Subject:
Title
City of St. Petersburg Intown Community Redevelopment Trust Fund 15-year review.
label
Recommended Action:
Recommended Action
Approval of the City of St. Petersburg Intown Community Redevelopment Trust Fund 15-Year Report and continue the County’s contribution to the Redevelopment Trust Fund consistent with the executed interlocal agreement pertaining to the Intown Redevelopment Area.
• In 2005, the County extended the Community Redevelopment Agency (CRA), added a requirement for a mid-point review, and executed an Interlocal Agreement for the Intown Redevelopment Plan, which obligated $95.354M of the Tax Increment Financing (TIF) revenues from the fund to be used for a list of approved projects in the Plan, including the Mahaffey Theater and the establishment of a $50M. budget for reconstruction of the Pier.
• Since the interlocal agreement was originally approved, there have been five amendments, with the latest being in 2018. This amendment identified a revised list of projects, reduced the County’s contribution over time, and capped the County TIF contributions for the duration of the CRA Trust Fund (through 2032) to no more than $108,100,000.
• The County Code Section 38-61 (City of St. Petersburg Intown, Redevelopment Trust Fund) established a requirement for a 15-year review of the overall performance of the TIF revenues (2005-2019).
• Per the ordinance, the review of the 15-year review should consider the following three performance criteria:
a.) Performance of the TIF revenues;
b.) Implementation of the Downtown Redevelopment Plan; and
c.) Effectiveness of the Downtown Redevelopment Plan at Mitigating Blighting Influence.
• As summarized in the review memorandum, County staff believes that the City’s submitted 15-year report provides substantial evidence that it meets the review criteria pursuant to the County Code, and that County TIF contributions have been effectively utilized for planned projects and initiatives.
Body
Strategic Plan:
Foster Continual Economic Growth and Vitality
4.2 Invest in communities that need the most
4.3 Catalyze redevelopment through planning and regulatory programs
Deliver First Class Services to the Public and Our Customers
5.2 Ensure effective and efficient delivery of county services and support.
Summary:
The Board amended the Redevelopment Trust Fund for the City of St. Petersburg’s Intown Community Redevelopment Area (CRA) in 2005 (expires in the Year 2035). In 2005 the Board approved amendments to the Plan and established a 15-year review requirement per the County Code Section 38-61:
Per the ordinance, the review should consider the following three performance criteria:
1. Performance of Tax Increment Financing (TIF) Revenues;
2. Implementation of the Downtown Redevelopment Plan; and
3. Effectiveness of Downtown Redevelopment Plan at Mitigating Blighting Influence.
The Board may choose to continue the County’s contribution “as is”, provide for a reduced contribution, or eliminate the contribution. The Fiscal Year 2020 payment was $7,919,438.
A more detailed staff review of performance measures associated with the 15-year review has been provided as a memorandum.
Background Information:
The City of St. Petersburg’s Intown CRA is one of the oldest CRAs in the County. The City was delegated redevelopment authority from the Board in 1981. .
In 2005, the Board approved an extension of the County TIF contribution for another 30 years primarily to help fund major improvements such as the new Mahaffey Theater and future anticipated Pier renovations. Additionally, in 2005, the City and the County executed an Interlocal Agreement ( IA) for the Intown Redevelopment Plan, which obligated $95.354M. of tax increment financing revenues from the fund to be used for a list of approved projects in the Plan, including the Mahaffey Theater and the establishment of a $50M. budget for reconstruction of the Pier.
Since the IA was original approved, there had been four amendments to the agreement prior to the agreement being restated in 2018 to identify a final list of projects and establish a maximum total (cumulative) contribution from the County.
Fiscal Impact:
During the 15-year Review Period, from 2005 to 2019, the County's cumulative contribution of tax increment revenues to the City of St. Petersburg Intown Redevelopment Trust Fund totals through calendar year 2019 (Fiscal Year (FY) 2020) is $67,765,693. Based on the current County Office of Management and Budget TIF projections, approximately $93.7M of additional County TIF will be contributed between calendar year 2020 (FY21) and calendar year 2030 (FY31).
Based upon the 2018 Amendment to the Interlocal Agreement, the County’s maximum contribution over the remaining life of the TIF district (expires in 2032) is $108.1M. This estimate is based upon the reduction of the County’s percentage of TIF contribution to 75.0% on October 1, 2018, FY19 and further reducing it to 50.0% 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 may be amended to adjust for the County’s pro-rata share of the actual cost of issuance and debt service.
Staff Member Responsible:
Carol Stricklin, Director, Housing and Community Development
Evan Johnson, Interim Planning Division Manager, Housing and Community Development
Rachel Booth, Special Projects Manager
Partners:
City of St. Petersburg
City of St. Petersburg Intown Community Redevelopment Agency
Attachments:
City of St. Petersburg Intown Community Redevelopment District Trust Fund 15-Year Staff Analysis Review Memo
City of St. Petersburg Intown Community Redevelopment District Trust Fund 15-Year Report
Map of the City of St. Petersburg Intown Community Redevelopment Area