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:
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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 terminate retainage of the $100,000 beginning in Fiscal Year 2024, to permit any activities authorized by the Urban Core Redevelopment Plan and the Florida Statutes pursuant to an annual work plan approved by the CRA, to remove tentative work plan requirements and to clarify work plan and reporting requirements, 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 affordable housing, beautification and public safety within the Pensacola Downtown Improvement Taxing District. 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 plan is provided to the CRA annually for approval along with a report of accomplishments and activities.
Amendment No. 1 proposes to terminate the CRA’s $100,000 retainage beginning in Fiscal Year 2024 and to simplify the process for approval of the annual work plan subject to specified work plan and reporting requirements and the requirements established by the Florida Statutes and the Urban Core Redevelopment Plan. This item also seeks to authorize expansion of the use of the existing retainage, in the amount of $264,602.57, to include downtown beautification and public safety initiatives, in addition to, affordable housing. A proposal for use of these funds will be brought back to the CRA at a future meeting for approval.
The Pensacola Downtown Improvement Board (DIB) has also requested an exemption from the tax incremental financing contribution beginning in Fiscal Year 2024. Should this action be taken, the interlocal agreement would terminate beginning in Fiscal Year 2024 and all actions pertaining to work plan submittal for such fiscal year will be waived.
PRIOR ACTION:
September 8, 2020 - The CRA approved an interlocal agreement with the DIB for implementation of certain Urban Core Redevelopment Plan activities.
May 26, 2023 - The CRA postponed action to amend the interlocal agreement to expand the use of the $100,000 retainage until its June meeting.
FUNDING:
Budget: $ 264,602.57
Actual: $ 264,602.57
FINANCIAL IMPACT:
Amendment No. 1 will terminate the CRA’s $100,000 retainage beginning in Fiscal Year 2024. Approval of the recommendation with expand the allowable use of the existing retainage, in the amount of $264,602.57, for downtown beautification, public safety improvements, in addition to, affordable housing within the Pensacola Downtown Improvement Taxing District.
LEGAL REVIEW ONLY BY CITY ATTORNEY: Yes
6/2/2023
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: No end