ACTION ITEM
SPONSOR: Jared Moore, Chairperson
SUBJECT:
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APPROVAL OF PROJECTS TO BE FUNDED FROM URBAN CORE REDEVELOPMENT REFUNDING AND IMPROVEMENT REVENUE BOND, SERIES 2019.
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RECOMMENDATION:
recommendation
That the Community Redevelopment Agency (CRA) approve the “Hashtag” Waterfront Connector improvements, Bruce Beach improvements, Community Maritime Park Day Marina, and Jefferson Road Diet/sidewalk repair and improvements (aka “East Garden District”) projects in accordance with the 2010 Urban Core Community Redevelopment Plan for funding through the Urban Core Redevelopment Refunding and Improvement Revenue Bonds, Series 2019.
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SUMMARY:
In July, 2019 the CRA and the City Council approved refunding the Series 2009B Bonds with the Urban Core Redevelopment Refunding and Improvement Revenue Bond Series 2019 Bond issue. This permitted the CRA to obtain an estimated $17.8 million in new money to fund certain identified catalytic capital improvement projects in the Urban Core Community Redevelopment Area. The addition of interest earnings has brought the total amount of available funds to $18,000,264.
The CRA approved the appropriation of bond proceeds to fund four community redevelopment projects identified in the 2010 Urban Core Community Redevelopment Plan. The projects specified were the “Hashtag” streetscape project element of the proposed continuous waterfront trail system (as conceptualized by SCAPE), the Bruce Beach redevelopment project, the Community Maritime Park Day Marina, and the sidewalk repair/streetscape improvement project conceptualized as the “East Garden District” (Jefferson Street Road Diet). Each of the projects will have a transformative impact and will further the implementation of the Community Redevelopment Plan for revitalization of the City.
On February 3, 2020, the CRA held a workshop to review recommended projects for funding from the Series 2019 bond proceeds. The projects recommended for funding include the “Hashtag” streetscape project element of the proposed continuous waterfront trail system (as conceptualized by SCAPE), the Bruce Beach redevelopment project, the Community Maritime Park Day Marina, and the sidewalk repair/streetscape improvement project conceptualized as the “East Garden District” (Jefferson Street Road Diet). While initial estimates of cost for each project have been developed, final costs have not yet been fully established. Final costs for each project will be determined at completion of design and engineering.
The CRA is asked to approve the recommended projects for funding through the Series 2019 bond proceeds.
PRIOR ACTION:
July 15, 2019 - CRA approved Resolution No. 2019-04 CRA authorizing an interlocal agreement between the City of Pensacola and the CRA pertaining to the Urban Core Redevelopment Refunding and Improvement Revenue Bond, Series 2019.
July 15, 2019 - CRA approved Supplemental Budget Resolution No. 2019-05 appropriating funding in connection with the Urban Core Redevelopment Refunding and Improvement Revenue Bond, Series 2019.
August 5, 2019 - The CRA approved the scheduling of a workshop to discuss the use of the Urban Core Redevelopment Refunding and Improvements Revenue Bond, Series 2019.
December 9, 2019 - The CRA adopted Supplemental Budget Resolution No. 2019-10 CRA carrying forward available balances from the Urban Core Redevelopment Refunding and Improvement Revenue Bonds, Series 2019.
December 12, 2019 - City Council adopted Supplemental Budget Resolution No. 2019-70 carrying forward available balances from the Urban Core Redevelopment Refunding and Improvement Revenue Bonds, Series 2019.
February 3, 2020 - The CRA held a workshop to review recommended projects for funding through the Urban Core Redevelopment Refunding and Improvements Revenue Bond, Series 2019.
FUNDING:
Budget: $ 17,744,000 Bond Proceeds Series 2019
256,264 Interest Earnings
$ 18,000,264
Actual: $ 18,000,264
FINANCIAL IMPACT:
Bond proceeds from the Community Redevelopment Refunding and Improvement Revenue Bond, Series 2019 were carried forward on Supplemental Budget Resolution No. 2019-10 CRA.
CITY ATTORNEY REVIEW: Yes
1/30/2020
STAFF CONTACT:
M. Helen Gibson, AICP, CRA Administrator
Victoria D’Angelo, Assistant CRA Administrator
ATTACHMENTS:
1) CRA_February Workshop PPT
PRESENTATION: No end