Subject:
Title
Resolution to extend the existence of the St. Petersburg Intown West Redevelopment Area through April 7, 2032.
label
Recommended Action:
Recommended Action
Conduct a public hearing to consider approval of the proposed resolution to:
• Extend the St. Petersburg Intown West Community Redevelopment Agency/Area from November 15, 2020 through April 7, 2032;
• Deny the request to delegate all powers and authority from Pinellas County to the City of St. Petersburg during the period of the extension, subject to reconsideration at such time that items 2-7, as identified in the last whereas clause of the resolution are addressed.
• Directs County staff to work with the City of St. Petersburg to effectuate items 2-7 of the list of items in the last whereas clause of the resolution.
The St. Petersburg City Council on August 15, 2019 approved a resolution requesting these amendments for consideration and approval by Pinellas County.
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
4.6 Support a vibrant community with recreation, arts, and culture to attract residents and visitors
Summary:
In August 2019, the City of St. Petersburg adopted a resolution to extend the period of the St. Pete Intown Redevelopment Agency/Area and requested that the Pinellas County Board of County Commissioners:
1. Affirm the continued existence of the Intown West Community Redevelopment Agency, in accordance with section 163.3755, Florida Statutes;
2. Extend the Intown West Redevelopment Plan, Redevelopment Trust Fund, and Tax Increment Financing District to April 7, 2032;
3. Delegate all powers and authority in Chapter 163, Part III, Florida Statutes, from Pinellas County for the Intown West Community Redevelopment Agency to the City of St. Petersburg, from November 15, 2020 until April 7, 2032;
4. End Pinellas County’s obligation to contribute funding to the Intown West Community Development Area Trust Fund after November 15, 2020;
5. Decrease the City of St. Petersburg’s contribution to the Intown West Community Redevelopment Area Trust Fund to fifty percent (50%) after November 15, 2020;
6. Agree that City of St. Petersburg’s reporting responsibilities to Pinellas County will apply only to activities occurring during the original approval period through the final expenditures of those TIF funds contributed by Pinellas County until November 15, 2023; and
7. Affirm that the City of St. Petersburg would establish separate accounts for tax increment revenue collected subsequently in the Intown West Community Redevelopment Area after November 15, 2020.
The County’s proposed resolution, if adopted, will accomplish the following:
• Extends the existence of the Intown West Community Redevelopment Agency/Area from November 15, 2020 through April 7, 2032
• Deny the request to delegate all powers until such time that items 2-7 of the above list of items can be more fully addressed.
• Directs County Staff to further coordinate with the City of St. Petersburg to address items 2 through 7.
Background Information:
The lntown West Redevelopment Plan (IWRP), Tax Increment Financing District (TIF) and Redevelopment Trust Fund was adopted by the City of St. Petersburg on November 15, 1990, which was proceeded with Pinellas County delegating various powers and authority to the City prior to Plan adoption while retaining the authority to approve Plan and Redevelopment Trust Fund amendments, and other oversight powers.
Pinellas County agreed to contribute 95% of County tax increment revenue to the lntown West Redevelopment Trust Fund, and the City of St. Petersburg agreed to distribute at least 95% of City tax Increment revenue until November 15, 2020. However, no tax increment revenue was generated in the lntown West area until 2001, and remained insignificant until 2006, followed by reversed revenue gains between 2010-2012 due to the recession. Tax revenues rebounded in 2013 and have since increased annually.
The existing expiration date for the Intown West Community Redevelopment Agency is November 15, 2020, the requested extension would revise the expiration date to April 7, 2032.
Fiscal Impact:
Based upon the proposed amendments there is no direct fiscal impact associated with this resolution.
Staff Member Responsible:
Renea Vincent, Director, Planning
Rachel Booth, Planning Section Manager
Partners:
City of St. Petersburg
Attachments:
lntown West Redevelopment District Location Map
City Redevelopment Plan Amendment Resolution
Proposed Board Resolution