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File #: 18-1205A    Version: 1
Type: Resolution Status: Passed
File created: 7/27/2018 Department: Board of County Commissioners
On agenda: 9/13/2018 Final action: 9/13/2018
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.
Attachments: 1. FE 1st Amendment to Interlocal Agreement with St Petersburg, 2. Adopted RES 18-59, 3. Comment Card Submitted by BCC Meeting Attendee, 4. Affidavit of Publication - Notice of Public Hearing, 5. Correspondence Received by BCC - Opposed, 6. Tropicana Report - phase 2, 7. Tropicana Report FINAL - phase 1, 8. Proposed Intown Projects, 9. Intown TIF Amendment - final draft (Presentation), 10. AATF - Amendments to Interlocal Agreement-, 11. Proposed Interlocal Agreement Changes Clean, 12. Resolution - AATF, 13. Resolution Amending Intown Redevelopment Plan, 14. 18-1205A - Risk Review Resolution to approve proposed amendments to St Petersburg Intown Redevelopment Plan and approval of amendments FINAL VEH.pdf, 15. Intown TIF County Discussion Model 072718, 16. Exhibit 1 to Resolution (Intown Redevelopment Plan Amendments), 17. St. Petersburg Transmittal Letter, 18. 2017 Interlocal Agreement, 19. Public Hearing Notice draft
Related files: 17-1501A, 18-1882A

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.

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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