LEGISLATIVE ACTION ITEM
SPONSOR: Grover C. Robinson, IV, Mayor
SUBJECT:
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INTERLOCAL AGREEMENT BETWEEN THE COMMUNITY REDEVELOPMENT AGENCY AND CITY OF PENSACOLA FOR FUNDING OF THE COMMUNITY MARITIME PARK STADIUM IMPROVEMENTS
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RECOMMENDATION:
recommendation
That the City Council approve an Interlocal Agreement between the Community Redevelopment Agency (the “Agency”) and the City of Pensacola (the “City”) authorizing the Agency to fund up to $2,000,000 for certain improvements at the Community Maritime Park Blue Wahoos Stadium, including but not limited to artificial turf and LED stadium lighting.
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HEARING REQUIRED: No Hearing Required
SUMMARY:
On October 8, 2009, City Council approved the issuance of the Redevelopment Revenue Bonds, Series 2009A and Redevelopment Revenue Bonds, Series 2009B in the original aggregate principal amount of $45,640,000 to finance the public recreation, exhibition, entertainment and exposition facilities and public infrastructure portions of the Vince Whibbs Sr. Community Maritime Park including the Blue Wahoos Stadium and other improvements in the Urban Core Community Redevelopment Area. The development of the Community Maritime Park was one of the major projects outlined in the Urban Core Community Redevelopment Plan 2010.
Under the recent restructuring of the minor leagues by Major League Baseball (“MLB”), the number of teams were reduced and new requirements for modernized facilities were issued by MLB. In order for to the Northwest Florida Professional Baseball, LLC (“NFPB”) to meet MLB standards, certain improvements at the Blue Wahoos Stadium are needed. Such improvements include, but are not limited to, the conversion of the Blue Wahoos Stadium baseball field from natural grass to synthetic turf and any irrigation changes need to accommodate the conversion, the conversion of the Blue Wahoos Stadium lights to LED, the removal of existing bullpens and construction of new bullpens, the construction of new batting cages, the purchase of additional training tables, dishwashers and surveillance equipment, internet and phone upgrades, replacement of HWC chairs, painting, repairs to seats, flooring, electrical outlets and elevators. These improvements are being done to maximize the use and impact of the Vince Whibbs Sr. Community Maritime Park improvements paid for with tax increment revenues derived from the Urban Core Community Redevelopment Area.
Since the specifications of the improvements must meet MLB requirements, NFPB will coordinate the purchase and installation of the improvements, with subsequent reimbursement by the City. By entering into this Interlocal, the Agency is agreeing to fund the Improvements in an amount up to $2,000,000 from tax increment revenues derived from the Urban Core Community Redevelopment Area as such improvements are being done to maintain improvements paid for with tax increment revenues derived from the Urban Core Community Redevelopment Area.
PRIOR ACTION:
October 8, 2009 - City Council approved Resolution No. 33-09 providing for the issuance of the Redevelopment Revenues Bonds, Series 2009A and Redevelopment Revenue Bonds, Series 2009B (Federally Taxable - Build America Bonds) in the amount of $45,640,000.
November 6, 2017 - Community Redevelopment Agency approved Resolution 2017-18 authorizing an interlocal agreement between the City of Pensacola and the Community Redevelopment Agency pertaining to the Urban Core Redevelopment Revenue Bonds, Series 2017.
November 9, 2017 - City Council approved Resolution No. 17-78 providing for the issuance of the Urban Core Redevelopment Revenue Bond, Series 2017 in the amount of $8,000,000.
July 15, 2019 - Community Redevelopment Agency approved Resolution 2019-04 authorizing an interlocal agreement between the City of Pensacola and the Community Redevelopment Agency pertaining to the Urban Core Redevelopment Refunding and Improvement Revenue Bonds, Series 2019.
July 18, 2019 - City Council approved Resolution No. 2019-31 providing for the issuance of the Urban Core Redevelopment Refunding and Improvement Revenue Bonds, Series 2019 in the amount not to exceed $58,200,000.
FUNDING:
Budget: $ 1,543,812 CRA Fund - Property acquisition and redevelopment
220,235 CRA Fund - Complete streets - Main St
115,623 CRA Fund - Property management - Baylen Slip
120,330 CRA Fund - Complete streets - Unallocated
$ 2,000,000 Total Budget
Actual: $ 2,000,000 Multi-Use Facility Improvements
$ 2,000,000 Total
FINANCIAL IMPACT:
To avoid funding penalties related to the use of the Urban Core Redevelopment Revenue Bonds, Series 2017 Project Funds, funding from the CRA Fund must be utilized to fund the improvements.
Funding from the CRA Fund will be re-allocated as outlined in the funding section of this item. However, allocations drawn from the property acquisition and redevelopment line item within the CRA Fund will be refunded through the Urban Core Redevelopment Revenue Bonds, Series 2017 Project Fund. Funding re-allocated within the Urban Core Redevelopment Revenue Bonds, Series 2017 Project Fund, will include remaining budgets for the Rues Streetscape Revitalization project and project savings from the DeVilliers Streetscape Revitalization and Ferry Landing projects which include:
$ 992,476 Bond Fund - Rues Street
211,496 Bond Fund - DeVilliers Street - project savings
129,960 Bond Fund - Ferry construction - project savings
$ 1,333,932 Total
LEGAL REVIEW ONLY BY CITY ATTORNEY: Yes
7/1/2021
STAFF CONTACT:
Keith Wilkins, City Administrator
Amy Lovoy, Finance Director
M. Helen Gibson, AICP, CRA Administrator
ATTACHMENTS:
1) Interlocal Agreement - CMP Stadium Improvements (002)
PRESENTATION: No end