Fort Walton Beach Council minutes — 09-04-12 workshop landmark — reading text

53 City Council of Fort Walton Beach 107 Miracle Strip Parkway Fort Walton Beach, FL 32548 Workshop http: / /www. mb. org Minutes Carole ] ones 850) 833 -9504 Tuesday, September 4, 2012 5: 00 PM Council Chamber Call to Order Meeting called to order on September 4, 2012, at 5: 00 pm at Council Chamber, 107 Miracle Strip Parkway, fort Walton Beach, Florida. Attendee Name Title Status Arrived Mike Anderson Mayor Present Bobby Griggs Council Seat 1 Present Joyce gossom Council Seat 2 Present Dennis Reeves Council Seat 3 Present Trey Goodwin Council Seat 4 Present Bobby Nabors Council Seat 5 Present Bull Rigdon Council _ Seat 6 Present Dick Rynearson Council Seat 7 Present Invocation None. Pledge of Allegiance The Mayor led in the Pledge of Allegiance. Landmark Discussion Michael Beedie, Acting City Manager, advised that presentations will be given from Kay Rasmussen of the EDC and Ken Wright, a partner in the Landmark Development, to be followed by Staffs presentation and questions and answers from Council. Kay Rasmussen of the Economic Development Council ( EDC) stated the EDC' s support of the Landmark project. Ms. Rasmussen presented a brief overview of the project and discussed how the project will revitalize and diversify downtown. She also discussed the positive economic impact, both short and long term, the project will have for the City by increasing the tax base for the City, increasing the City's competitive advantage, and improving the quality of place for the citizens of Fort Walton Beach. Ken Wright, 159 Brooks Street and a partner in the Landmark Center development, discussed the planned development specifics of the project and presented renderings of how the development will look after completion. Council discussed concerns regarding the amount of funding the City is expected to invest in the project and the need to ensure the taxpayer' s dollars are being protected. Further discussion included the cost of the proposed parking deck and how the Tax Increment Funding (TIF) will be used to pay for the development. City Council of Fore Walton Beach Page I Printed 91612012  2012 Tim Bolduc, Development Services Manager, identified the four areas that the developers of the project are asking for assistance from the City: 1) a piece of city-owned property next to the development for an eventual parking garage which the developers would maintain and which 243 of the 343 parking spaces would be accessible to the public; 2) funding the infrastructure portion of the project in the amount of 1. 2 million; 3) participation in the City's development assistance grant program in the amount of $500,000 and streetscape grant program in the amount of $380,000 for a total amount of $850, 000; and 4) the City to return TIF revenue generated to offset the cost of building the parking garage. Mr. Bolduc advised the City's total investment would be about $ 5 million. Mr. Bolduc stated the City has met with the developers and lenders of the project and expressed the City's belief in the project, and noted that projects currently identified for the CRA area will not be affected by the Landmark project. Mr. Beedie advised the City will be working with the developers on a new agreement, and the goal is for Council to consider the first reading of the agreement at its meeting of September 11, 2012, with final approval planned for the September 25, 2012 Council meeting. Adjournment: 5: 48 pm Attest: City Clerk City Council ofFar, Walton Beach Page 2 Printed 91612012