CRA (Community Redevelopment Agency) authorized a letter of intent to buy the Truist Bank site at 6128 US 19, appraised at $2 million, and approved the FY2021 annual report.
7 items on the agenda · 5 decisions recorded
On the agenda
- 1Call to Order - Roll Call▶ 0:00
- 2
Approval of February 15, 2022 CRA Meeting Minutes
approvedThe CRA Board approved the February 15, 2022 meeting minutes by voice vote.
- motion:Approve the February 15, 2022 CRA meeting minutes. (passed)
▶ Jump to 0:15 in the videoShow transcriptHide transcript
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[00:00:15] Approval of the February 15th meeting minutes? [00:00:19] So moved. [00:00:20] Second. [00:00:21] Second. [00:00:21] All those in favor? [00:00:23] Aye. [00:00:24] Aye. [00:00:24] Aye. [00:00:25] Opposed?
This text was generated automatically from the meeting video. It is not a verbatim or official record. For exact wording, consult the video or the city clerk.
- 3
Consent Agenda: Purchases/Payments for CRA Board Approval
approvedon consentThe CRA Board approved the consent agenda for purchases/payments by voice vote.
- motion:Motion to accept the consent agenda for CRA purchases/payments. (passed)
▶ Jump to 0:27 in the videoShow transcriptHide transcript
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[00:00:27] Next is consent agenda. [00:00:30] We have a motion to accept the consent agenda. [00:00:33] Second. [00:00:36] Any discussion? [00:00:37] No. [00:00:38] All those in favor, please signify by saying aye. [00:00:41] Aye. [00:00:41] Opposed? [00:00:42] Like sign. [00:00:43] Motion passes. [00:00:46] Next is a request to authorize a letter of intent [00:00:48] to purchase property. [00:00:49] You had two consent agendas, ma'am. [00:00:51] Oh, we have to do both of those separate? [00:00:53] Yeah. [00:00:54] Ah, heck. [00:00:54] Okay.
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- 4
Consent Agenda: Budget Amendment Request
approvedon consentThe CRA Board approved a budget amendment request on the consent agenda by unanimous voice vote.
- motion:Motion to approve consent agenda item B, the budget amendment request. (passed)
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[00:00:56] Consent agenda B. [00:00:58] Move for approval. [00:00:59] Second. [00:01:00] All those in favor? [00:01:01] Aye. [00:01:01] Aye. [00:01:02] Aye. [00:01:03] Opposed? [00:01:04] All right, they're both. [00:01:05] Thank you. [00:01:06] Thank you.
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- 5
You arrived here from a search for “Water and Sewer Fund interlocal loan financing option” — transcript expanded below
Request to Authorize a Letter of Intent to Purchase Property Located at 6128 U.S. Highway 19
approvedThe CRA Executive Director requested authorization to issue a letter of intent to purchase the Truist Bank property at 6128 US Highway 19 (2.18 acres, 21,172 sq ft building, appraised at $2 million). The property is adjacent to city-owned land and is considered key to redevelopment of the southeast quadrant of US Highway 19/Main Street. The motion passed.
- motion:Authorize the CRA Executive Director to issue a letter of intent to purchase the property at 6128 US Highway 19. (passed)
6128 U.S. Highway 19SunTrustTruist BankDirector AllmanDirector MurphyMr. SpeechMs. MansonFloodable park conceptHacienda propertySoutheast quadrant US Highway 19/Main Street redevelopmentWater and Sewer Fund interlocal loan financing option▶ Jump to 1:08 in the videoShow transcriptHide transcript
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[00:01:08] Next is a request to authorize a letter of intent [00:01:13] to purchase property at 6128 US Highway 19. [00:01:16] Ms. Manson? [00:01:18] Yes, sir. [00:01:19] Mr. Mayor, members of the council, as you are all aware, [00:01:23] in my capacity as Executive Director of the Community [00:01:28] Redevelopment Agency, I have been having conversations [00:01:35] with SunTrust and now Truist Bank [00:01:41] about the disposition of their property [00:01:46] at, as indicated, 6128 US Highway 19 for several years [00:01:52] now. [00:01:53] They are now in a position where they [00:01:56] are prepared and positioned to offer [00:02:01] the property available to interested parties [00:02:05] and have asked that interested parties submit [00:02:10] letters of intent. [00:02:14] And in that regard, in preparation [00:02:17] for the eventuality of a sale, I commissioned [00:02:20] for an appraisal of the property back in November of 21. [00:02:24] The property is 2.18 acres in size [00:02:28] and contains a 21,172 square foot building [00:02:33] without any significant items of deferred maintenance. [00:02:38] The appraisal report provided a market value [00:02:41] for the property of $2 million. [00:02:46] In consideration of this property, [00:02:49] I think it's important to note that the property located [00:02:52] to the east of the subject property [00:02:54] is owned by the city of New Port Richey [00:02:59] and the probability exists that if the Truist property is [00:03:05] to be acquired, that both properties will likely [00:03:09] be developed in conjunction with each other. [00:03:15] And as such, I think it reinforces [00:03:18] the importance of this piece to the overall redevelopment [00:03:22] of the southeast quadrant of the US Highway 19 Main Street [00:03:27] piece, as this has been an ongoing venture for us [00:03:31] for the last couple of years. [00:03:35] If the Truist Bank is to accept our letter of intent [00:03:42] and the conditions set forward, I [00:03:44] would come back before you to ask you for authorization [00:03:49] to purchase the property. [00:03:51] At this point, I'm only asking you for the authority [00:03:54] to issue a letter of intent. [00:03:58] At this point, there are a couple of different ways [00:04:02] that things could unfold. [00:04:07] And in terms of the fiscal impact of the proposed [00:04:18] purchase, if the city is to hold onto the property as an asset, [00:04:25] then I would propose that we bond for the purchase [00:04:30] of the property. [00:04:30] If the city is only to hold onto the property [00:04:34] for a short period of time and to transfer the title [00:04:38] onto another entity, then my recommendation [00:04:41] would be to facilitate the purchase [00:04:46] through an interlocal loan with interest [00:04:52] to the Water and Sewer Fund. [00:04:55] And we will not know that until we [00:04:59] let a request for proposal on the properties. [00:05:04] And determine the level of interest [00:05:08] in the open market related to the development of the parcel. [00:05:12] We do know that there is interest. [00:05:15] We do know that there's interest on the part of several parties. [00:05:20] And it's a matter of them committing their proposals [00:05:23] to writing and for you to determine [00:05:25] which proposal of whatever number of proposals [00:05:30] may be submitted represent the best [00:05:33] interest of the city and CRA. [00:05:37] Very good. [00:05:37] Open up for public comment. [00:05:40] Seeing no one come forward, bring it back to the CRA. [00:05:44] Second. [00:05:44] We have a motion and a second. [00:05:46] To the maker. [00:05:48] Too many success stories to go through, [00:05:50] so I'll keep on working. [00:05:51] To the second. [00:05:52] So just a point of review, the property [00:05:56] the city owns east of there, how much money [00:06:00] do you have invested in that, do you recall? [00:06:02] I'm sorry. [00:06:03] I don't recall that detail. [00:06:06] I just, too much. [00:06:07] I just started thinking about it. [00:06:09] I don't remember what the city paid for that parcel. [00:06:11] OK. [00:06:12] I'll just. [00:06:12] I can get that information out. [00:06:13] I'm sure you can. [00:06:14] I just, while I was thinking about it, I thought I'd ask. [00:06:17] The CRA balance sheet is showing $1.9 million [00:06:20] in city land acquired, still owned by the city, [00:06:24] for redevelopment purposes in the CRA. [00:06:27] I'm not sure if that's the only parcel. [00:06:30] Go ahead, Mr. Speech. [00:06:31] It also includes the hacienda at that period of time. [00:06:35] So that's $800,000. [00:06:37] So the $1.9 million minus the $800,000 [00:06:40] would give us the river road. [00:06:41] A little over a million. [00:06:42] Right. [00:06:44] Director Allman, anything? [00:06:45] No, I think it's exciting because it's really [00:06:48] the project that's been developing over time that's [00:06:51] included studies from consultants. [00:06:54] It's included the floodable park idea and the ability [00:06:57] to improve the river and to create [00:07:01] some recreational aspect that could [00:07:03] help with more residential, which [00:07:05] helps with more business. [00:07:06] And still has the Highway 19 corridor, [00:07:09] which can provide for some of those commercial uses. [00:07:14] So I love the fact that the CRA, which [00:07:17] is supposed to work in redevelopment, [00:07:18] has got a handle in the ability to help to solicit proposals [00:07:23] and find what interest is out there [00:07:25] and to be able to choose the best things for the city [00:07:28] versus being told that there's another facility that may not [00:07:34] lead to the little bit of land we [00:07:36] have to try to create the density for our downtown. [00:07:39] Director Murphy? [00:07:40] Yeah, this is an example of what I was talking about earlier [00:07:44] as far as looking forward and seize an opportunity [00:07:46] to better the city and what our goals and what we've set for. [00:07:50] So this would be definitely a good idea. [00:07:55] We can secure it and combine that with our existing parcel. [00:08:00] We can just make something nice happen. [00:08:04] Any further discussion? [00:08:06] Hearing none, all those in favor, [00:08:08] please signify by saying aye. [00:08:09] Aye. [00:08:10] Opposed, like sign. [00:08:12] Motion passes.
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- 6
Approval of FY2021 Annual Report
approvedThe CRA Board approved the FY2021 Annual Report. Board members noted the report is a legal requirement and complimented Mr. Speece on the work.
- motion:Approve the FY2021 CRA Annual Report. (passed)
▶ Jump to 8:13 in the videoShow transcriptHide transcript
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[00:08:13] Next, approval of the fiscal year 2021 annual report. [00:08:17] Move for approval. [00:08:19] Second. [00:08:21] To the maker. [00:08:22] No, it's a legal requirement. [00:08:24] I think it's pretty timely, and it's [00:08:26] important that it gets done. [00:08:29] I believe it hopefully covers all of our basis. [00:08:31] For the second. [00:08:32] No. [00:08:34] Good. [00:08:35] I want to add a very nice job, Mr. Speece, on the report. [00:08:39] Yes, thank you. [00:08:40] Good. [00:08:41] And all those in favor, please signify by saying aye. [00:08:45] Aye. [00:08:45] Opposed, like sign. [00:08:47] Entertain a motion to adjourn. [00:08:48] So moved. [00:08:51] Good night.
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- 7Adjournment