Subject:
Title
Proposed resolution expanding the boundaries of the existing City of Largo Clearwater-Largo Road Community Redevelopment Area and making a finding of necessity that blighted conditions exist within the proposed expansion area.
label
Recommended Action:
Recommended Action
Hold a public hearing and approve a resolution expanding the boundaries of the existing City of Largo Clearwater-Largo Road Community Redevelopment Area (CRA) and making a finding that conditions of blight existing in the proposed expansion area to accomplish the following:
• Revise the boundaries of the Clearwater-Largo Road CRA to include the proposed expansion area.
o The existing CRA is generally bounded by Bellair Road to the north, Largo City Limits to the west, 4th Avenue NW to the south and CSX railroad tracks to the east
o The expansion area is generally bounded by Bellair Road to the north, CSX railroad tracks to the west, and Betty Lane to the east
• Delegate certain power and authority to the City of Largo to conduct certain redevelopment activities.
• Authorize the City of Largo to proceed with the preparation of an updated Clearwater-Largo Road CRA Plan.
• Once approved the City will proceed with updating the CRA Plan must be approved by the BCC
• The County CRA Policy requires the completion of a review and scoring of the CRA Plan which will help determine the CRA term (maximum 20 Years) and the percentage contribution level for the tax increment (maximum 95%)
• A preliminary estimate is that setting up tax increment financing in this CRA at the 95% level will have a fiscal impact of a $63,000 reduction of the revenues of the Countywide General Fund in FY25, and likely growing over time
The full fiscal impact will be analyzed and presented following the submittal of the updated Clearwater-Largo Road CRA Plan.
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:
Summary
The City of Largo is requesting that the Board of County Commissioners (Board):
1) Expand the current boundaries of the existing Clearwater-Largo Road CRA
2) Find that conditions of blight existing within the proposed expansion area.
3) Provide authorization to the City of Largo to proceed with preparation of an updated Clearwater-Largo Road CRA Plan.
Body
Background Information:
In August 1995, the Board delegated authority to the City of Largo to create the Clearwater-Largo Road CRA and a community redevelopment agency to administer the CRA. In April 1996, the Board approved a Redevelopment Plan for the Clearwater-Largo Road CRA. In 2002, the Board considered a request from the City of Largo to expand the CRA by ±242 acres. The Board adopted Resolution 02-288, which delegated to the city for the CRA expansion area and amend the Community Redevelopment Plan which was subsequently adopted in November of 2008.
At the time of Redevelopment Plan approval, tax increment financing was not formally requested by the City for the CRA, since it was a non-downtown area. The Boards adopted policy in 2002 took a restrictive approach to using tax increment revenues in “non-downtown” CRAs. The policy states that the County may pledge tax increment financing in “non-downtown” areas based upon a unique set of conditions for that area and the special aspects of the applicable redevelopment plan. The City chose to not identify and describe those unique set of conditions that would set it apart from other commercial corridors in Pinellas County.
On December 6, 2022, the Largo City Commission adopted Resolution 2334 Providing for approval of the Clearwater-Largo Road CRA Expansion Area finding of Necessity and the existing CRA Assessment Summary Memorandum.
Fiscal Impact:
A preliminary estimate is that setting up tax increment financing in this CRA will have fiscal impact of a $63,000 reduction of the revenues of the Countywide General Fund in FY25 (likely growing over time).
It is anticipated that a Redevelopment Trust Fund will be established and funded with Tax Increment Finance revenues. The County’s contribution to the Trust Fund will be determined in part through the CRA Policy which was adopted by Resolution 21-48. The fiscal impact will be analyzed and presented following the submittal of the updated Clearwater-Road CRA Plan.
Staff Member Responsible:
Evan Johnson, Planning Division Manager, Housing and Community Development
Partners:
City of Largo
Attachments:
Board Proposed Resolution
Exhibit A: Proposed CRA boundary area
Exhibit B: North Greenwood CRA Finding of Necessity
Letter from City Manager Henry Schubert requesting delegation of authority
Staff presentation
OMB Review Memorandum
Presentation