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1. 1Call to Order - Roll Call▶ 0:00
2. 2

   Approval of December 19, 2023 and January 10, 2024 CRA Meeting Minutes

   approved

   The CRA Board approved the minutes from the December 19, 2023 and January 10, 2024 CRA meetings.

   • motion:Approve the December 19, 2023 and January 10, 2024 CRA meeting minutes. (passed)5–0

   #December 19, 2023 CRA Meeting Minutes#January 10, 2024 CRA Meeting Minutes

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   [00:00:22] 2023 and January 10th 2024 CRA minute meetings. I move we approve. Second. All those in favor? [00:00:32] Aye. Those opposed? That's 5-0. A request for additional extension of Mormons

   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.

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   Request for Additional Extension to Performance Agreement with Central Orange Partners LLC

   discussed

   The CRA Board considered a request from Central Orange Partners LLC for a second extension to the performance agreement for The Central, a multifamily redevelopment project downtown. Staff reported the project is 49% complete but already delivers 91% of projected taxable value, and the extension is sought due to the multifamily lending market freezing in 2023. The board heard public comment supportive of the extension and discussed possible interest rate buy-down options.

   📍5335 Bellevue Avenue, Newport Richey, Florida📍5988 Central Avenue📍6235 Florida Avenue📍Adams Street📍Crossbow Lane📍The Central🏢Central Orange Partners LLC🏢First Baptist Church of NPR🏢Florida League of Cities🏢Gulf Middle School🏢Neighborhood Lending Partners🏢People Places LLC👤Altman👤Bertel Butler👤Frank Starkey👤George Romagnoli👤Greg Auerbach👤Maestro👤Murphy👤Pete#Missing Middle Housing#Orange Lake public improvements#Performance Agreement dated January 21, 2019#Phase 1 / Phase 2 / Phase 3 redevelopment#Purchase and Sale Agreement dated October 26, 2016#Tax Increment Rebate (~$575,000 over 9 years, declining schedule)#Traditional Neighborhood Design (TND)#U.S. Highway 19 corridor

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   [00:00:38] age agreement with Central Orange Partners LLC. Mr. Auerbach has prepared a [00:00:46] PowerPoint and will present the agenda item to you this evening. Thank you Madam [00:00:51] Executive Director Maestro. Thank you. Good evening Mr. Chair, members of the [00:00:59] board. Greg Auerbach, Assistant City Manager slash Economic Development [00:01:03] Director. It's a pleasure to be before you this evening. This request is to approve [00:01:06] a second extension to the performance agreement by and between Central Orange [00:01:11] Partners LLC and the City of Newport Ridge eCRA. I do want to recognize one [00:01:16] Frank Starkey, managing member of Central Orange Partners LLC in the [00:01:20] audience this evening. As the board is aware, once upon a time there was a [00:01:26] church. The CRA purchased the property now known as the Central from the First [00:01:30] Baptist Church of NPR in December of 2005 and there it was still in 2007. The [00:01:37] church building was razed in 2010 and environmental remediation was completed [00:01:41] thereafter. And this photo, courtesy of Google, shows that in 2011 it was kind of [00:01:48] a clean canvas there. Following a competitive selection process, what we [00:01:53] call a request for qualifications, in 2015 the subject property was sold to [00:01:57] People Places LLC pursuant to purchase and sale agreement dated October 26, 2016 [00:02:03] for a multifamily redevelopment project that would increase the number of [00:02:07] households downtown, increase household income in the market area, increase the [00:02:12] tax base, and showcase what we call traditional neighborhood design [00:02:16] principles. TND for short, just historic downtown, the good stuff we have in our [00:02:23] downtown. The purchase and sale agreement was later succeeded by a performance [00:02:27] agreement dated January 21st, 2019 and People Places LLC was later succeeded by [00:02:33] a separate but related entity, Central Orange Partners LLC. Let's see here, look [00:02:39] at that, the sun was shining, angels were singing on this site in January of 2019 [00:02:45] and the subject property is about three acres just under. It's currently approved [00:02:51] for 85 dwelling units which are to be constructed over three phases. What you [00:02:56] have before you now is kind of a color site plan, if you will, that shows, let's [00:03:01] see, trust me with the laser, it doesn't shine that far. I don't know if you can see that, but you can see [00:03:10] that's the phase one on the north side, phase two on the south, and there's a [00:03:15] little knuckle across the street, as Frank calls it, where phase three is at. [00:03:20] For each of the three phases, the performance agreement set forth the [00:03:23] start and finish date via section four, the commencement period, and section five, [00:03:27] the completion period. In order to effectuate the desired redevelopment, the [00:03:31] CRA board incentivized the project by providing a tax increment rebate to be [00:03:37] paid out over nine years at a declining rate. So in other words, you started the [00:03:41] first four years at a hundred percent rebate, you had three years at eighty [00:03:45] percent, and two years at sixty percent, and that's more particularly set forth [00:03:49] by exhibit B of the performance agreement. So construction started in [00:03:54] 2019, there's a schematic site plan, and there it is, it's coming out of the [00:03:59] ground in 2019, and phase one and the first two buildings of phase two were [00:04:06] completed in 2020, and they've been leased since January of 2021. In July of [00:04:12] 2022, Central Orange Partners requested an extension of the performance agreement [00:04:18] due to COVID and disruptions to the construction industry. At its meeting of [00:04:23] September 26, the board approved the request, and following the first [00:04:28] extension, the site work for phase two was substantially completed. Central [00:04:32] Orange Partners had anticipated commencing construction in 2023. Here's [00:04:36] what the project looks like in 2023. However, due to the interest rate [00:04:41] environment and the associated difficulties in securing project [00:04:45] financing, Central Orange Partners has requested the second extension of the [00:04:49] commencement and completion periods. They're essentially asking for three [00:04:53] years to both to ensure that phase three starts and the whole project can be [00:04:59] completed without coming before the board for any additional extensions. I [00:05:03] think, as you may be aware, it's been well chronicled in the trades and in many [00:05:08] periodicals, last year's rate environment and other macroeconomic factors did [00:05:13] roil the lending market, significantly reducing multifamily deal flow across the [00:05:18] nation, even in high growth areas like Florida. As a result, staff does believe [00:05:23] that this is a reasonable request and recommends your approval. And [00:05:27] additionally, if I could, I know it's getting late, but I really would like to [00:05:32] take you through a few things. The downside to being the new guy is you [00:05:36] don't know what you don't know. You might step on a lamb on any second. The [00:05:40] upside to being the new guy is you still have, you're still somewhat of an [00:05:44] objective third party. And I really, I want to tell you that you have a lot to [00:05:48] be proud of with this redevelopment project. And I think that we should, we [00:05:53] should celebrate some things. It's, you have accomplished what you set out to do. [00:06:00] You have added, you have added households downtown. You have added household income. [00:06:06] You have showcased traditional neighborhood design principles. The [00:06:12] architecture of the project, it's both modern and true to the city's history. [00:06:18] It's helped fuel the renaissance of downtown. Despite only being 49% complete, [00:06:23] it's already delivered 91% of the total projected taxable value. So when this [00:06:29] project started, it had $0. It was $0 on the tax roll. And even though we've had [00:06:35] this delay, even though we're only done with the first phase and the first [00:06:39] couple of buildings of phase two, you're already at 91% of your projected value. [00:06:44] At build out, we expect that this project, based on the current estimates [00:06:49] and state of the market, to be worth twice as much as you originally projected. [00:06:53] So through an investment in the median, in that central median, nearby public [00:06:57] improvements, because you've got to throw in what you've done with Orange Lake [00:07:01] also, and the tax increment rebate of approximately $575,000, you're going to [00:07:07] realize a return, just financial return, in taxable value, in tax increment [00:07:12] revenue collected, of $6 million. And maybe even more than that, perhaps most [00:07:19] impactfully, you're going to illustrate the potential of not only this site in [00:07:24] and around downtown, but also this form of development, which includes the [00:07:28] possibility of homeowner-occupied condominium product in the U.S. Highway [00:07:34] 19 corridor. This isn't just a great product for downtown. This is a great [00:07:37] product for NPR. And there's a professional photo of that. And that's [00:07:45] really a first-class building. I don't want to kind of geek out on the [00:07:49] architecture and what makes this special, but maybe just a second. So I was, as [00:07:56] you know, I was born in a community hospital. I spent the beginning of my [00:08:00] life here. And what I would argue is in this region of Florida, in this local [00:08:05] market area, what we get are a lot of buildings that are just a box without [00:08:11] any of the adornation. There's no, there's no balconies. There's no what [00:08:17] I would call gingerbread. There's no architectural gutters. They are just flat [00:08:21] boxes. But what makes the building special are balconies that you can use, [00:08:28] placement on the street, landscaping, and really what Frank did with the tower [00:08:33] element. And then the arcades on the main elevation. That's what brings it [00:08:39] next level. That's what puts it into that next category of architecture. It makes [00:08:46] it feel special. And those are, hopefully that's going to lead the way and we're [00:08:51] going to see more of that in NPR. And of course I've been on your side of the [00:08:57] dais before. I've been in a lot of these conversations. And when you first have a [00:09:00] multifamily project come to town, you might have public to be heard. You might [00:09:05] have fair concerns about, well what does this mean for us? What does this density [00:09:09] mean? What does it mean if it doesn't sell? What happens if it becomes like a [00:09:15] concentration of poverty or social services? What if it's, you know, you [00:09:21] always hear at a public hearing, even though the council or in this case the [00:09:26] board can't consider it, what about if it becomes subsidized? What if it becomes [00:09:30] public housing? You hear all kinds of things at a public meeting. And you had [00:09:36] to go through that and you're the people that served before you had to listen to [00:09:40] that. Everyone here participated. But I think we can see that this is really [00:09:46] high quality product. This is the product that you helped bring about in [00:09:50] downtown. And you can see that not only does the outside look excellent, but the [00:09:55] inside, what this product is. And we have at least one employee. I won't out [00:10:03] him or her, but we have at least one employee who lives at the Central. I [00:10:11] just think that there's a lot that we can be proud of and wanted to [00:10:16] let you know that you've hit your targets and you're gonna far surpass them [00:10:21] by the time this project is complete. And then tonight I won't bore you [00:10:28] with the refresher on tax increment revenue and and how it works. But it's [00:10:33] all there in the packet if you want to see it, including a refresher on how the [00:10:38] property tax system works in Florida. Because this rebate agreement and our [00:10:43] tax increment, it can be confusing for people. It's always important to remember [00:10:48] that our valuation for the calculation taxing increment revenue, it's the [00:10:54] value that begins at the January 1st of the assessment year. That funds the [00:11:00] following fiscal year. So we take 2023. As of January 1st, 2023, the values that [00:11:09] were set as of January 1 fed the budget that we're currently in, 23-24 budget. [00:11:15] And that tax bill isn't technically due till March 31st, 2024. So given that [00:11:22] sequence of dates, it can be very confusing how it works. If you ever want to get [00:11:26] in the weeds, please give me a call. I'd be happy to take you through it. We even [00:11:31] built a model for this project on the tax increment revenue analysis. So if [00:11:36] you're just dying to get into these numbers, please give me a call. I'd be [00:11:40] happy to meet with you and take you through. But the big takeaway is it's 49% [00:11:46] done, but it's already delivered 91% of the value. And Mr. Starkey and our [00:11:55] partner and the public-private partnership there, they have every [00:11:58] incentive to want to complete it before the proposed extended deadline because [00:12:04] they'll get a bigger rebate. And then there's no school like the old school. [00:12:09] If you've been participating in Florida League of Cities long enough, you know [00:12:12] that they've had this campaign for a long time, that your city is your [00:12:17] hometown. Be a part of it. Be proud of it. With that, I'd be happy to take any [00:12:20] questions that you might have. We'll start with the public first. We have any public comment? [00:12:33] Bertel Butler, 5335 Bellevue Avenue, New Port Richey, Florida. I figure there [00:12:37] might be some conversations, a lot of numbers gonna be thrown out, and possibly [00:12:42] some talk about some case law. And so instead of focusing on that, I just want [00:12:46] to give you a little bit of the human perspective. My grandfather, when he [00:12:50] retired from Perth Amboy as the chief of police, he moved down here about 20 years [00:12:56] ago. And he unfortunately passed away in 2014, right before this project started. I [00:13:02] had no clue it was happening. But my grandmother, after he passed away, decided [00:13:07] that she wanted to stay here. And she had lived off Crossbow Lane for a very [00:13:12] long time. But when this project finished, she was one of the first [00:13:18] people to sign up. And she moved into these, into the central. And I'd say she [00:13:23] has found her community. She knows everyone on her floor. She knows the [00:13:27] doctors that used to live there, who eventually left. And then someone else [00:13:30] moved in and has lived there longer than doctors. So she's keeping count of all [00:13:33] the people that are moving in and making this a permanent place to live, or at [00:13:36] least checking out long enough to see if they want to make New Port Richey [00:13:39] their home. And so I say that because I just wanted to offer the perspective of [00:13:46] the community that this is building and what New Port Richey can become, which is [00:13:51] that missing middle housing that I'm sure Frank will talk about if he plans [00:13:54] on speaking tonight. And how important it is because there are people, widows and [00:13:59] college students. All of my friends have moved to Gainesville or to Tampa for USF. [00:14:03] And they have no plans to come back here because we don't have middle housing. I [00:14:07] was fortunate enough to come into owning a home. And so I'm in a fortunate [00:14:14] position where I could stay. But if I didn't have that luxury and that [00:14:18] privilege, I would have left too when I went to college. And I wouldn't have [00:14:21] returned for a very long time because that middle housing does not exist. And [00:14:25] so projects like these are, this is a little, this is slightly more expensive [00:14:30] like it was said. But if we can keep shooting for this middle housing, the [00:14:36] human argument, case law, taxes aside, is that it will keep young people, the ones [00:14:42] that I teach at Gulf Middle School, that will graduate from high school in the [00:14:45] next 10 years when the next one of these projects is starting. It will keep those [00:14:49] people here and it will build wealth in our community. So please, please, please [00:14:53] keep looking to do these projects no matter what it takes because it's so [00:14:56] important to build in that community we so desire. [00:15:00] Good evening. George Romagnoli, 6235 Florida Avenue. First, thank you, Mr. Altman and Mr. [00:15:18] Murphy, and hopefully at least one more of you will approve my nomination to LVRB. Appreciate [00:15:23] that. Good presentation, and I'm sure you guys did all your due diligence in looking [00:15:33] at the costs and the interest rates and all that stuff, and sources and uses and everything [00:15:39] that's needed to make a determination like this. I would argue one thing to look at that [00:15:44] we haven't talked about. I work now for Neighbor Lending Partners, which is a lender. We've [00:15:50] lent over a billion dollars of both public and private funds for rental developments. [00:15:56] One thing you can do as a CRA is buy down the interest rates. I'm sure Mr. Starkey would [00:16:02] like to see this project done sooner. It would be nice if the information that you received [00:16:09] and I don't know what it is, of course, economic development projects are shielded from sunshine [00:16:14] as they should be because they're proprietary information, but I would have sent that information [00:16:19] to an underwriter and said, how much would the CRA would have to contribute to buy down [00:16:24] the interest rates to make Mr. Starkey still have a proper return on his investment and [00:16:29] have the project work before the extension period is over? And I think you should look [00:16:36] at that. I'm in favor of this, but I think it's another thing you can do. You can come [00:16:42] back, direct staff to have an underwriter look at this and see how much it would have [00:16:48] to be subsidized from your CRA funds to have the project go through. I think it's important [00:16:53] because right now, let's face it, it doesn't look that great out there. At the very least, [00:16:57] you should direct Mr. Starkey. If you do approve this, get rid of all the construction debris, [00:17:01] make it a nice lawn so it's ready to be developed. But I think there's a possibility of using [00:17:07] your resources. And that's one thing I work with a lot of local governments. I just worked [00:17:12] with Osceola County and that's providing over $20 million to our project. And of course, [00:17:17] we're not Osceola County providing that much money, but a developer came in and said they [00:17:21] needed more money and we were able to look at it and said, yes, the money was warranted. [00:17:26] The project wouldn't work without extra money. The same thing with this. If there's a subsidy [00:17:30] that you can do for the project that, you know, I don't know what the construction price [00:17:34] will be, but if it's a few hundred thousand dollars or even a million dollars, that might [00:17:38] be worth it to get that project in the ground and start paying taxes and house people. So [00:17:44] just something to consider. Thank you. [00:17:50] Anybody else like to speak? Frank, would you like to speak? [00:17:57] If you have any questions for me, I'll... Frank Starkey, NOW, 5988 Central Avenue. I [00:18:04] don't think I could improve on Greg's analysis of the architecture and I certainly couldn't [00:18:08] improve on Bertel's description of the benefit to the community and the need for missing [00:18:14] middle housing. So thanks both of you. I'm just here to answer any questions. I think [00:18:20] Greg's laid out the request pretty well. It's pretty straightforward. You know, this past [00:18:25] year, basically about a year ago, the banks just shut their lending windows down. It wasn't [00:18:31] so much that the interest rate was so high, it's just that they didn't know where the [00:18:36] interest rates were going to be, so they just couldn't make a reasonable deal. It was [00:18:40] just too... And we talked to multiple banks and we basically got the same answer from [00:18:46] all of them, which we're hearing the same thing from our peers in the industry. So it's [00:18:52] just a situation with multifamily. Single-family housing is going gangbusters. You can get [00:18:58] lending for that all day long, but multifamily is just on pause for now. We're hopeful it'll [00:19:03] come back sometime this year. I have heard some people say it'll be next year, but we're [00:19:08] confident in the strength of the project and the ability to get it done once the banks [00:19:14] reopen their lending windows. So I'll answer any questions you have. [00:19:19] Okay, bring it back. So your extension timeframe sounds to me like you're optimistic that you [00:19:27] can actually beat that. Oh yeah, yeah. That's our goal is to beat [00:19:32] that. And as Greg pointed out, the structure of the tax rebate... [00:19:37] Is encouraging to... Yeah, yeah. I mean, we've already left some [00:19:41] money on the table by it taking as long as it has. And we're not asking for an extension [00:19:45] of that schedule at this point. We're just asking for an extension of the deadline for [00:19:49] completion. We have commenced the second phase. All of the site work is completed for the [00:19:56] second phase. We really thought we would have the first two buildings of the second [00:20:01] set of construction, people moving into them right now, or by now actually. So it's just... [00:20:10] We got tripped at the one yard line, but we didn't get our call to cross. [00:20:18] Pete? Yeah, I think I took a look at the agreement [00:20:24] that you're extending. And the only question that I really have, and it's somewhat confusing, [00:20:31] you started the phase two, you said the first building of phase two. So your phase two changed [00:20:36] from your original phase two? Yeah, let me explain that. We were going to [00:20:40] sub-phase the second phase of construction and build two buildings at a time. And then [00:20:47] either two more or probably the remaining four on that southern piece where we've done [00:20:51] the site work. And then the phase three piece, which is on the other side of Adams Street, [00:20:57] there's about four dom dwelling units left for that. And we haven't decided exactly what [00:21:05] we're going to do there. But, yes, so that's the distinction. [00:21:10] So the language... I'm sorry, the deadline we're talking about [00:21:16] is for completing all of the buildings. Yeah, the language that I'm referring to is [00:21:20] a section that talks about when you start and you get your notice of commencement that [00:21:24] you should have your financing in place, which is part of the original agreement. I don't [00:21:29] know if it changed after. So if we're going to try to encourage you to move as quickly [00:21:36] as we can, it seemed to me before you could get notice of commencement under the contract [00:21:42] or under the agreement, you had to show evidence of the financing to complete it. So I'm not [00:21:49] sure if that happened, and that's not your fault if it didn't. But if that's in the agreement [00:21:54] and it's continuing, then if that's going to stop you from continuing to move forward, [00:22:01] I'm not sure how we are managing that part of the contract. Maybe it needs to change [00:22:10] if that language is not being followed. That provision is not a problem for us, because [00:22:16] we wouldn't file a notice of commencement if we didn't have the money to complete it. [00:22:19] So your notice of commencement was only for the first phase of the two phases that you [00:22:25] started, but now you have started something. Yeah, we filed a notice of commencement for [00:22:29] the first phase of the buildings that are constructed, and we filed a notice of commencement [00:22:33] for just the site work for the second phase that we have completed. And then we will file [00:22:39] a notice of commencement for each. Whatever is permitted to be constructed has a notice [00:22:47] of commencement. Who's on first? So what I would say, just to keep it simple, I don't [00:22:51] want to belabor it, because actually in the site plan it shows a phase 2A and a 2B. And [00:22:56] so if you have a 1, a 2A, and a 2B, and a 3, is that really 4? So who's on first? North, [00:23:03] the north section is 1, the south section is 2, and the little knuckle to the east [00:23:10] is 3. So for the purposes of the original purchase and sale agreement, for the purposes [00:23:15] of the performance agreement, just think 1, 2, 3. 1 is done, 2 is started, and 3 is yet [00:23:22] to occur. 2 has got to be completed, 3 has got to be started and completed. And just [00:23:28] in, it's a very simple agreement that you have. Even the performance agreement, it is, [00:23:32] I mean, it is, it's simple, it's straightforward. It's many less pages than I'm used to dealing [00:23:37] with. [00:23:37] So your half of the ending is over, so let me take my half of the ending now. [00:23:40] Yes, yes sir. [00:23:41] So my half of the ending is just a simple question, which is, if the infrastructure [00:23:46] for that area, which is there, which has been cited about needing to be cleaned up, if that [00:23:51] infrastructure doesn't represent the commencement of that section, then I'm wrong. I understand [00:23:58] what you're saying, and I'm happy to approve all of this. I'm just saying, as we do these [00:24:02] agreements, when Main Street Landing, which was the, there was a lot of flack on that [00:24:09] because that building didn't get completed, and that required financing, but those provisions [00:24:15] weren't in there. The owner had the money, he just didn't want to lose the money. In [00:24:19] this case, if we start projects, and we start clearing and putting construction activity [00:24:26] on it, to me, that's notice of commencement. So I'm not asking the same question that he's [00:24:32] answering, I think. [00:24:33] Notice of commencement is a thing that you file with the county at the beginning of a [00:24:39] construction permit that turns on the legal environment in which you conduct a contract. [00:24:47] I think the commencement date that's referred to in here kind of references the notice of [00:24:51] commencement, but it doesn't, you know, it's not clear. There are multiple notices of commencement [00:24:56] in the, because there's one for each, in this, because we've broken it up into sub-phases. [00:25:02] I know there's two phases, and I think I've made my point, and I'm happy to approve your [00:25:07] request, but I just think that those terms should be looked at carefully as we move forward. [00:25:14] And that's a matter of contract and agreement enforcement, and we're happy to do whatever we need to do. [00:25:19] You're good. Thank you. [00:25:22] I'd move we approve. [00:25:24] Second. [00:25:26] I'm all good, but I do think that the lending's going to come back this year, not next year. [00:25:31] Your words, your mouth, and God's ears. [00:25:35] I want to say, great presentation, except, and I want to back Bertel up, in the sense [00:25:41] that it's a mid-salary type of place to live, and one picture that you should have taken [00:25:47] has gone up on a balcony and pointed out there's an eight-acre park across the street, you know, [00:25:52] which is a great selling point. [00:25:57] Mr. Mayor, there's only one more part to his mathematics, which is that we had nothing [00:26:04] on the tax roll, but the city had a multiple amount of millions of dollars in the asset purchase. [00:26:10] And when I was finance officer, we treated that as inventory because it was held by the CRA. [00:26:16] And so, consequently, we as a city demolished the property and wrote down the value of that property. [00:26:24] So for the folks who have objected that we sold something that we paid a lot of money for, [00:26:31] because I know you've had some criticism, the reality is we devalued that property down to a low level [00:26:38] and sold it not at the huge discount. [00:26:41] So we didn't sell a Baptist church to Mr. Starkey at a huge discount. [00:26:46] We sold a vacant piece of land that had nothing on it, and we got not only your project, [00:26:51] but we also got the ice cream shop and the pizza shop and all the other things that were the old post office. [00:26:56] So there was money invested by us. [00:26:59] And so when we do these calculations like we're going through acquiring properties, [00:27:03] that becomes part of our break-even analysis to say, okay, we invested all this. [00:27:09] We put property value on the tax roll. [00:27:12] We created this tax increment. [00:27:15] We handed some of it back. [00:27:17] And at some point, we're good to go from there. [00:27:21] So I think that's just one more part of the equation. [00:27:25] Thank you. [00:27:26] Yeah, it's just, and hopefully it's more than break-even. [00:27:28] Hopefully we all make money in the deal. [00:27:31] And, you know, this is a project that if we go back and when it happened, there was not a lot going on in the city. [00:27:39] And Frank, you know, people think he got a sweetheart deal. [00:27:45] Maybe he did, maybe he didn't. [00:27:46] But he's one who was willing to take the chance and go forward with a project like this. [00:27:52] I remember a conversation I had with him, and he was telling me what the rents were going to be. [00:27:56] And I go, what are you talking about? [00:27:58] You don't get those kind of rents in New Port Richey. [00:28:00] And I said, so where are the jobs that are going to support that, right? [00:28:03] And he waved me off, don't worry about it, Mike. [00:28:05] He says, he goes, you know, probably half the people in there that are working, if they'll be working, [00:28:11] are people working from home or they might not be working in New Port Richey, [00:28:15] but this is where they want to live, and we're going to provide a spot for them. [00:28:18] And that's exactly what he's done. [00:28:20] And I understand about somebody made a comment about the field next door. [00:28:24] I was going to compliment you for cleaning it up as well as you have. [00:28:28] It certainly, you go back and compare it to Main Street landings and what that looked like, [00:28:33] and there's no comparison, right? [00:28:35] And so we're just anxious. [00:28:37] I'd like to see it be a mess again real soon with construction equipment moving. [00:28:41] So, anyway, we appreciate it. [00:28:44] Well, I think you're bringing up numbers, and there's just a comment made, [00:28:52] is that if you've got public investment, you get private investment. [00:28:56] And, you know, that's what we did there at that property. [00:28:59] So I'd like to go ahead and vote. [00:29:04] Yeah, motion, go ahead and vote. [00:29:06] All those in favor? [00:29:07] Aye. [00:29:08] Those opposed? [00:29:09] We have five nothing.

   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. 4Communications
5. 5Adjournment