surplus amount from the County after completion of its obligations is authorized to be paid for debt service on the New Stadium Project if the project is complete.
• The Ordinance eliminates obsolete provisions relating to the 15-year review period, since that review has been completed.
• The City approved the proposed amendments to the Plan and the associated Interlocal Agreement on July 18, 2024.
• Approval by the Board of County Commission will be the final extension to complete the maximum 60-year lifespan of the CRA.
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Strategic Plan:
Foster Continual Economic Growth and Vitality
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:
Summary
Per the requirements of the County’s adopted Community Redevelopment Area (CRA) Policy, the City of St. Petersburg is requesting to extend their Intown CRA and trust fund for an additional 10 years. The initial adoption of the St. Petersburg Intown CRA occurred in 1982. There have been multiple updates to the CRA since that time. The most recent revision occurred in 2018, which, among other things, involved changes to the Interlocal Agreement between the City and the County to redefine total contributions to the fund and reduce the respective contribution rates. Specifically, City and County TIF contributions were reduced to 75.0% through September 2022 and further dropped to 50.0% after that. Moreover, a County contribution cap of $108.1M for projects approved on or after October 1, 2018, was put in place.
In 2019, a required mid-term review concluded that contributions had been effectively utilized for planned projects and initiatives. The City acknowledged that the County’s TIF contributions had played a critical role in the success of the Intown CRA and stressed that the City and County would continue to collaborate on Plan implementation through 2032.
With this current request, the City is proposing amendments to the Intown Redevelopment Plan and the associated Interlocal Agreement to do the following:
• Add the ‘New Stadium Project’ to the Stadium Plan, which includes a new stadium and all improvements associated therewith, parking garages, on-site parking, open space, plazas and paths, public art, and brownfield mitigation.
• Add the ‘Historic Gas Plant Redevelopment Infrastructure’ to the Tropicana Field site, which will require improvements for infrastructure, including roadway and sidewalk improvements and new construction, streetlights, structures including bridges, Pinellas Trail and Booker Creek improvements, environmental and stormwater controls, drainage, sewer, potable and reclaimed water, publicly-accessible amenities and open space, public art, and the demolition of Tropicana Field.
• Extend the CRA Plan by 10 years until 2042, increasing the redevelopment budget to $574.854M to fund the New Stadium Project at $212.5M, fund the Historic Gas Plan Redevelopment Infrastructure project at $130.0M, and allow the City to annually modify the City Contribution percentage up to 60.0%.
• Update language to allow any surplus amount from the County to be paid after completion of the New Stadium Project to be utilized for debt service on the New Stadium Project.
• Extend the agreement from April 7, 2032 until April 7, 2042, while maintaining a sunset date for County contributions ending April 7, 2032.
• Amend Table two (2) of the CRA Plan to reflect the above-referenced changes.
The extension of 10 additional years would reach the maximum statutorily allowed timeframe of 60 years for a CRA. It would only apply to the City’s portion of the TIF with no participation from the County past the current sunset date in 2032, or possibly sooner if the County’s $108.1M cap is attained prior to that time.
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Background Information:
The City of St. Petersburg’s Intown CRA and associated Trust Fund was created in 1982 to revitalize the City’s original downtown core area and waterfront for urban entertainment, sports, residential, commercial, institutional, and office uses. The City and County executed the original Interlocal Agreement for the CRA Plan in 2005 to formalize the obligations of the respective parties for utilizing TIF revenue to fund approved projects. The original Interlocal Agreement has been amended six (6) times and has involved projects including improvements to the Duke Energy Center for the Arts, the Salvador Dali Museum, the Downtown Waterfront Master Plan, the Municipal Pier Project, transportation, and parking.
Fiscal Impact:
If this item is approved, there would be no impact to the County’s overall TIF contribution to the Intown CRA, which is set at 50.0% and capped at $108.1M with a sunset year no later than 2032. Overall, the redevelopment budget would be increased to $574.854M and include $212.5M for the New Stadium Project (City TIF only) and $130.0M for the Historic Gas Plan Redevelopment Infrastructure (City TIF only).
Funding of $7,012,388.63 for the current year payment for the St. Pete Intown CRA is included in the Fiscal Year 2024 (FY24) Adopted Budget in the General Fund. Funding for future years of this extension will be included in future year proposed budgets.
Staff Member Responsible:
Glenn Bailey, Interim Director, Housing and Community Development
Jewel White, County Attorney
Partners:
City of St. Petersburg
Attachments:
Proposed Ordinance
Redline Ordinance
Proposed Resolution
Exhibit A to Resolution - Revised Intown Redevelopment Plan (St. Petersburg Ord 585-H)
Exhibit B to Resolution - Second Amended and Restated Interlocal Agreement
Interlocal Agreement Exhibit 1 - Amended Table 2
CRA Amendment Request from St. Petersburg
CRA Project and TIF Information
2018 Interlocal Agreement
Legal Ad
Business Impact Estimate
Presentation