TAMPA CITY COUNCIL
COMMUNITY REDEVELOPMENT AGENCY
THURSDAY, MARCH 8, 2007
8:30 A.M. SESSION
The following represents an unedited version of
realtime captioning which should neither be relied
upon for complete accuracy nor used as a verbatim
The original of this transcript was produced in all
capital letters and any variation thereto may be a
result of third party edits and software compatibility
Any person who needs a verbatim transcript of the
proceedings may need to hire a court reporter.
>>MARY ALVAREZ: The Community Redevelopment Agency is
now called into session.
08:35:54 Roll call, please.
08:35:57 >>CHARLES FLETCHER: Here.
08:35:59 >>LINDA SAUL-SENA: Here.
08:36:02 >>GWEN MILLER: Here.
08:36:02 >>MARY ALVAREZ: Here.
08:36:09 Good morning.
08:36:09 Good morning, Mr. Huey.
08:36:10 Are you ready to give us your report?
08:36:13 >> Yes, we are.
08:36:14 We have two very important items of business to
08:36:18 Your agenda calls out item number one, which is
08:36:21 approval of TIF barring plan for downtown.
08:36:27 The business item is number three.
08:36:29 So I'd really like to take care of number two on the
08:36:32 first, which is the approval of our consultant to
08:36:36 complete a strategic action plan for the Central Park
08:36:44 As you know, those are very important processes we go
08:36:47 We've completed one in Ybor.
08:36:49 We've done one from Channelside.
08:36:51 We are now in the process of doing one for Drew Park
08:36:53 that will be coming to you for approval next week, and
08:36:56 we are excited to be moving forward now on a plan for
08:37:00 Central Park.
08:37:01 You've received a briefing package from Michael
08:37:03 Hatchet, who is here to answer any questions about the
08:37:09 EDAW team that's been selected.
08:37:17 Excuse he? I'm sorry?
08:37:20 >>LINDA SAUL-SENA: Could he provide an additional one.
08:37:22 I don't seem to have it here.
08:37:25 And Mr. Fletcher doesn't have one either.
08:37:38 Actually, Mr. Huey, you do give us these things ahead
08:37:41 of time but sometimes our assistants don't remember to
08:37:46 put them in front of us at 8:30 in the morning. In
08:37:49 the future could you bring an additional copy, we
08:37:52 would appreciate it.
08:37:53 >> Michael was prepared with extra copies.
08:37:56 Does anybody else need an extra copy?
08:38:13 >>MARY ALVAREZ: Would you like to go ahead and give us
08:38:16 a briefing?
08:38:20 >> Yeah, we -- the consultant was selected through a
08:38:26 competitive process, and we have spent the better part
08:38:29 of really three months working through the scope that
08:38:33 is before you.
08:38:35 Each redevelopment area is unique with its own
08:38:39 impediments to redevelopment.
08:38:41 So each scope is very carefully worked through to
08:38:47 address the challenges of that particular
08:38:50 redevelopment area.
08:38:51 We have had the consulting team visit actually and
08:38:55 meet many of the stakeholders involved in the
08:38:58 redevelopment area.
08:38:59 They've met with the housing authority.
08:39:01 Met with Bank of America.
08:39:03 Met with representatives of Tampa Bay Park.
08:39:05 Met with other stakeholders so that they could be well
08:39:09 informed as the scope was prepared.
08:39:12 So we feel like there's been a very thorough process.
08:39:16 We're confident that they as a team have the
08:39:20 capabilities to deliver an excellent product to
08:39:24 further our redevelopment efforts.
08:39:35 >>LINDA SAUL-SENA: City Council serving as the CRA is
08:39:41 very interested in being very engaged in this process.
08:39:44 We don't want to have a 50% report and then a 100%
08:39:51 We want to be involved all throughout the way.
08:39:53 So I think what would be helpful is to understand what
08:39:57 our involvement will be in terms of reports.
08:40:00 What is the scope of this?
08:40:02 Is it six months, a year?
08:40:04 At what intervals will we be invited to participate
08:40:07 with the community in the development of the product?
08:40:11 >> Yeah, there are a series of community meetings that
08:40:13 are planned that, of course, the board will be invited
08:40:18 and really -- we would love for you to be a part of
08:40:23 those meetings.
08:40:26 And we can arrange for those board members who are
08:40:30 more interested to be involved in other places they
08:40:34 can touch the planning process along the way.
08:40:38 There are a series of community meetings, and then
08:40:41 once the plan draft is complete, as you know from the
08:40:44 Drew Park plan, we have a process for engaging you
08:40:45 very significantly with the draft plan with one-on-one
08:41:02 meetings with the consulting team and meetings in the
08:41:02 community as well.
08:41:02 We have a track record for that based on the
08:41:04 involvement we have had together in Ybor and Channel
08:41:05 District and Drew Park.
08:41:11 >>LINDA SAUL-SENA: The plans that you have done so far
08:41:13 are very good.
08:41:17 We all know that some of the basic assumptions of a
08:41:21 plan shape the results.
08:41:22 And as we just had this experience on Ashley, we saw
08:41:28 that sometimes some technical aspect is reviewed
08:41:32 without the holistic urban design view, and that skews
08:41:38 what might come later, or it might skew it.
08:41:41 So I want to make sure that Council understands
08:41:44 everything, all of the undergirding expectations for
08:41:49 So, for example, in the first two months there's
08:41:54 kickoff, database, assumptions.
08:42:00 If you will share with us what your assumptions from
08:42:03 the get-go.
08:42:04 >> Yeah, and what you'll see, there are some technical
08:42:06 memorandum that get issued as deliverables.
08:42:09 And we would be glad to share those with you as we are
08:42:13 going on.
08:42:13 Because they begin to establish sort of baselines
08:42:17 which help facilitate the next steps in the planning
08:42:22 >>LINDA SAUL-SENA: I had a very constructive
08:42:24 conversation with Roxanna Russo about their commitment
08:42:27 to sustainability and green buildings.
08:42:30 I don't see any mention of that in here.
08:42:33 Is that -- isn't that something that we as a City
08:42:36 Council and a city want to ensure, particularly in
08:42:40 large-scale projects like this?
08:42:42 >> Um-hum.
08:42:43 >>LINDA SAUL-SENA: Well, shouldn't we mention it?
08:42:45 >> There's nothing about the scope that would preclude
08:42:48 >>LINDA SAUL-SENA: No, but it's not specifically
08:42:51 What I'm suggesting, if our consultants are here --
08:42:53 are they here?
08:42:54 >> No, they are not here.
08:42:56 >>LINDA SAUL-SENA: Well, then that we communicate with
08:42:57 them that that is something.
08:43:01 I think the Council needs to meet with the consultant.
08:43:03 We can go ahead and sign this contract today, but I
08:43:06 think we need to meet with them perhaps at our next
08:43:09 CRA meeting.
08:43:10 >> What we can do, as you can see, there's a kickoff
08:43:13 phase to this.
08:43:14 And what we can do is plan that so they could come
08:43:17 before the CRA.
08:43:18 We'll time it so that they can come before the board
08:43:22 for an introduction and a discussion.
08:43:24 >>LINDA SAUL-SENA: Thank you.
08:43:26 >>MARY ALVAREZ: Mr. Fletcher.
08:43:29 >>CHARLES FLETCHER: Thank you, mark, for coming and
08:43:31 presenting this today.
08:43:32 I think this is very helpful.
08:43:36 The scope in this, I think it's helpful to see and
08:43:39 discuss these scopes early on.
08:43:42 The Ashley Street project that was mentioned, I went
08:43:45 back and looked at that scope.
08:43:47 I think the disconnect there goes all the way back to
08:43:49 when the scope of work was developed for the
08:43:51 consultant between what division of some of the
08:43:55 Council members are and what's being done in that
08:43:58 I think there there's been a very fundamental
08:44:00 disconnect in that work.
08:44:02 But I think it would be helpful to have Council
08:44:04 members involved as early in the process.
08:44:06 And like you described as part of that kickoff phase,
08:44:09 I think that might help avoid some of those conflicts.
08:44:12 >> Good.
08:44:13 Thank you.
08:44:13 We welcome that.
08:44:19 >>JOHN DINGFELDER: Get you off the hot seat for a
08:44:33 I know that Steve, in your role of utility issues,
08:44:41 Tampa Heights CRA in terms of infrastructure, it
08:44:43 appeared that basically we in working with the
08:44:46 developer have to start from scratch in just
08:44:50 rebuilding everything where all the streets are new
08:44:53 and everything -- it's a clean slate there.
08:44:56 I'm wondering how does that relate to Central Park
08:45:00 Are there good underground facilities there or are we
08:45:04 basically starting from scratch there as well?
08:45:06 >> Well, the heights area, as you know, primarily is
08:45:10 done because of the reconfiguring of streets.
08:45:16 Then they want to make sure their infrastructure will
08:45:18 be sustainable for their new product.
08:45:20 We certainly have some old infrastructure as well in
08:45:23 the Central Park area that needs to be addressed.
08:45:26 >>JOHN DINGFELDER: So chances are, even though the
08:45:28 street grid might stay kind of the same, we're going
08:45:32 to be digging it up -- somebody will be digging it up
08:45:35 at some point.
08:45:36 >> Correct.
08:45:37 >>JOHN DINGFELDER: Thank you.
08:45:38 Mark, not to dredge up ancient history, but I guess I
08:45:45 will anyway, I remember when we hired another
08:45:49 consultant, a different consultant for a different
08:45:52 CRA, there were some issues about conflicts of
08:45:55 interest and it kind of got everybody all excited for
08:45:58 a few weeks.
08:45:58 I would call that we would change some policies or
08:46:01 change some language to address that.
08:46:04 And this is one -- anyway, are we addressing that?
08:46:08 Have we addressed that in our selection process?
08:46:11 >> Do you know that, Michael?
08:46:13 I do remember the situation, and I do believe some
08:46:16 things were changed in the C.C.N.A. process.
08:46:19 I can't speak to that.
08:46:23 >> Sal, Legal Department.
08:46:25 What we have done, we have added a series of questions
08:46:27 in the selection process asking the consultant
08:46:30 directly, do you perceive having any conflicts of
08:46:33 interest, if so, what they are, and if not, why not?
08:46:36 That's really all you can do because then you are
08:46:39 starting to make judgment calls.
08:46:40 At least they are on record saying they have no
08:46:42 conflicts, and then if there is one, we have a paper
08:46:45 trail to show that they indicated that they didn't.
08:46:48 If we thought otherwise, then we can look into that.
08:46:52 >>JOHN DINGFELDER: Good, good.
08:46:53 I'm glad we have addressed that.
08:46:54 Finally, the last question, as it relates to
08:46:57 affordable housing, I know when Central Park village
08:46:59 project was in front of us for, what, the rezoning, I
08:47:03 guess, that was a constant question.
08:47:05 It's a constant question for the community.
08:47:12 Do they have a good background in affordable housing?
08:47:16 >> Again, the EDAW team as a whole, there are some
08:47:20 subcontracting experts who have particular expertise
08:47:23 in affordable housing along with their own planning
08:47:26 There is a scope of services that relates specifically
08:47:29 to affordable housing and really trying to bring best
08:47:32 practices from other cities into our planning for
08:47:35 Central Park.
08:47:37 And we worked on that with our housing department
08:47:41 staff on that particular part of the scope of
08:47:43 They've been involved in that.
08:47:44 >>JOHN DINGFELDER: For the person who types for us,
08:47:46 it's EDAW, E-D-A-W.
08:47:49 And I don't know what that stands for.
08:47:51 But anyway, it's EDAW.
08:47:57 >>MARY ALVAREZ: Mr. Huey, how are we working with the
08:47:59 consultants and the Tampa Housing Authority on the
08:48:03 apartments that they are supposedly building?
08:48:05 >> What is the status of the redevelopment of Central
08:48:07 Park village?
08:48:08 >>MARY ALVAREZ: No, how are they working together
08:48:11 with -- our consultants with the Tampa Housing
08:48:14 >> This EDAW team, how will they relate to that
08:48:17 >>MARY ALVAREZ: Yes.
08:48:18 >> They will be involved.
08:48:21 Obviously the Central Park village plan is far along,
08:48:25 but they have met already with the Bank of America
08:48:28 team and the Tampa Housing Authority to learn about
08:48:30 the project and to understand their urban design plans
08:48:35 and how those will impact the rest of the Central Park
08:48:40 area's redevelopment.
08:48:41 And so I think a good partnership has been forged
08:48:44 right at the beginning, and I expect that while that
08:48:49 project is quite far along, already being entitled and
08:48:54 already in a development process, their work will
08:48:57 benefit that project as well.
08:48:58 >>MARY ALVAREZ: Good.
08:48:59 And I understand here, too, that the Tampa Park
08:49:02 apartments are in this proposal, too?
08:49:08 >> One of the unique aspects of this redevelopment
08:49:11 area, unlike any of the other redevelopment areas that
08:49:14 we have, is you have two very large property owners.
08:49:17 The Tampa Housing Authority and the Tampa Park
08:49:20 apartment property.
08:49:23 Both of those projects and, again, the Central Park
08:49:26 project is very far along.
08:49:28 The Tampa Park apartments project is not as far along.
08:49:31 So we have an opportunity to work more with those
08:49:34 property owners and to integrate them into an overall
08:49:37 plan for the redevelopment area.
08:49:39 So the scope of services really simply acknowledges
08:49:42 that there is a unique planning opportunity for us to
08:49:46 work with that property owner, and we look forward to
08:49:50 doing that.
08:49:54 >>MARY ALVAREZ: And the scope of services are for how
08:49:59 long a period?
08:50:00 I understand it looks like three months, like a
08:50:03 90-day --
08:50:04 >> The schedule calls for the draft plan to be
08:50:08 completed within eight months.
08:50:09 >>MARY ALVAREZ: Within eight months.
08:50:12 All right.
08:50:12 Ms. Saul-Sena.
08:50:13 >>LINDA SAUL-SENA: Thank you.
08:50:14 Do you have a map of the area that this is going to
08:50:18 I couldn't find it.
08:50:21 >> It covers the entire redevelopment area.
08:50:24 So the Central Park redevelopment area stretches from
08:50:32 our downtown CRA to the Ybor CRA.
08:50:36 It's then bounded by the interstate on its western
08:50:41 And it excludes GTE credit union.
08:50:49 >>LINDA SAUL-SENA: Why does it exclude that?
08:50:51 Because that was the way we drew the boundary.
08:50:58 I think that was not a wise planning decision, because
08:51:01 that is a very suburban design in the middle of an
08:51:04 urban area.
08:51:05 And if we were to do really complete, thorough
08:51:08 planning, I think it should have been included.
08:51:12 I hope that in the future that the property owners
08:51:14 there will see the wisdom in integrating their design
08:51:17 as part of ours.
08:51:19 But I'm very interested in a schedule, because this is
08:51:23 quite ambitious.
08:51:25 So I would say at our April CR -- do you think you can
08:51:29 do this prior to April in tell of giving us some kind
08:51:32 of schedule?
08:51:35 >> There is a schedule.
08:51:37 >>LINDA SAUL-SENA: Not the fee schedule, but another
08:51:39 kind of schedule.
08:51:41 >> If there is something different or in addition to
08:51:44 what has been provided, I would be glad to provide it
08:51:46 to you.
08:51:47 >>LINDA SAUL-SENA: I'm sorry.
08:51:48 I didn't see it.
08:51:48 What page is it on?
08:51:51 >> 20.
08:51:52 >>LINDA SAUL-SENA: That's what I'm looking at.
08:51:57 It's very conceptual.
08:51:58 I guess what I would like to see is for Phase One, I
08:52:00 would like to see some dates and locations attached,
08:52:04 like when we're going to, you know, and the other
08:52:08 thing that I think that's really important is to see
08:52:10 the people who are going to be in all the phases.
08:52:15 The other entities that are going to be included like,
08:52:19 for example, under transportation infrastructure, to
08:52:23 make sure, for example, the Downtown Partnership is
08:52:27 included, even though this isn't within their area.
08:52:30 It's physically adjacent to it, and it will have some
08:52:33 impact and the F.D.O.T.
08:52:35 You know, all the sort of cast of characters, because
08:52:37 we want to make sure that we include everyone who has
08:52:40 something important to bring to this process.
08:52:44 >> Good.
08:52:44 >>LINDA SAUL-SENA: Thank you.
08:52:45 >> And the reason the schedules are set like this is
08:52:47 because they are all set based on when this --
08:52:52 [INAUDIBLE] -- with your approval today, we'll execute
08:52:55 this and these are the time frames.
08:52:57 We'll now provide you a dated schedule.
08:52:59 >>LINDA SAUL-SENA: Great.
08:53:00 >>MARY ALVAREZ: Mr. Huey, getting back to the question
08:53:02 Ms. Saul-Sena asked about the GTE building, wasn't
08:53:05 that building built in, like, 2003?
08:53:12 >> Yes.
08:53:13 >>MARY ALVAREZ: 2002, I believe it was.
08:53:15 It was in the Greco administration.
08:53:17 >> Right.
08:53:17 Prior administration.
08:53:17 >>MARY ALVAREZ: And it was -- so they had the option
08:53:21 of either coming in with us or not, and they opted
08:53:27 >> No, no.
08:53:28 This really related to the conversation we had with
08:53:31 the county about the best way to set up the CRA.
08:53:36 But from an urban design standpoint, Linda's comment
08:53:41 is accurate.
08:53:42 The urban design that they have is one more suited to
08:53:46 a suburban environment.
08:53:48 Again, when they committed, in fairness to them, they
08:53:51 really didn't know what might happen.
08:53:53 They were quite pioneering there.
08:53:55 And I think if they were now redeveloping that site,
08:53:59 they would redevelop it differently, but you can't do
08:54:03 anything about that.
08:54:04 >>MARY ALVAREZ: Right.
08:54:06 >> As you said, they made a commitment very early on,
08:54:09 some time ago, and they built a very fine facility.
08:54:11 We're very proud to have them in the district, and
08:54:15 they are definitely an important economic engine for
08:54:18 the area.
08:54:20 >>MARY ALVAREZ: Yes, yes.
08:54:21 Well, I know that time that we weren't even talking
08:54:25 about a Central Park CRA at that time.
08:54:30 If there was, I don't remember it.
08:54:32 Anyway, I think the agreement looks good from what
08:54:35 I've seen.
08:54:36 I'm sorry I didn't get it before so we could really
08:54:39 study it.
08:54:39 I know you said we got it February 28th, but I don't
08:54:42 recall seeing it.
08:54:43 >>LINDA SAUL-SENA: Thank you.
08:54:44 In the future, I think what I would like to see is not
08:54:47 just us to physically get something, but from now on,
08:54:51 to get it, discuss it, and then have a lag, at least
08:54:57 one week lag time before we vote on it, to give people
08:55:00 who perhaps see it on television or additional thought
08:55:05 come to us, to have a presentation, we should not be
08:55:08 expected to vote at that meeting.
08:55:16 And Mr. Territo is our attorney.
08:55:17 Will you see to that?
08:55:19 I move that we receive our materials at least one
08:55:21 meeting prior to the expected to take action.
08:55:24 Not receive materials, but receive a presentation.
08:55:28 >>JOHN DINGFELDER: I'm not going to second it on the
08:55:30 basis I think it will tie our hands too much.
08:55:32 Because if something comes up that they need to get it
08:55:35 and we have to do it that day, then we might be stuck
08:55:38 with a rule that we have a problem with.
08:55:40 I think Mr. Territo has heard your suggestion, and I
08:55:44 think it's a strong suggestion.
08:55:46 I think it's a good suggestion.
08:55:47 I think that's the way it should be.
08:55:50 So I think that's adequate.
08:55:51 >>GWEN MILLER: But we get our materials in time.
08:55:53 I had mine.
08:55:56 I'm talking to Ms. Saul-Sena.
08:55:57 I had mine on February 28th.
08:55:59 I had the opportunity to read it.
08:56:00 I wasn't the only one that got it.
08:56:03 Every Council member had it.
08:56:06 I don't know what the problem is.
08:56:09 >> I know councilman Saul-Sena has asked us to take a
08:56:13 different style, and we have heard you, and I think
08:56:15 I'll share with you, again, our remaining meetings in
08:56:20 And I'm trying to bring that more into our way of
08:56:22 doing business, because I think it is a good way to do
08:56:26 So I acknowledge it.
08:56:27 I don't think there's a need for a motion, because I
08:56:29 think there are sometimes when there may be a need for
08:56:31 an exception.
08:56:32 And in the case of these scopes, this is the way we've
08:56:35 always done that, and that's why we have done it this
08:56:39 Again, we can do things differently, and we appreciate
08:56:44 you and your involvement, your engagement, and we want
08:56:47 to be responsive to that.
08:56:49 >>JOHN DINGFELDER: Madam Chair, I'll move the
08:56:57 Let me move it to get it on the table.
08:57:04 >>CHARLES FLETCHER: Mark, looking at the schedule that
08:57:06 you have here, and I can't quite line everything up,
08:57:11 but it looks like the TIF funding analysis may be done
08:57:17 in the late April to may time frame.
08:57:20 I'm wondering if this would be an opportunity to have
08:57:23 some financial analysis, whatever our environment will
08:57:27 be after this session in terms of property taxes and
08:57:30 how they impact CRAs, and it may be an opportunity
08:57:33 to get a little bit of analysis on that issue.
08:57:36 >> Yes.
08:57:36 Yeah, I think all of our CRAs are going to be
08:57:40 potentially impact by this really unknown and changing
08:57:45 So I think what you can expect is even beyond this, we
08:57:48 will be making a presentation for you about the
08:57:52 agency, the implications for you as an agency as a
08:57:56 whole of the changing tax environment that we have.
08:57:59 And I think Bonnie would be a part of that, and it's
08:58:03 definitely high on our radar screen, even beyond the
08:58:07 scope of these services.
08:58:09 I appreciate you observing that.
08:58:13 >> There is no agreement before you here.
08:58:15 It's coming before the City Council.
08:58:17 This was a discussion, I think, to let you know it is
08:58:20 It's really something the City Council would be
08:58:23 approving because the City Council acting -- the city
08:58:25 acting as your staff and the City Council approving
08:58:27 it, because there is no money in the budget right now,
08:58:29 so the city has to approve it, because that's where
08:58:32 the money is.
08:58:34 >>LINDA SAUL-SENA: Thank you.
08:58:35 When -- when will this be coming before City Council?
08:58:41 >> In a few minutes.
08:58:42 Items 32 and 34, I believe.
08:58:45 32 and 36 on the City Council agenda.
08:58:47 One is a budget resolution.
08:58:48 And one is the EDAW agreement.
08:58:51 >>MARY ALVAREZ: Very good.
08:58:52 Okay, let's go to item number 1.
08:59:00 >> Your point was that no action is required of them
08:59:03 on that.
08:59:04 That is a briefing and chance to answer questions.
08:59:08 The next item is another important item relating to
08:59:10 our downtown.
08:59:11 We've had a chance to brief you a little bit about
08:59:15 that over the past week.
08:59:18 We have an opportunity because of the redevelopment
08:59:20 that's occurred in our downtown CRA to finance some of
08:59:25 the tax increment that's being created there.
08:59:28 And Bonnie and her team have worked hard to put a
08:59:31 mechanism in place for us to do that.
08:59:33 It's important because it's going to allow us to have
08:59:37 public funds to invest in many very needed amenities
08:59:41 and enhancements in our downtown that can help support
08:59:45 the momentum that we have of transforming our downtown
08:59:50 into a 24/7 viable residential neighborhood.
08:59:54 So with that, I'm going to have Bonnie come up and
08:59:57 answer questions for you about that.
09:00:00 >> Good morning.
09:00:03 This is a big milestone for our city.
09:00:06 As you know, we have had since 1990, for example, that
09:00:10 the downtown TIF revenues have not been sufficient to
09:00:14 pay the debt service on the convention center bonds.
09:00:16 This year that we're in, 2007, is the first time that
09:00:20 we've had monies in excess of the convention center
09:00:23 We had about a million-and-a-half dollars.
09:00:25 So in about January, we put together some projections
09:00:29 of upcoming TIF revenues.
09:00:32 Even though the CRAs will expire, the last payment
09:00:35 in 2015 for one of the CRAs and 2019, we were able
09:00:41 to propose a plan in which we can just pledge our TIF
09:00:46 revenues for borrowing.
09:00:48 And this is very significant.
09:00:50 When we did the convention center debt, we had to
09:00:53 pledge a backup pledge of city's utility tax.
09:00:56 In fact, as I mentioned, we put $130 million over
09:01:01 since 1990 or so into that debt service.
09:01:06 So now to be able to pledge just tax increment
09:01:09 revenues, not requiring a city backup pledge, not
09:01:13 affecting our bonding capacity is a huge milestone.
09:01:17 And what we're proposing to do, the Florida league of
09:01:20 cities has a new program.
09:01:23 The association of counties has had a commercial paper
09:01:25 program for quite some time of which we're a part on
09:01:28 the water, wastewater, stormwater program.
09:01:31 And the league of cities has put together their
09:01:35 And we are going to be one of the first borrowers in
09:01:38 that program.
09:01:38 It's a commercial paper program as well.
09:01:41 It has a letter of credit from Bank of America.
09:01:45 And it will be variable rate bonds.
09:01:50 What I like about the commercial paper programs, you
09:01:52 only borrow when you need the money.
09:01:54 That means you only pay debt service when you do the
09:01:58 So, for example, we have various projects on our list,
09:02:01 for example, the park, Zack Street, those types of
09:02:08 projects. Only as those projects are designed to our
09:02:10 satisfaction as we have the dollar amounts that we
09:02:13 need, will we then borrow the money and then we have
09:02:16 to pay the debt service at that time.
09:02:18 It's a very flexible program.
09:02:20 We can repay it at any time, can repay it without
09:02:25 Different than our standard fixed rate bond, this
09:02:27 gives us much more flexibility.
09:02:30 So this is very important.
09:02:34 Just to put a quick map, I'm sure you're all familiar.
09:02:41 Those are the two downtown CRAs that we are talking
09:02:46 The core and the noncore.
09:02:50 So those revenues would be pledged toward repayment.
09:02:52 Mark and I presented this plan to the Downtown
09:02:54 Partnership's Executive Committee.
09:02:58 Christine Burdick is here today.
09:03:02 They made a motion in support of the project.
09:03:04 This will allow us to put in the funds into our
09:03:06 downtown debt.
09:03:07 As you know for years and years, we have not had the
09:03:11 ability to do.
09:03:12 We've been talking about a park.
09:03:13 We've been talking about Ashley, but we did not have
09:03:16 any funds to pay for any of those projects, and now we
09:03:18 have this opportunity.
09:03:19 So I'm very excited.
09:03:21 I'm excited about being in the league's new program.
09:03:23 I think, frankly, that they wanted us in our program
09:03:26 as much as we wanted to be in it.
09:03:28 I think that did help with getting our downtown TIF
09:03:31 only financing.
09:03:32 And so it's a good program for us as well as for the
09:03:35 league of cities.
09:03:37 So I'm here to answer any questions you may have.
09:03:39 Of course, I sent you a memo on February 23rd, and I
09:03:43 met with each of you individually, but this is a
09:03:45 milestone for us.
09:03:46 >>MARY ALVAREZ: That's great.
09:03:47 Ms. Saul-Sena.
09:03:48 >>LINDA SAUL-SENA: Thank you.
09:03:49 I want to thank you for specifically meeting with each
09:03:51 of us in advance of this and explaining it.
09:03:53 I want to congratulate you on securing this
09:03:57 opportunity for us.
09:03:57 And it's very exciting after years of seeing all our
09:04:00 money go to the convention center to be able to spend
09:04:02 it on some additional benefits for our downtown.
09:04:06 >>MARY ALVAREZ: And I want to thank the Florida league
09:04:08 of cities for bringing this program.
09:04:12 It's a new program you said, right?
09:04:13 >> Yes, ma'am.
09:04:14 >>MARY ALVAREZ: Well, what took them so long?
09:04:16 It's a great program.
09:04:17 Any other questions?
09:04:18 >> I'm sorry.
09:04:20 I wanted to mention that you have the interlocal on
09:04:22 your CRA agenda, but you're going to have three items
09:04:25 on your Council agenda, items 26, item 34 and item 69.
09:04:31 And item 69 is actually a public hearing, because
09:04:34 we're pledging CRA revenues, little different than our
09:04:37 typical bond issue, we're required actually to have a
09:04:40 public hearing.
09:04:40 So all the taxing entities have been noticed for a
09:04:46 9:30 public hearing.
09:04:51 I wanted to make sure you knew they were companion
09:04:57 >>MARY ALVAREZ: We have a motion and second to pass
09:04:59 item 3 resolution.
09:05:00 All in favor, please indicate by saying aye.
09:05:03 The motion passes.
09:05:08 >>LINDA SAUL-SENA: I want to share with Council
09:05:10 members and everybody else that there is the most
09:05:13 superb overall map of downtown A physical map that's
09:05:16 similar to what I asked for a year ago, but it's a
09:05:19 fantastic scale version of what's going on downtown.
09:05:22 It's located in the block of 500 Franklin Street on
09:05:26 the east side of the street in the element show room.
09:05:29 Specifically, Mr. Chen, I would like for you to see
09:05:33 what you can do if you have a hundred thousand dollars
09:05:35 to spend on a scale model.
09:05:38 When they don't need it any anymore for their
09:05:42 development, I want to bring it down here and use it
09:05:44 for us sitting as the CRA to better understand the
09:05:49 implications of approvals of projects downtown.
09:05:54 Because it's such a valuable tool.
09:05:56 So everybody go look at this.
09:05:59 It's really superb.
09:06:01 >>MARY ALVAREZ: Well, we have a public comment section
09:06:03 this morning.
09:06:04 And I would like to know if there's anybody in the
09:06:06 public that would like to speak on any issue.
09:06:12 Anything else, Mr. Huey?
09:06:14 >> Yes, one item.
09:06:15 And before we leave, I did want to compliment mike
09:06:21 He was a key part of our team and creating the initial
09:06:24 vision for how we could do the financing in our
09:06:27 So appreciate your work on it, mike.
09:06:30 >>MARY ALVAREZ: Thank you, Mr. Chen.
09:06:33 >> I distributed to you current -- our March madness
09:06:38 of all the things we have before us.
09:06:40 Again, thank you to agreeing to a weekly meeting.
09:06:45 This is the schedule of activities that we're bringing
09:06:47 to you.
09:06:48 Next week, we have the adoption of the Drew Park
09:06:51 strategic action plan.
09:06:52 We did meet with the advisory board on Monday.
09:06:55 Thank you for being there, Mary, and had a good
09:07:00 We were a couple of hours of good dialogue.
09:07:03 There will be a few amendments that come to you and
09:07:07 we'll be forwarding those to you.
09:07:09 Any time line?
09:07:14 Look for something and we'll make sure to alert you to
09:07:17 We'll highlight the text amendments there.
09:07:21 Then we also will present to you advisory board and
09:07:24 TIF borrowing policies.
09:07:25 Linda, we're going to ask for your approval on those
09:07:28 the following week, so you'll have a chance to review
09:07:32 You can see the schedule for March 22nd and
09:07:34 March 29th.
09:07:36 The only thing that is new there is an item I had left
09:07:40 off last time.
09:07:41 That's the last bullet point on March 22nd, which is
09:07:44 the approval or the presentation of the city CRA
09:07:47 services agreements.
09:07:48 Those are typically done at the time we adopt our CRA
09:07:54 You might recall that.
09:07:55 And we haven't done those yet this year.
09:07:57 So a bit of housekeeping that we need to get done.
09:08:01 Any questions about the schedule?
09:08:02 >>MARY ALVAREZ: Are you going to need any 8:00
09:08:06 >> No.
09:08:06 You know, I think we're going to be good.
09:08:09 >>MARY ALVAREZ: Ms. Saul-Sena.
09:08:12 >>LINDA SAUL-SENA: (Microphone not on) I wonder if it
09:08:17 would be possible, for example, next week, the 15th,
09:08:20 to have at least the materials for the things that
09:08:25 we're going to be asked to vote on the 22nd.
09:08:31 >> You'll be receiving the materials -- on the 22nd,
09:08:34 the only thing you'll be asked to vote on will be the
09:08:37 advisory board, although, actually, the annual report
09:08:40 is also something that they accept, you receive and
09:08:44 So the only action item on the 22nd relates to the
09:08:48 presentation you'll receive on the 15th.
09:08:51 And we'll actually get you those materials even in
09:08:53 advance of the 15th.
09:08:56 >>LINDA SAUL-SENA: And also, the 29th?
09:08:59 >> The 29th, yes.
09:09:00 You will have, again, you'll receive --
09:09:03 >>LINDA SAUL-SENA: Have the presentation the week
09:09:07 Thank you very much for that.
09:09:08 I really appreciate it.
09:09:09 >> We're trying to be responsive.
09:09:10 We hear you.
09:09:12 >>MARY ALVAREZ: We try to please.
09:09:14 >> Yes, that's right.
09:09:15 We're here to please.
09:09:16 >>MARY ALVAREZ: Okay.
09:09:17 Any other questions for Mr. Huey?
09:09:19 Any questions at all from the board?
09:09:22 We are adjourned.