ACTION ITEM
SPONSOR: Teniade Broughton, Chairperson
SUBJECT:
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AMENDMENT NO. 1 TO INTERLOCAL AGREEMENT WITH THE PENSACOLA DOWNTOWN IMPROVEMENT BOARD FOR IMPLEMENTATION OF CERTAIN URBAN CORE REDEVELOPMENT PLAN ACTIVITIES
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RECOMMENDATION:
recommendation
That the Community Redevelopment Agency approve Amendment No. 1 to the Interlocal Agreement with the Pensacola Downtown Improvement Board for implementation of certain Urban Core Redevelopment Plan activities to expand the use of the CRA’s $100,000 retainage as enumerated in the attached. Further, that the CRA authorize the use of the remaining retainage, in the amount of $264,602.57, for the purposes authorized in Amendment No. 1. Finally, that the CRA authorize the CRA Chairperson to execute the amendment.
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SUMMARY:
On September 8, 2020 the CRA approved an interlocal agreement with the Pensacola Downtown Improvement Board for implementation of certain Urban Core Redevelopment Plan activities. The agreement allocates for payment to the DIB funding in an amount equal to the tax increment revenues derived from the Pensacola Downtown Improvement Taxing District ad valorem tax levy within the DIB area, less $100,000, which is retained by the CRA for implementation of affordable housing initiatives. The funding paid to the DIB may be utilized for economic development, marketing, public realm enhancement and beautification, community policing innovations and to support multi-modal enhancement of Downtown Pensacola, as authorized by the Urban Core Redevelopment Plan. A proposed work pan is provided to the CRA annually for approval along with a report of accomplishments and activities.
Amendment No. 1 proposes to expand the authorized use of the $100,000 retainage to include downtown beautification and public safety initiatives, in addition to, affordable housing.
PRIOR ACTION:
September 8, 2020 - The CRA approved an interlocal agreement with the DIB for implementation of certain Urban Core Redevelopment Plan activities.
FUNDING:
Budget: $ 264,602.57
Actual: $ 264,602.57
FINANCIAL IMPACT:
Amendment No. 1 will expand the allowable use of the $100,000 retainage.
LEGAL REVIEW ONLY BY CITY ATTORNEY: Yes
4/28/2023
STAFF CONTACT:
David Forte, Deputy City Administrator
Sherry Morris, Development Services Director
Victoria D’Angelo, CRA Division Manager
Amy Lovoy, Chief Financial Officer
ATTACHMENTS:
1) Amendment No. 1 - DIB Interlocal Agreement
2) DIB Interlocal Agreement
PRESENTATION: Yes end