04:39The main agenda item was the P3 mixed-use development and public parking project. Trinet Forbes, the economic development director, provided a detailed background on the procurement process for the development proposals. The evaluation committee, comprised of members from various departments, reviewed proposals based on criteria such as development plans, project schedules, qualifications, financial benefits, and consistency with project goals. Each proposal was scored out of 20 points. The economic analysis, conducted by economist Paul Shuran from Impact Data Source, highlighted the anticipated economic impacts of construction and ongoing operations of the proposed developments. Shuran emphasized the importance of accurately projecting construction expenditures and their potential to generate additional revenues for local entities.

17:59The P3 project discussions included a comparison of proposals from Atlantic Housing Partners, Capstack Development, and G3 Development. The first proposal by Atlantic Housing Partners included 168 residential units and approximately 18,000 square feet of commercial space, aligning well with city estimates on property values. Capstack’s proposal featured 150 residential units and 30,000 square feet of commercial space, yet faced challenges with discrepancies in impact fee estimates between the developer and the city. G3 Development’s proposal was smaller, with 30 to 40 residential units and 8,000 square feet of commercial space, but lacked sufficient detail on rental rates and expenditures.

23:48The fiscal comparison of these projects focused on the projected benefits over a 20-year period, including property taxes and other revenue streams. The city projected a total benefit of approximately $21 million from these developments, factoring in revenue from the parking garage and property taxes. These projections played a role in guiding the council’s recommendations.

26:43The council also addressed comments received regarding the CRA extension analysis. The county’s feedback highlighted a need for clarification on certain expenses and suggested adjustments to the project’s scope and language, such as replacing “downtown” with “central business district.” The county emphasized the importance of public-private partnerships (P3s) and larger projects to enhance tax value. Further, the county requested the CRA to eliminate funding for policing services, effective October 1st, and focus on identifying specific opportunity sites for acquisition.

Discussions included the CRA’s historical impact, with emphasis on crime rate reduction since its inception. The CRA’s contribution to downtown revitalization and the VFW renovation were highlighted as examples of its impact. Approximately 70 facade improvement projects since 2013 were noted, resulting in a 10.9% increase in property values from a $780,000 investment. The CRA’s role in funding the master plan for a medical arts campus and shifting project priorities, such as modifying the Centennial Park project’s scope, were also discussed.

The council acknowledged the collaborative efforts in developing a plan for the county, with hopes for an extension of the CRA’s operational parameters. Council members expressed appreciation for the team’s efforts, particularly regarding the P3 project negotiations. The meeting concluded with inquiries about future meetings, indicating that unless something urgent arose, another CRA meeting would not be scheduled soon.