Fort Walton Beach Council agenda — 12-11-12 special--landmark — reading text

Agenda — City of Fort Walton Beach Special Meeting of the City Council of Fort Walton Beach 5: 00 PM 107 Mlruk Suip Parkway Tuesday, December 11, 2012 Fort Walton Beath, FL 32548 CALL TO ORDER 5: 00 PM Meeting will be called to order on December 11, 2012 at Council Chamber, 107 Miracle Strip Parkway, Fort Walton Beach, FL. 2. PLEDGE OF ALLEGIANCE 3. ACTION ITEMS 3. 1. Presentation by the Partners of the Landmark Center Development for a Proposed Development Agreement Synopsis: ( City Manager) The partners involved with the Landmark Center will present their latest proposal for a Development Agreement to City Council to determine whether Council agrees in principle to move forward with authorizing Staff to develop a draft Development Agreement with the developers or to cease all discussions related to a Development Agreement for the development as approved in the current Development Order for the property. ATTACHMENTS: wndnmik (' enter PrercnUion I ] 04 - 12 IPDF) 4. ADJOURNMENT Quasi -Judicial - denotes that the item must be conducted as a quasi -judicial hearing in accordance with Florida Statutes. Action - Direction - Discussion items maybe acted upon by the City Council by either a motion with a vote in accordance with Robert' s Rules of Order, or by a consensus of the Council. Any person who decides to appeal any decision made with respect to any matter at this meeting will need a record of the proceedings, and for such purpose may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. ( Chapter 286. 01105, F. S.) Page L Primed 12152012 Ciry Council ofFon Watron Beath  Agenda December 11, 2012 Special Meeting The City of Fort Walton Beach adheres to the Americans with Disabilities Act and will make reasonable modifications for access to this meeting upon request. Please call City Clerk Helen Spencer at 833 -9509 to make a request. For Hearing Impaired dial the City Hall TDD #850 -833- 9925 or 1- 800 -995 -8771 ( TDD) or 1- 800 -955 -8770 ( Voice). Requests must be received at least 48 hours in advance of the meeting in order to allow the City time to provide requested service. All City of Fort Walton Beach council and board meetings are recorded. The video can be accessed at www. fwb. org. Cin, Council ofFort Walton Beach Page 2 Printed 121512011  3 City Council of Fort Walton Beach CITY COUNCIL MEMORANDUM To: Michael D. Beedie, City Manager From: Michael Beedie, City Manager Date: December 11, 2012 Landmark Center Presentation 1. BACKGROUND: 1. 1. On September 11, 2012, City Council voted to cease Staff' s involvement with developing a development agreement between Fort Walton Development Partners, LLC and the City of Fort Walton Beach for the Landmark Center development. 1. 2. On November 13, 2012, City Council voted to allow the development partners for Landmark Center to make one final presentation on a revised development agreement proposal at December 11, 2012, Special City Council meeting. 2. DISCUSSION: 2. 1. On December 4, 2012, Staff received the final presentation as prepared by the development partners for Landmark Center for the December 1 I'" Special Meeting. 2. 2. In the latest proposal, the Developer is requesting the following: participation in some of the City' s economic incentive programs through the CRA, transfer of a parcel of land needed to accommodate the development, and a return of tax increment financing ( TIF) revenue generated by the property for a specified timeframe. The actual details of the proposed development agreement items will be presented at the Special Meeting on December 11 ". 3. FINANCIAL INFORMATION: 3. 1. The financial impact of the requested items will be discussed at the Special Meeting once all of the details are presented by the development partners. 3. 1. 1. There is sufficient funding to cover the estimated amount for the CRA economic incentive programs in the CRA Fund Balance due to the reallocation of the $ 1. 8 million from the Sound Side development. 3. 1. 2. Based on the original HAAS Center report, the projected TIF revenues generated from the Landmark Center development between 2014 and the CRA sunset date of 2026 was $ 2, 930, 866. However, Staff understands that this report has been updated and will be presented at the meeting. 3. 1. 3. The current property taxes paid on the vacant Landmark Center property is estimated at approximately $ 10, 500. 4. RECOMMENDATION: Packet Pg. 3  3. 1 City Council of Fort Walton Beach CITY COUNCIL MEMORANDUM To: Michael D. Beedic, City Manager From: Michael Beedic, City Manager Date: December 11, 2012 Landmark Center Presentation 4. 1. Staff respectfully requests that City Council discuss the revised components of the Landmark Center Development Agreement and provide direction to either: 4. 1. 1. Agree in principle to allow Staff to work with the development partners for Landmark Center to draft a Development Agreement through the development review process laid out in the Land Development Code, which requires a completed Development Agreement application package, a $ 2, 500 application fee, and two readings at public hearings; or 4. 1. 2. Cease all City involvement related to a development agreement with the development partners for Landmark Center for the development as approved in the current Development Order, which is valid through March 2014. ATTACHMENTS: Landmark Center Presentation 12 -04 -12 ( PDF) SIGNATURE BLOCK: Brandy Ferris Completed 12/ 05/ 2012 8: 25 AM City Attorney Completed 12/ 05/ 2012 8: 49 AM Carole Jones Completed 12/ 05/ 2012 8: 52 AM City Manager Completed 12/ 05/ 2012 11: 32 AM City Council Pending Packet Pg, k' i.  rm* lI Mok Attachment Landmark Center Presentation 12 0 - 6 -12 ( 2118: Landmark Center Presentation) n all kA XA vcvc II 135 Perry Avenue 135 Perry Avenue  Eglin 9 x Attachment Landmark Center Presentation / 2 04-12 - ( 2118 : Landmark Center Presentation)  45 Egl i n Parkway Attachment : Landmark Center Presentation 12 46 -12 ( 2110: Landmark Center Presentation) From an at 644 % WR to St  pm " itun Symn' e.. Y9? Ils' ffi'indai' IdJ IO) uq Station yea: t Y d Ph" w"' I .... H. vVnun I i l l- Gon 111 I Srrfp. with ot Pa rkway 3 Miracle Strip Pkwy.  CKA' S Strategy For nearly 30 years in the State of Florida, statutory provisions have existed to allow the establishment of Community Redevelopment Agencies ( CRA's). CRA's have evolved to represent comprehensive local mechanisms for the planning and implementing of local projects and programs that serve to: i. Eradicate conditions of blight; 2. Expand commercial activities; 3. Stabilize and expand the local tax base; and 4. Create jobs." This project knocks all four of these strategies out of the park! 9 o* Florida Redevelopment Association Attachment: Landmark Center Presentation 1244-12 ( 2118: Landmark Center Presentation)  y Beach wa rivvtiters and artist i cartoonists Fontai volley) W. E. Pat Enr onist), H. T. Webster uetoast cartoons) T Etof C09L. aY Ru u Trnyo -- ( M -tR RxN Attachment Landmark Center Presentation 12 0 - 4. 12 ( 2118 : Landmark Center Presentation) a I 9 Pr II.- ll-- Sun- Sentinel.com Restaurant Review Max' s Harvest: Farm -fresh in Delray --Dennis Max' s latest restaurant lives off the land. Nestled in Delray Beach' s trendy Pineapple Grove district" I r  Available Funding Sources Development Assistance Grant - $550, 000 CRA Funding Streetscape - $ 752, O00/ 2 = $ 376, 000 Tl F Funds— Generated by Landmark only - through CRA period aoo Public Spaces in Parking Garage- Managed by Landmark Center 9 PF H 9 Attachment: Landmark Center Presentation 12 4412 ( 2110: Landmark Center Presentation)  Project Highlights go Hotel Rooms 31, 000 SF Retail /Restaurant Space 15 Loft Condos Parking 354 Spaces s Attachment: Landmark Center Presentation 124412 ( 2110: Landmark Center Presentation) u u  Financial Impact z86 *Non- recurring Jobs Construction and Related Trades 115* Recurring Jobs Retail - Hotel - Restaurant - Service Per HAAS Study Report