Thomas C. Chatmon, Jr. Executive Director Downtown Development Board/ Community Redevelopment Agency August 20, 2010
Agreement with Central Florida Commission on Homelessness for Donation Meter Funds On November 17, the CRA Advisory Board recommended approval of the Agreement with the Central Florida Regional Commission on Homelessness.
Agreement Summary: • Funds to be collected by the City’s Parking Division and remitted to the CRA • CRA to disburse 100% of collected funds to the Heart of Florida United Way, Inc, for use by the Central Florida Commission on Homelessness (United Way is the fiscal agent for the CFCH)
CRA Retail Stimulus Program On November 17, 2010, the CRA Advisory Board recommended approval of the Retail Stimulus Grant Program • Program created as a recommendation of 2008 Downtown Orlando Retail & Entertainment Study • Grant award is at a rate of up to $25 per square foot; Maximum possible grant is $50,000 for designated fixed interior improvements on a reimbursement basis • Property owner must match CRA investment on a one-to-one ratio • Grantees will be required to sign a lease with a minimum term of 5 years
54 West Arts Space Agreement On November 17, 2010, the CRA Advisory Board recommended approval of an Agreement between 54 West ownership and the City and CRA.
Agreement Summary: • City to execute a rent-free, 75-year lease of 9,000± SF at 54 West Church Street for use as Arts Space • During the first lease term, City and CRA to pay CAM charges of $8.75/SF, with City paying $6.00/SF and CRA contributing $2.75/SF (fixed) • $6.00/SF (+ escalations) to be reimbursed to the City via the variable rent from the 55 West Parking Garage • A one-time payment of $100,000 for build-out of the Space from the CRA
Amended and Restated Economic Development Incentive Agreement – 55 West On November 17, 2010, the CRA Advisory Board recommended approval of the 55 West Amended and Restated Incentive Agreement between the 55 West ownership and the City and CRA.
Project Modifications • Providing for the construction of a 33-story tower with 401 rental apartments with potential office and hotel space, 75,000 SF of retail space, and 868± City Garage and 244± parking spaces within the Tower • CRA’s obligation to provide a 12-year tax increment recapture remains the same, except that the first payment is due May 1, 2011; Amount of recapture is 35% for years 1-4, 30% for years 5-8, and 25% for years 9-12
Project Modifications (cont.) • If the Arts Space lease is terminated by anyone other than the City during the recapture period, the CRA’s obligation to provide the recapture immediately terminates • Removing the requirement of a condominium form of ownership • There are 4 unfinished floors in the 55 West tower; if these floors are not finished out and receive C.O.’s within 10 years, the final recapture payment will be forfeited • Removing the office space requirement