LEGISLATIVE ACTION ITEM
SPONSOR: City Council Vice President Jared Moore
SUBJECT:
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RESOLUTION NO. 2020-55 -- APPROVING THE EAST GARDEN DISTRICT STREETSCAPE PROJECT MASTER REDEVELOPMENT AGREEMENT AND PRELIMINARY PLANS
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RECOMMENDATION:
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That the City Council adopt Resolution No. 2020-55:
A RESOLUTION OF THE CITY PENSACOLA, FLORIDA RELATING TO COMMUNITY REDEVELOPMENT WITHIN THE URBAN CORE COMMUNITY REDEVELOPMENT AREA; PROVIDING FINDINGS; APPROVING AND AUTHORIZING EXECUTION OF A MASTER REDEVELOPMENT AGREEMENT BETWEEN THE CITY, THE PENSACOLA COMMUNITY REDEVELOPMENT AGENCY, 41 N. JEFFERSON STREET, LLC, 2 NORTH PALAFOX, LLC AND 90 E. GARDEN STREET, LLC, PROVIDING FOR THE REDEVELOPMENT OF CERTAIN PROPERTY LOCATED IN THE REDEVELOPMENT AREA CONSISTING OF RIGHT OF WAY, STREETSCAPE AND WALKWAY IMPROVEMENTS; AND PROVIDING AN EFFECTIVE DATE.
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HEARING REQUIRED: No Hearing Required
SUMMARY:
On February 10, 2020, the Community Redevelopment Agency (CRA) approved the “East Garden District” Jefferson Street Road Diet / Streetscape project, with an estimated cost of $1,375,000, for funding from the Urban Core Redevelopment Refunding and Improvement Revenue Bonds, Series 2019.
The East Garden District project is a master-planned redevelopment located along Jefferson Street from Garden to Chase Street, and Garden Street at the intersection of Garden and Jefferson Streets, which is slated for redevelopment by developers, 41 N. Jefferson Street, LLC, 1 North Palafox, LLC, and 90 E. Garden Street, LLC. The development is planned to include a hotel, parking facilities, restaurant, retail, and other mixed-use facilities. As a component of the redevelopment project, the developers have requested to partner with the CRA to undertake streetscape improvements along Jefferson Street from Garden Street to Chase Street. To facilitate this partnership, and in furtherance of CRA’s action on February 10th, a master redevelopment agreement has been prepared.
The agreement facilitates the award of $1,375,000 towards the full cost of the streetscape improvements, which is estimated at $2,119,839. In addition to the developer’s streetscape contributions, an additional $40.8 million investment is estimated to be made by the developers towards the private parcels' redevelopment. Reimbursement of the share of costs for streetscape improvements by the CRA will be made in increments, at the completion of key project milestones. The developer will retain the maintenance responsibility for the streetscape improvements. Upon completion, and prior to final payment and acceptance of the City's project, the developer will issue to the City a warranty bond that will serve as a guarantee for the maintenance of the streetscape improvements.
Implementation of this project will further the goals and objectives set forth in the Urban Core Redevelopment Plan, which expressly contemplates and encourages redevelopment and enhancement of public rights-of-way and pedestrian walkways and provides private sector participation in remediating and preventing blighted conditions.
This project will also support key waterfront connectivity, in conjunction with the enhancement of the remaining Jefferson Street segments of the “Hashtag” Waterfront Connector (Continuous Waterfront Trail System) project.
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.
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.
February 10, 2020 - The CRA approved 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 for funding through the Urban Core Redevelopment Refunding and Improvement Revenue Bonds, Series 2019.
FUNDING:
Budget: $1,375,000 CRA Contribution - Streetscape Only
$ 744,839 Est. Developer Contribution- Streetscape Only
$2,119,839
Actual: $2,119,839
FINANCIAL IMPACT:
Funding for the CRA’s share of costs is available in the Urban Core Redevelopment Refunding and Improvement Revenue Bonds, Series 2019 fund.
STAFF CONTACT:
Don Kraher, Council Executive
M. Helen Gibson, AICP, CRA Administrator
Victoria D’Angelo, Asst. CRA Administrator
ATTACHMENTS:
1) Resolution No. 2020-55 (2)
2) Appendix A - Form of Master Redevelopment Agreement
3) East Garden District Preliminary Plans
PRESENTATION: No