MINUTES OF THE SPECIAL SARASOTA COMMUNITY REDEVELOPMENT AGENCY MEETING JANUARY 20, 2015 PRESENT: Chair Willie Shaw, presiding, Vice Chair Susan Chapman, Members Suzanne Atwell, Eileen Normile, and Stan Zimmerman, and Executive Director Thomas Barwin, Attorney Robert Fournier, and Secretary Pamela Nadalini ABSENT: None The meeting of the Community Redevelopment Agency (CRA) was called to order by Chair Shaw at 2:35 p.m. 1. APPROVAL RE: MINUTES OF THE SPECIAL COMMUNITY REDEVELOPMENT AGENCY MEETING OF OCTOBER 20, 2014 (AGENDA ITEM CRA-1) Chair Shaw noted Community Redevelopment Agency Board consensus to approve the minutes of the Special Community Redevelopment Agency meeting of October 20, 2014. 2. APPROVAL RE: AUTHORIZE THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SARASOTA TO EXECUTE THE ASSIGNMENT AND CONSENT BETWEEN THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SARASOTA, RINGLING & ORANGE, LLC, AND RINGLING SQUARE LLC, PERTAINING TO PROPERTY LOCATED AT 1626 RINGLING BOULEVARD (CRA-2) Chief Planner Steven Stancel, Neighborhoods, Redevelopment and Special Projects Division, Neighborhood and Development Services (NDS) Department, came before the Commission gave an overview of the proposed Redevelopment Agreement (Agreement) with Ringling Square, LLC (Ringling Square) and stated that on June 6, 2005, the Community Redevelopment Agency (CRA) of the City of Sarasota, Florida, entered into an Agreement with Ringling Square; that the Agreement required Ringling Square to develop approximately 42,000 square feet of office and retail space at 1626 Ringling Boulevard and to include: 1. A regional bank headquarters occupying approximately one half of the floor-area space and a public outdoor plaza. 2. Ap public outdoor plaza along Ringling Boulevard for public-use. 3. Af four-story parking garage with ten spaces reserved for City employees. Mr. Stancel continued that the CRA Board agreed to approve Tax Increment Finance (TIF) assistance towards the project totaling $426,000.00 as follows: Mr. Stancel further stated that the CRA Board agreed to provide the funding through annual reimbursement payments equal to ninety-five percent of the actual incremental County and City tax revenues generated by the project beginning upon construction completion and continuing through the fiscal year ending September 30, 2016, or until the total amount was disbursed, whichever occurred first; that to-date the CRA has provided a total of $288,800.96 in eight annual payments to Ringling Square; that the balance owed by the CRA for the project is $137,199.04; that a provision in the Agreement requires Ringling Square to seek prior written consent of the CRA Board if the Developer wishes to sell, convey, assign, or otherwise dispose of any rights, title, interest and obligation in the project; that the intent of the provision is to assure any new owners of the project are bound by the original terms of the Agreement; that Ringling Square has entered into a Commercial Contract for the sale of the project property located at 1626 Ringling Boulevard with Ringling and Orange, LLC (Ringling and Orange) in conjunction with the sale of the property; that an Assignment and Consent Agreement has been drafted transferring all obligations of the project to the new owner, Ringling and Orange; that in addition, all future payments from the CRA will be distributed to the new owners Ringling Square and Ringling and Orange who are seeking the CRA Board consent to the sale of the property; that included in the Agenda backup material is the original Agreement for the Redevelopment of Property between the Community Redevelopment Agency. of the City of Sarasota, Florida, and Ringling Square, LLC dated June 6, 2006, and the proposed Agreement and Consent Document between the Book 3 Page 31816 01/20/15 2:30 P.M. Book 3 Page 31817 01/20/15 2:30 P.M. Community Redevelopment Agency of the City of Sarasota, Florida, Ringling and Orange, LLC, and Ringling Square, LLC; that Staff recommends the CRA Board approval of the Assignment and Consent Document between the CRA of the City, Ringling and Orange, LLC, and Ringling Square, LLC. In response to a question from Member Normile asking if any due diligence was done as to the financial viability of the Buyer, Mr. Stancel stated no, nothing was done since it is a reimbursement and if something were to occur with the current project, the City would not be liable to make the annual final payments. Discussion ensued about the ten parking spaces at $51,000 which was based on an approximate annual value of ten years. A motion was made by Member Atwell, seconded by Member Zimmerman and carried by a 5-0 vote to approve the Assignment and Consent between the Community Redevelopment Agency of the City of Sarasota, Ringling and Orange, LLC, and Ringling Square, LLC. Member Zimmerman stated that the CRAI is scheduled to sunset September 30, 2016, and unless extended by the Sarasota Board of County Commissioners (BCC) no funds will be available for the Newtown CRA, if the Downtown CRA is not extended; that funds will also not be available for redevelopment of the Bayfront; that the CRA Board should have an informal meeting to discuss the extension of the CRA. Discussion ensued about the CRAS sunsetting on September 30, 2016, the intended use the Downtown CRA expiring in 2020 and contains proposed projects which may be eligible for CRA funds along with proposed projects from Mote Marina which is part of the CRA plan, and without a Downtown CRA there will not be funds to fund the Newtown CRA. Executive Director Barwin stated that at a very well-attended residents meeting held over the weekend, raised concerns about transportation as related to congestion; that Staff would like to ask the County if they would like to collaborate with the City in a more proactive way to begin resolving the issues and to perhaps explore the issue to what degree if any, CRA funds could be utilized for some innovative transportation planning; that placing an item on the Agenda for further discussion would be prudent. In response to a question from Member Atwell asking when the Downtown Community Redevelopment Area (CRA) Extension Committee would meet again, Deputy Executive Director Marlon Brown, City Manager's Office, came before the Commission and stated that the CRA Extension Commission work is completed; that it would be up to the City Commission and BCC to bring the topic back. Vice Chair Chapman stated that she had a conversation with BCC Commissioner Alan Maio, at the January 22, 2015, Convocation of Governments meeting and tried to clarify to him that the Bayfront 20:20 will essentially be non-existence without an extension of the CRA; that an email was received from a citizen over the weekend complaining about the wear and tear of the Bayfront Park; that many of the sidewaiks in that area were created with CRA dollars. Chair Shaw stated that at the January 22, 2015, Convocation of Governments meeting, BCC Chair Carolyn Mason indicated she would be sending out correspondence for scheduling a Mayor's meeting; that he will present the issues for discussion if Staff could have the information readily available. In response to a question from Member Zimmerman asking if the CRA Workshop would have to be advertised separately from the proposed scheduled Informal City Commission meeting, or if CRA issues could be discussed at the Informal meeting City Commission meeting, Secretary Nadalini stated that the Informal meeting is actually a City Commission meeting; that if the intent is to discuss CRA items, then the Informal Session of the CRA Workshop would have to be Noticed separately, since the body would be sitting as the City Commission instead of the CRAAgency Board. Chair Shaw noted Commission consensus for Staff to revise the Informal City Commission meeting Notice and to draft a Notice for an Informal Session of the Community Redevelopment Agency (CRA) Agency Board Workshop. Secretary Nadalini stated that Staff will revise the Informal City Commission meeting Notice and draft a Notice for the Informal Session of the CRA Agency Board meeting; that the Commission is reminded no action can be taken at the Informal Session of the CRAAgency Board Workshop. 3. ADJOURN OTA Chair Shawadjourned the meeting at 2:55 p.m. swed / & WILLIE CHARLES SHAW, CHAIR ATFEST: LN X - - PAMELA M. NADALINI, SECRETARY Book 3 Page 31818 01/20/15 2:30 P.M.