Subject:
Title
Employment Sites Program Grant Funding Agreement for a sum of not-to-exceed $3,000,000.00 to Edge Central Development Partners, LLC for the construction of a 49,998 square foot Class A office component within a newly constructed mixed-use building.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of a Grant Funding Agreement for a sum of not-to-exceed $3,000,000.00 to Edge Central Development Partners, LLC for the construction of a 49,998 square foot Class A office component within a newly constructed mixed-use building to be located within the City of St. Petersburg.
• Funding for the 49,998 square foot Class A office component in the amount of $3,000,000.00 was approved by the Board at its June 21, 2022 meeting, and delegated authority was given to the County Administrator to negotiate and execute all agreements and documentation.
• The Class A office component will expand opportunities for Pinellas County target industries to relocate and or establish their facilities in order to provide employment opportunities to the county residents and to bring in new revenue opportunities.
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Strategic Plan:
Foster Continual Economic Growth and Vitality
4.1 Proactively attract, expand, and retain businesses with targeted jobs to the county and the region
4.4 Invest in infrastructure to meet current and future needs
Deliver First Class Services to the Public and Our Customers
5.1 Maximize partner relationships and public outreach
5.2 Be responsible stewards of the public’s resources
Summary:
Edge Central Development Partners, LLC is a shared development between J Square Developers and DDA Development. Other partners include Backstreet Capital LLC of St. Petersburg, Place Architecture, and Cushman and Wakefield for office leasing and marketing. The partners will construct a new mixed-use building that will house the 49,998 square foot Class A office component located near downtown St. Petersburg.
Background/Explanation:
The second application cycle for the County’s Employment Sites Program opened on June 2, 2021, and closed on July 6, 2021. Edge Central Development Partners, LLC applied for funding in order to underwrite a gap in funding of their speculative Class A office space related to the cost of infrastructure and development costs.
The Agreement has a termination date of twenty (20) years from the Effective Date and has three payments based on benchmarks on obtaining two mid-point permit approvals and the developer’s receipt of a Certificate of Completion for the building shell. For a period of the first ten (10) years of the Agreement, the developer will provide an annual report to Pinellas County identifying the total commercial square footage rented and the total number of jobs with their average wages for the structure.
The developer will be responsible for maintaining and operating the Class A office component for the term of the Agreement. If the developer defaults on the Agreement, there is a process identified for the repayment of grant funds based on the time of the default.
Fiscal Impact:
Total Maximum Expenditure - $3,000,000.00
Funding is available from the Penny IV allocation for Economic Development Capital projects (project 004149A)
Delegated Authority:
Funding for the 49,998 square foot industrial structure in the amount of $3,000,000.00 was approved by the Board at its June 21, 2022 meeting, and delegated authority was given to the County Administrator to negotiate and execute all agreements and documentation.
Staff Member Responsible:
Dr. Cynthia Johnson, Director, Economic Development
Teresa Brydon, Business Development Manager, Economic Development
Partners:
N/A
Attachments:
Grant Funding Agreement
Applicant Overview Page