Subject:
Title
Resolution approving proposed amendments to the St. Petersburg Intown Redevelopment Plan and approval of associated amendments to the Interlocal Agreement between Pinellas County and the City of St. Petersburg regarding same.
label
Recommended Action:
Recommended Action
Conduct a public hearing and take action on the resolution to approve proposed amendments to the St. Petersburg Intown Redevelopment Plan (Plan), and approve associated amendments to the 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), as requested by the Mayor of St. Petersburg and supported by City Council.
Body
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
4.5 Provide safe and effective transportation systems to support the efficient flow of motorists, commerce, and regional connectivity
4.6 Support a vibrant community with recreation, arts, and culture to attract residents and visitors
Summary:
Approval of the Plan amendments add $115 million dollars of new projects to the Intown Redevelopment Plan. This will increase the total projects funded from $117.4 million to $232.4 million. A minimum of $75 million will be dedicated to the redevelopment of the Tropicana Field Site detailed in the attachments. The remaining $40 million will be utilized on projects east of Eight Street consisting of waterfront, transit and parking improvements, and rehabilitation and conservation of historic resources.
Approval of the amendments to the Interlocal Agreement will:
- Establish a maximum County TIF contribution to the redevelopment trust fund of $108,100,000 (inclusive of existing and projected debt).
- Decrease the City’s TIF contribution from 95% to 75% and the County’s contribution from 85% to 75%, starting October 1, 2018 (applicable to FY19-FY22 payments); the new CRA guidelines for the “Economic Development” category advise 50%.
- Decrease the City and County TIF contributions from 75% to 50%, starting October 1, 2022 (applicable to FY23 payments).
- Maintain the existing period of the TIF with a 15 year review due in FY19; the new CRA guidelines for the “Economic Development” category advise a TIF period of 10 years with a 5 year review period in FY23.
Background Information:
In 2015, the Board approved amendments to the Intown Redevelopment Plan that approved an additional $20 million to fund improvements identified in the Downtown Waterfront Master Plan for the Pier District. This increased the total TIF funds required for projects from $97.4 million to $117.4 million.
In September 2017, the Board approved further amendments to the Intown Redevelopment Plan that re-allocated existing identified project funds. Concurrently, the Interlocal Agreement between the City and the County for the administration of the Intown Redevelopment Trust Fund was amended to include a total contribution of TIF funds by the Parties (City and County) of $190,984,882 and cap the County’s financial obligation. Language was included in the agreement to allow for future discussions related to parking and transportation and the Tropicana Field property. The County’s TIF percentage contribution was also reduced from 95% to 85%, reducing the County’s proportional share of project funding.
Fiscal Impact:
Based upon the proposed amendments to the Interlocal Agreement the County’s maximum contribution over the remaining life of the TIF district (expires in 2032) is $108.1 million. This estimate is based upon reducing the County’s percentage of TIF contribution to 75% on October 1, 2018 (FY19) and further reducing it to 50% on October 1, 2022 (FY23). This not-to-exceed contribution amount includes contributions to both existing and new projects and associated debt. The City anticipates issuing debt for the new projects and the $108.1M maximum contribution includes the County’s pro-rata share of the estimated cost of issuance and debt service.
If approved, the County’s estimated FY19 TIF contribution will decrease by approximately $862,289. The reduced contribution in FY19 was not anticipated during the development of the FY19 Tentative Budget.
Staff Member Responsible:
Renea Vincent, Director, Planning
Partners:
City of St. Petersburg
Attachments:
1) Resolution
2) Exhibit 1 to Resolution: Amended Intown Redevelopment Plan (St. Petersburg Ord 333-H)
3) Proposed Amendments to the Interlocal Agreement between the City of St. Petersburg and Pinellas County.
4) 2017 Interlocal Agreement
5) Tropicana Report FINAL - phase 1
6) Tropicana Report - phase 2