CRA (Community Redevelopment Agency) approved a $2.8 million purchase of the former SunTrust property at 6128 U.S. Highway 19, closing by December 15.
5 items on the agenda · 3 decisions recorded
On the agenda
- 1Call to Order - Roll Call▶ 0:00
- 2
Approval of August 2, 2022 CRA Meeting Minutes
approvedThe CRA Board approved the minutes from the August 2, 2022 CRA meeting.
- motion:Approve the August 2, 2022 CRA meeting minutes. (passed)
▶ Jump to 0:12 in the videoShow transcriptHide transcript
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[00:00:12] Next is the approval of the August 2nd CRA meeting minutes. [00:00:16] Move for approval. [00:00:17] Second. [00:00:18] Any discussion? [00:00:20] Hearing none, all those in favor, please signify by saying aye. [00:00:24] Aye. [00:00:25] Opposed, like sign. [00:00:26] Motion passes.
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 without discussion.
- motion:Motion to approve the consent agenda. (passed)
▶ Jump to 0:28 in the videoShow transcriptHide transcript
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[00:00:28] Next is the consent agenda. [00:00:36] Move for approval. [00:00:38] Second. [00:00:39] Any discussion? [00:00:40] Hearing none, all those in favor, [00:00:41] please signify by saying aye. [00:00:43] Aye. [00:00:44] Opposed, like sign. [00:00:46] Motion passes.
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.
- 4
You arrived here from a search for “$280,000 deposit” — transcript expanded below
Purchase and Sale Agreement with Lemonade MM New Port Richey LLC RE: 6128 U.S. Highway 19
approvedThe CRA Board approved a Purchase and Sale Agreement with Lemonade MM New Port Richey LLC for the acquisition of 6128 U.S. Highway 19 (the former SunTrust property) for $2,800,000, with closing on or before December 15, 2022 and a $280,000 deposit. The agreement includes a deed restriction prohibiting sale/lease to financial firms for nearly two years. Councilman Altman also shared updates from the Florida Redevelopment Association conference and Tampa Bay Regional Planning Council on resiliency planning.
- motion:Motion to approve the Purchase and Sale Agreement with Lemonade MM New Port Richey LLC for 6128 U.S. Highway 19. (passed)
6128 U.S. Highway 19South RiverFlorida Redevelopment AssociationLemonade MM New Port Richey LLCSunTrustTampa Bay Regional Planning CouncilCouncilman AltmanDirector PetersMr. MurphyMs. MannsMs. Muthead$280,000 deposit$800,000 grant matching $1.6 million infrastructure project60-year CRA ruleCRA tax increment financingClosing date December 15, 2022Purchase price $2,800,000Resiliency grantTampa Bay Regional Planning Council resiliency symposium▶ Jump to 0:47 in the videoShow transcriptHide transcript
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[00:00:47] Next, purchase and sale agreement [00:00:49] with Lemonade MM New Port Richey LLC. [00:00:53] Miss Manns? [00:00:54] Based on the direction that you provided me [00:00:57] on your September 27th, 2022 meeting, [00:01:01] a letter of intent was issued in relationship [00:01:06] to the purchase of 6128 US Highway 19, [00:01:12] which is commonly referred to as the former SunTrust property. [00:01:17] The letter of intent outlined in short form [00:01:23] the conditions by which the property was to be bid on. [00:01:29] At the conclusion of that week, I [00:01:36] was notified that the bid that was submitted on our behalf [00:01:43] was successful. [00:01:45] And therefore, the negotiation of the terms and conditions [00:01:55] of the sale and purchase agreement began. [00:02:03] In addition to the standard provisions contained [00:02:06] in a sales and purchase agreement, [00:02:11] there are a few provisions that I'll just note to you [00:02:17] because they're pertinent provisions. [00:02:19] The purchase price is as was agreed [00:02:25] to by you at your meeting on September 27, [00:02:28] that is in the amount of $2,800,000. [00:02:33] The closing date must occur on or before December 15, 2022. [00:02:40] A deposit in the amount of $280,000 [00:02:44] is due within two days after the date of the agreement. [00:02:48] The seller must provide within two business days [00:02:53] after the date of the agreement all [00:02:55] of the environmental reports and materials and title policies [00:02:59] and surveys for review by purchaser. [00:03:04] And lastly, a deed restriction is [00:03:07] presented in the form of a special warranty [00:03:10] deed, which prohibits the property from being sold [00:03:13] or leased to a firm whose primary practice involves [00:03:17] receiving deposits, making loans, payment processing, [00:03:21] engaging in the sale of securities, wealth management, [00:03:25] or the sale of insurance products, Wells, Fargo, [00:03:29] Bank of America, JP Morgan, Chase, PNC, et cetera, [00:03:33] for a just less than two-year period of time. [00:03:38] The purpose of this agenda item is [00:03:39] to seek your approval to enter into the purchase and sale [00:03:42] agreement, which has been reviewed by the city attorney [00:03:47] and meets with his approval. [00:03:48] And attached to the agenda item is both the purchase and sale [00:03:52] agreement as well as a red line version of the agreement. [00:03:57] Thank you. [00:03:57] Open it up for public comment. [00:04:00] Seeing no one come forward, I'll bring it back to the CRA. [00:04:03] I move we approve. [00:04:04] I'll second. [00:04:05] To the maker. [00:04:06] Yeah, we discussed this in detail before. [00:04:09] I think it's a key piece of property [00:04:12] for redevelopment, continued redevelopment [00:04:16] of that particular section of town. [00:04:21] And I think it's important that it's developed in a way [00:04:23] that it's going to enhance the city to its fullest [00:04:26] and best use. [00:04:27] And one way to do that is for us to purchase [00:04:29] and have it under our control. [00:04:34] I think we'll have no difficulty in finding the proper suitors [00:04:37] to purchase it and develop it in a manner that [00:04:39] will enhance the city and promote further redevelopment [00:04:44] of that particular area. [00:04:46] To the second. [00:04:47] Yes, sir, just to make note of the fact [00:04:49] that the approved or the, I guess, the approved grant, [00:04:57] whether we've completed the process [00:04:59] or moved through it all the way, that is seated on both [00:05:03] the existing city property and would be on this property, [00:05:06] would bring $800,000 to the city to match a $1.6 million [00:05:12] infrastructure project that would go on the site. [00:05:15] So I think that this is a good opportunity for us [00:05:21] to take advantage of that grant that we went forward [00:05:23] with on a resiliency basis, which [00:05:26] will improve the quality of the river, [00:05:28] the outfall into the river, as well as provide [00:05:31] for a attenuation pond that can work in our favor in the case [00:05:38] of a storm surge, as well as provide [00:05:42] some potential entertainment or recreational value [00:05:48] to the project. [00:05:49] So when the RFP goes out or the request for proposals, [00:05:55] I'm confident that folks will find [00:05:59] that they'll have to be working with the city to identify [00:06:03] the best way to take advantage of the infrastructure [00:06:07] to further any construction project that [00:06:09] might go on the property. [00:06:11] And so I'm excited, very excited. [00:06:15] This sprung from a rapid design exercise [00:06:19] that happened with the Tampa Bay Regional Planning Council [00:06:21] some couple of years back. [00:06:24] And I know they are very excited to see a project that [00:06:29] comes to fruition. [00:06:30] I would like to add on that basis [00:06:32] that there was another grant that [00:06:34] was received by the Regional Planning Council [00:06:37] like a year ago. [00:06:38] And they selected three communities in the Tampa Bay [00:06:41] region to review, one being St. Pete Beach, [00:06:44] one being the city of Tampa, and the other being Oldsmar. [00:06:49] Oldsmar is really at a critical risk [00:06:51] in terms of their elevation in case the Tampa Bay floods. [00:06:56] The St. Pete Beach is a small island [00:07:03] that only has two roads that go parallel through it, [00:07:06] and so very restricted in things that could be done. [00:07:10] Studies were done on those properties, [00:07:13] and proposals came out. [00:07:15] And I checked last week when I was at the Planning Council [00:07:19] meeting, and there's been no real project or effort [00:07:23] to bring these designs and concepts to fruition. [00:07:27] So once again, New Port Richey can be at the front end, [00:07:30] and I'm very happy to be able to report that back to our region [00:07:38] and to see a lot of attention that [00:07:39] comes to us for doing the right thing for our environment [00:07:43] while providing for good redevelopment. [00:07:48] So I'm excited. [00:07:50] Thank you. [00:07:50] Mr. Murphy? [00:07:52] Yes, I agree with Councilman Altman. [00:07:53] And also, this is definitely a key piece [00:07:56] of property for the whole overall future development [00:08:00] of that area. [00:08:01] So us being in control really gives us [00:08:03] the upper hand to make sure we get [00:08:04] what the citizens want there, what's good for everybody. [00:08:08] So looking forward to seeing what it becomes. [00:08:11] Ms. Muthead. [00:08:12] Yep, totally agree. [00:08:13] I don't have anything else to add, [00:08:15] but I agree it's a piece of property [00:08:16] that we definitely should have and have control of. [00:08:19] I think added to the former church property on South River, [00:08:24] this makes it suitable for a decent project. [00:08:29] So if there's no further discussion, [00:08:31] all those in favor, please signify by saying aye. [00:08:34] Aye. [00:08:35] Opposed, like sign. [00:08:37] Motion passes. [00:08:38] Mr. Altman asked if he could provide some comments [00:08:42] on the meeting he was just at. [00:08:45] This would be the Florida Redevelopment Association [00:08:47] meeting. [00:08:48] And it was held in Daytona Beach. [00:08:50] And again, it came just one day after the Regional Planning [00:08:58] Council's discussion on resiliency. [00:09:01] And there is a decision that was made by that council next May [00:09:08] to hold their next resiliency symposium on the beach. [00:09:15] And so we've accelerated the appeal, I think, [00:09:20] of that particular project. [00:09:22] So I'll bring that to you. [00:09:24] At the Regional Planning Council, [00:09:25] we are at the point where we have approved [00:09:28] a series of plans to be distributed to all the cities [00:09:36] that would affect the planning department in terms [00:09:39] of changes to the building code or changes [00:09:43] to the way in which property is developed [00:09:47] within the high hazard areas. [00:09:48] So it just seems so timely as the hurricane has come [00:09:54] and we're making national news as being [00:09:56] like the biggest economic hurricane, one of the top two [00:10:02] that have hit the state, that the discussion and dialogue [00:10:06] continues about the rebuilding of areas that [00:10:11] are potentially in flood zones. [00:10:14] We've had this discussion with our Director Peters [00:10:18] at the council meeting about insurances and costs [00:10:22] and those sorts of things. [00:10:23] So the strategy includes an increase in the seawall [00:10:31] by all of the members, or at least they, [00:10:34] and this is not action but recommendations [00:10:37] that cities will have the ability [00:10:39] to look at and decide which of the proposals they take on. [00:10:43] But the bottom line is, over the next year, [00:10:48] there will be a number of proposals [00:10:52] that will be coming out that will kind of culminate in May [00:10:58] from our Regional Planning Councils. [00:11:01] At the FRA conference, I was able to participate and moderate [00:11:07] the flood discussion with CRAs. [00:11:12] So I bring it up as a CRA issue once again [00:11:15] because CRAs have the power to do the kinds of things [00:11:18] we're preparing to do right here with today's action. [00:11:22] And they can do that with the property tax. [00:11:26] What was property tax turns into increment, [00:11:30] which does not have the regulations [00:11:34] that property taxes have. [00:11:35] So folks are always asking, why are we buying property? [00:11:40] How are we participating in these sorts of things? [00:11:43] And I think it's a strong possibility [00:11:46] that the success of CRAs and their ability [00:11:49] to continue because now they are scheduled [00:11:52] under the state legislature to time out. [00:11:55] So we took ours out the extra 30 years. [00:11:57] We've got all the time we have. [00:11:59] But communities that now try to form a CRA [00:12:03] have a maximum number of 40 years, and then they're sunsetted. [00:12:06] We are under the 60-year rule, and we're [00:12:09] in our second set of 30 years. [00:12:13] As we look at communities that get devastated [00:12:16] by hurricanes, like Fort Myers and Cape Coral [00:12:19] and some of the coastal areas, I've [00:12:22] been promoting that the future threat to communities [00:12:28] should also be a qualifier for CRAs [00:12:31] so that we could use the tax increment, [00:12:33] the cities could use the county money that [00:12:35] comes to them in order to make infrastructure improvements [00:12:39] to allow cities to harden not only their own infrastructure, [00:12:45] but the community itself. [00:12:48] So this is a huge undertaking, and I [00:12:53] think the CRAs, as we're doing now, [00:12:56] have the perfect opportunity. [00:12:57] There's no requirement for us to go out to a referendum. [00:13:01] We can use science and strategy and planning. [00:13:08] And we've got a lot of things to plan coming up with the boat [00:13:11] ramp property and other properties. [00:13:15] So I think the timing is right. [00:13:17] The session that I was at had a very experienced attorney, [00:13:21] once again, talking about the funds that are out there. [00:13:24] There was some discussion at that [00:13:26] about something called grant fatigue that [00:13:29] is going on in cities, where just the burden of managing [00:13:34] grants has fatigued, whether it's money that was sent to us [00:13:40] or whether it was getting some CARES money or other monies. [00:13:43] So again, I'll reiterate that if we [00:13:49] want to get out in the front, that I'm [00:13:53] advocating that we see what we can pursue [00:13:57] and make sure that what we pursue, [00:13:58] we have the funds within that grant [00:14:00] to acquire the effort that's needed to support it [00:14:07] without putting additional burden on undermanned [00:14:10] departments until this whole workforce situation resolves [00:14:15] itself. [00:14:16] So that was a big discussion. [00:14:20] Daytona Beach is where it was held. [00:14:21] And they got socked. [00:14:24] I mean, they got it bad on the other side of the state. [00:14:28] One day, it was Tampa. [00:14:29] The next day, it's down south. [00:14:31] And Fort Myers and those areas devastated. [00:14:34] But all the way across the state, [00:14:37] there are still bridges that are out. [00:14:39] And there is DOT construction on some of those bridges [00:14:43] that is going to take several years. [00:14:46] And so there's a lot of study that's [00:14:48] being done on the effect that that's [00:14:50] going to have on business communities when they're [00:14:52] on some of these barrier islands. [00:14:54] And the route from the south is cut off. [00:14:56] So all those customers that can't come in. [00:15:00] those businesses go on. So there is a real connection between resilience and [00:15:05] redevelopment and so it was an interesting conference and I just [00:15:13] wanted to share that with you. I'll share with the city manager the contacts that
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.
- 5Adjournment▶ 15:18