order. Welcome to City of St. Cloud Community Redevelopment Agency uh meeting for Tuesday, April 29th, 2025, 2 p.m. And can we all please stand for the pledge of allegiance? I aliance to the flag of the United States of America and to the republic
for it stands one nation indivisible with liberty andice for all. All right, madame clerk, please call the role. Chair Robertston here. Vice Chair Fletcher here. Member Paul here. Member
Irvin here. Member Gilbert here. Member Wagner here. Member Loen here. Thank you. All right. Thank you. All right. And we have presentations on P3 mixeduse development with public parking project. Uh city manager, would you like to kick
this off? Yes. Thank you. I'm sorry. Our economic development CRA director had a a personal emergency, so she will be coming, but she may be a few minutes late. Um, so this evening, this afternoon, we have scheduled presentations from the three companies
that gave us proposals on our downtown project. Uh, we scheduled them with G3 first. Um, if we can ask them to come up. We we asked each participant to do a 30 minute presentation to the board
about their project. All right. G3, can I please have your name and address for the record, please? Yes, sir. Jake Jake Gunther, 2223 Overlook Drive, Mount Dora, Florida. Oh, yes, sir. Go ahead. You're waiting on me. Oh, yeah. No, I'm just waiting on
I mean, we're ready to go. Get ready to go the presentation. We're loading the presentation at Oh, you didn't receive a presentation. Okay. Oh, we sent one yesterday um afternoon. Okay. All right. We can we can we send it we can find it. Yeah, we
can we can wait a moment. Locate that laptop here if we need to email it over now. But do do you can you say or is there an issue if I find out where they sent it to? Sure. I mean we could that would make it easier to find. I sent it to
purchasing whatever the email is on that form. I it's important enough. I think we need to do that. Yeah, I might I'll be completely winging it without that. So, I don't know if you guys want me to do that, but I can tell us about yourself. Hey, so yeah, I mean I mean what'd you
have for lunch today? So, um perhaps we can switch places maybe if if the next participant and and board would be willing. We are open to whatever you guys want to do. So, yeah, that's fine. That would work. Uh which one would you like us to do first? I don't know who
was scheduled second. They didn't give me that piece of paper. Capstack, if Capstack could please. All right, we'll go ahead and call for Capstack development. Great presentation, G3. Short and to the point. All right. Can we please have your name
and address for the record? Veronica Males, 1081 East Lature Boulevard, CMI. Good afternoon, CRA board staff and of course um the public who's here today. We are very excited to bring our proposal for the city of St. Cloud's
opportunity for redevelopment as part of a public private partnership rebid RFP number 2025-010. For today, we're going to cover brief introdu introduction of our company. We're going to introduce our team. We're going to give you an overview of our
proposal. You're going to see some beautiful renderings from Baker Baris Architects. And of course, we're going to talk about deal economics. So again, I'm Veronica Malois, CCIM. I'm the founder and CEO of Capstack Development Co. LLC, a minority
womanowned business. and we're very very happy to be before you today to give you our proposal for a community focused high-end product for downtown St. Cloud. A little bit about us. We are homegrown in Oyola County. As a matter of fact, my
husband and I, who's here, we raised our five children right here in Oyola County. My daughter, who was also here, actually graduated from uh St. Cloud High. And so a lot of her friends and family and our family actually uh visit this uh this downtown and uh General St.
Cloud a lot. This is where we live. And a little bit about my service to Oyola County. Um I was planning board commissioner for 10 years, served as chair for three years. And for the city of St. Cloud, I was honored and so happy to have served the city in the Stevens
Plantation um repositioning about 10 years ago already. Oh my goodness. Yeah. And um I am a CCIM. If you're not aware, uh CCIM is the organization of commercial real estate experts. As a matter of fact, we were so happy that um
St. Cloud had sponsored our signature event in Oyola, very very successful um on the lakefront marina. I'm a longtime uh I'm a lifetime learner. So I was just recently at the Wharton Business School and we're very very excited to bring our
expertise to downtown St. Cloud. We have a mission. We develop thriving, inclusive communities through real estate projects that deliver responsible financial returns while making meaningful social impact. So, we're not here really to just make a development
profit. We are here because we have a heart for this community and we want to bring a community focused high-end product for all to enjoy. A little bit about our not a little bit, it's going to be a lot about our development.
18. Our extensive local mixeduse development experience in architectural engineering, construction, and commercial leasing is is really not like any other. So, we're very proud to bring Craig Usler, CCIM. And if you've ever heard of Creative Village in downtown
Orlando, he's responsible for creating this beautiful P3 development project to the city in reshaping the paramore district. John Joyce. A lot of you and staff actually um recognize John Joyce. He was responsible for repositioning and
uh reshaping uh the Stevens Fantation Retail Park. Eric Sheran is business development manager for Metromont who's been around a hundred years. Well, not Eric, but Metro. And and is is a prefab
concrete builder who is a garage um expert. Tim Baker AIA is the chief architect of Baker Barious Architects, prominent architectural firm in central Florida and also um the whole state of Florida and other states as well. And
that would be me again, Veronica Malala, CCIM. I am the founder and CEO of the Capstack Group of Companies with uh commercial brokerage, commercial property management and commercial development. Robert Moon is the principal and
president of KPM Franklin again homegrown and they have a big footprint not only um here but also in central Florida. Jessica Axu is a principal of TNG constructors. They are midrise builders and as a matter of fact they
they also build um here in Oyola County, St. Cloud and CMI. Bernice Bradley is an attorney who have has devoted herself to uh to the construction industry, founder of VODM Construction, been involved for
35 years in Central Florida construction and P3 projects. Um and a lot of her experience comes from her tenure at Turner Construction. Jeff Cely, our finance consultant, has a very very wide range of experience in uh working with
local government, having a background in architecture, engineering, and construction, and especially rebuilding the counties and cities that were actually affected by uh the hurricanes Katrina and Andrew. Vincent Capawano is our VP of projects management, and he's
our son. And if I may brag on him, he's here actually. He graduated from Gateway High School, class validictorian of a class of a thousand. And um he actually went to uh Georgia Tech for mechanical engineering, a minor in robotics, and he
worked for Amazon in the distribution centers uh for projects management for their uh robotics. So, as you can see, our team's experience and strong presence in the market is crucial in today's volatile
economy and construction industry. We all know what's going on nowadays. So, very unpredictable. A few of our past projects, Joyce Development Group, again, uh Stevens Plantation was helpful with the city in replanting and
reshaping Stevens Pantation Retail Park. And if you've ever gone to Joy Japan restaurant, that's my client. Also, um maybe you've had your dog groomed with lily pups and all our favorite tenants. As a matter of fact, one of the other development projects in Stevens Retail
is actually is being done by my team. Again, Creative Village, one of the most significant um P3 redevelopment mixeduse uh projects in downtown Orlando. They work very closely with the city of Orlando that reshaped the
Paramore district is now home to the UCF downtown campus. The Monroe restaurant dormitories uh multif family office and just just really exciting to have Craig Usler on board. Baker Baris architects past projects. This one is the Boon Beach
Town Square redevelopment and uh they helped design the new city hall. Again, Baker Baras with PMPO Beach Innovation District. Very large scare development as you can see. Just beautiful design um that they brought to PMPO
Beach for KPM Franklin engineers like Mary Wellness and Technology Master Plan and Multif Family again very large scale and uh TNG constructors. Actually, this is not a past project. It's a current project with uh the Flats Resort
and Spa in CMI. So you know that when they're active in the market, they have that network of the labor force that we need uh so that we can see this project to fruition. Now we get to talk about our proposal that we so lovingly call the
St. Cloud Exchange. It's a two-phase mixeduse development. Phase one, as you can see, uh, for reference, city hall. The south parcel is going to be the commercial, uh, development with 250 space, multi-level
parking parking deck, 30,000 square ft of retail, and we do intend to bring and curate the very best restaurants and commercial retail in phase one. Phase 2 has 150 unit apartment complex
with class A amenities and 325 parking spaces, additional parking spaces that will serve not only the residents but also retail and the rest of the public. As part of this partnership, the city
secures substantial parking to meet the existing shortfall and support the new mixeduse development with 250 space multi-level parking garage, 100 spaces for 30,000 square ft of commercial space, 225 spaces for 150 unit class A
apartment complex. This will be a catalyst project that sets the tone for future private investment and elevates the standard for downtown development. A total of 8.5 million in public infrastructure improvements including parking and storm water
enhancements, 80 million in new taxable value generating 16.4 million in advorum taxes uh over 10 years and full tax revenue beyond the abatement period. It supports 400 to 500 new
construction jobs and 66 to 86 permanent jobs across operations and commercial space. 200 plus new residents will be welcomed to the downtown St. Cloud, increasing foot traffic and demand for local
business. Downtown vibrancy is enhanced, supporting long-term revitalization and sustainable economic growth. Let's talk about the project timeline. What we call phase zero is the first six months of course due diligence and contract execution and negotiation
with of course the city approval. The delivery period will be in phase one 23 months with a parking deck which we want to frontload because this is a priority for the city and the commercial space. And while we're building phase one, we're going to have a little show uh
schedule overlap because uh the last six months we're also going to be in permitting so that after we build phase one, we're going to be starting to build phase two right away. So phase two is another 36 months. the apartment building with the uh garage for a total
duration of 59 months or less than five years for the total project. I'd like to call on Wilfred Rodriguez um who represents Tim Baker, chief architect for Baker Barius. Wilfred,
hello. Thank you very much uh for your time and opportunity. Um so right now I'd like to go over some of the renderings for our proposal. So we're going to start with the phase one, the garage with the retail podium. For us, placem is always human center and for us the streetscape becomes that
first impression as visitors and residents arrive at uh St. Cloud. So carrying on that uh retail uh dialogue into phase two, we created a system of awnings that pull the visitors and the
pedestrian across the uh streetscape on the level one podium garage as long as including uh public art and other amenities as people move across the building to create an inviting and foster a sense of curiosity. For our interiors, we always like to include
natural materials that uh reflect light that create a bright space uh for occupants to come in and interact with one another. So, this would be a roof deck over the garage. For us, this is a very important space as it becomes an
extension of the public realm uh on the second level or or elevated level if I say um to again foster a sense of curiosity for the visitors and residents alike. Building up on that is our secondary uh terrace and this one is
located in the apartments. This one actually overlooks city hall. Again, creating a connection between the polar realm and the in the streetscape with the uh amenity spaces and the living uh spaces. With that, we incorporate always
art, planting, things that bring comfort to the space and create a sense of uh gathering and community. Going back again to touching up on those uh public amenities, we continue to flood spaces with light, textures that
feel elevated, that feel cozy, that make people want to come into the space and inhabit it. In here, for example, it's one of our uh gathering spaces, could be used for co-work, could be for small gatherings uh for residents to
interact. And again building up on that is this second level uh two-level uh amenity space bringing light elevated finishes to again foster looking outside into the surroundings as well. Fitness is always a huge uh component to our
projects and so continuing to maintain that visibility between outdoor and indoor uh is important on all spaces. And then on the living uh residential units, we continue to again expose and bring as much natural light as possible with natural
textures as well as again finishes that are clean that are comfortable for people to spend their the majority of the time at their residence. Here are a couple of examples of how we start to blend in uh indoor and outdoor spaces here in Orlando. Uh
these are some of our projects and again continuing that dialogue between the public realm and the interior spaces as an extension of one another. For the lobby for example as we mentioned earlier the public art it becomes a way to connect indoor and outdoor uh well
with the natural light and then we go to the next slide you can see that public art and some of our projects that starts to get incorporated on along the public realm. This again we'd like to incorporate and foster a sense of curiosity, a sense of uh people feeling
safe walking around the property and keeping people coming back for more. Thank you. Thank you, Wilfred. Now, let's talk about deal economics. I mean, you've seen a lot of beautiful concepts and pictures, but the question really
that we have to ask is, is our proposal financially viable? Will our mixeduse development attract the right equity and debt partners? We all know that at the end of the day our project has to
pencil and we can safely say after many many hours that we researched on this project and also spent a lot of manh hours on our proform that this is one project that we are so proud to say that we can absolutely deliver.
So for this we're going to call on our U finance consultant Jeff Cely of CELI Consulting. Jeff, thank you Veronica. Good afternoon everyone. Again my name is Jeff Cely 10646 Paralanding Way Orlando
Florida. Uh perhaps we started with Veronica asking the most important question of the hour. Is this deal financially viable? And let me humbly and confidently say yes it is. And perhaps
the second question is why are we so confident? Uh in packaging this deal together we focus on two primary categories and looking at how to give you the best proposal uh per your requirements. One is we looked at the
construction market itself. Um obviously coming out of COVID there was a lot of volatility going on and prices going up. Um, and we look at our team that are locally here that have done much of this from Orlando to here uh in this county
that we feel that we figured out the price correctly and we project our development to be $77 million development and that is key and we'll come back to that as we move a little bit further. The second part is the financial
viability and for that and perhaps maybe this is where the the rubber really beats the road. How does this all work? And as all of you probably already know there are three factors that we focus on. Cost of money. Um interest rate has been the conversation obviously for a
while but obviously if or maybe not so obvious maybe surprisingly uh interest rate has not has really been pretty steady uh coming out of co uh the feds have done a fairly decent job keeping it uh steady it is elevated compared to
what has been in prior year but if you spin out 20 30 years out it is within the acceptable range of of what we've seen over the the past 20 30 years. Second is where perhaps a lot of conversation I'm sure when you're reviewing this proposal you spend time
on the acceptable loan to value at least I would suggest to spend some time there. Um all of us developers here we are dependent on the market meaning the market the financial market requires certain level of equity stack for us to make project work. meaning us as your
partners developer in the city what is the equity stack that the market is looking for us to bring in order to do business and what we've seen is generally they look for 70 to 30 or more often sometimes 65 to 35 ratio and what
I mean by that is for every dollar that we put in the project they will be looking for us at a 70 to 30 30 cents in that dollar and sometime 35 cents to 65 cents so if we cannot put together or capture a scenario where we're coming in
as a team somewhere around that 30% range. Um it doesn't matter if it's us or anybody else. We're going to have a challenge financing the project and it's not going to go forward. The third is the acceptable debt uh service coverage ratio. That is part of our request is to
share in the advalorum taxes and we'll talk about a little bit further. It is uh we all know the pressures has been with with the econ uh commodities market. Uh prices have risen and really what we've seen uh really since co prices have spiked up. They're not as
volatile anymore but they've stayed up and that's has put a lot of pressure on the community as far as affordability across the board. It does not matter what the income level. So our ability to share an abalorum help us depress that pressure so we can have a project everybody can participate in.
So phase one uh as we mentioned is a two-phase project. The phase one is the parking uh structure 250 parking spaces. We project it as a cost of $7.5 million and the 30,000 commercial uh retail space at $13.9 million with a total
project cost of phase one of $21.4 million. Now we anticipate again keep in mind that equity stack I was talking about earlier in terms of our share where we have to take on debt and money we have to bring in. We anticipate an equity deck on that phase at $14.1
million that we'll have to capture and there'll be a shortfall of roughly seven $7.3 million that we're looking for assistant on. So a key point about this is is this if you look at the shortfall the 7.3 is
actually less than the required cost of that 250 parking garage of $7.5 million. I think that's a key component we should be thinking about in terms of that cost of that requirement relative to everything else that we're going to deliver on the
project. Uh our request to you, we felt the best way to communicate it to separate it into two categories. What we're calling the inind contribution from the city and the cash contribution from the city. So the in contribution on phase one is the portion of of the land
that it sits on the 0.65 65 acres that valued at $650,000. We've calculated the fees uh at $2.6 million. We're asking for waiverss of that impact fees and the like. And we intend to utilize the $4
million that's expressed in the RFP in that in in this phase bringing the contribution from the city 7.3 again frontloading the some of the primary requirement of the parking garage infrastructure on the first phase and as you can see our request is
actually less than the value or the cost of constructing the parking garage itself. Phase two is the 150 class A apartment uh plus an additional 325 parking spaces. We projected that cost at $55.3
million. And again, this that ratio again, that equity debt, what the market is looking for, that doesn't change wherever he's standing here talking, we project that as $43.4 million, leaving a shortfall of $13.8 million.
That same analogy, the same structure of inind and cash contribution. We again the value of the land associated with that phase of $2.3 million. The we've calculate the fees at 3.9 impact fees and asking for waiverss
of that on the and totaling a total of 6.3. We are asking for additional cash investment from the city of roughly $5 million on the uh 150 unit part in part of dealing with all the stuff we've been talking about earlier, the cost
pressures in the market. Um also there is some additional embedded cost in this proposal that is the stormwater improvement that will be needed for city hall because currently the lots that are provided to us is part of the storm water management system for city hall. So that project we have to deal with
that with projected a million dollars of cost involved in that. And of course we we intend to invest quite a bit on the downtown infrastructure as far as uh a streetscape and and all of the things that make it a congruent uh space for people to walk and bike and all that
that stuff. And that total contribution request of cash is $7.5 million that we're requesting. In summary, the total project cost we projected at $77 million, phase one at 21.4 and phase two
at 55.3 million. And what we are requesting from the city in terms of a cash investment is $12.5 million. $4 million of phase one, $7.5 million in phase two.
If you look at that request at 12.5, $1 million of it is associated with the uh relocating the city storm water needs uh because of the lot that we have. Uh and then $7.5 million is for that garage,
parking garage to support city parking shortfalls required by the RFP. Back a little bit. Uh the point there that I don't want anybody to miss is is that even though we're asking for 202.5 million in cash, roughly $8.5 million of
that request is for infrastructure needs in the RFP, the parking garage in storm water that is separate and apart from what's needed for our development. In that math, uh any proposal, any evaluation of the the finances, that $8
million must be accounted for. you have a huge shortfall because it is independent of what we need in terms of parking storm water for the development of the class A buildings that we've laid out. So to recap the summary in terms of our partnership, what we again trying to
deliver, we intend to deliver are the following. The 250 space parking garage, an additional 100 spaces for the 30,000 foot retail, 225 space uh for uh the 150 unit uh complex. And we think that
infrastructure again provides a catalyst for what the city is trying to do, what we want to be partnered with you in doing. uh $8 and a half million dollars as mentioned before of infrastructure improvement. Our project we intend will be at $80 million of new taxable value
uh generating $16.4 million of advalorum taxes over the the first 10 years and of course continuing beyond that and we are requesting to share in that first 10 year. Uh we expect to generate uh to
support roughly 4 to 500 construction jobs and additional 60 to 86 permanent job across operation and commercial space plus 200 new residents increase foot traffic and demand for those retail spaces both the new ones we bring in the
existing ones. We believe our package enhance downtown vibrancy and is responsive to your request both in the design and the financial component that we believe that is key to support long-term revitalization, walkability and engage sustainable economic growth.
Thank you. Thank you, Jeff. In closing, we were able to introduce to you our company. Again, we are not just here to make a development profit. We have a heart for this community. And so therefore, we want to bring a community focused high-end product to downtown. You've
seen our team. You can't find a better team that's have that's had such long experience um into making mixeduse development actually come to reality. You've seen our proposal in two phases. You've seen some beautiful
renderings from Baker Barriers that really provides for um engagement in the blend of exterior to interior. And we talked about deal economics which is so very important. Before um we take any questions I wanted to give you a story
about many years back in 2013 2014 when I used to be the broker of Stevens Fantation um I used to actually call the city manager once a week 7 o'clock because that's the kind of personal service you're going to get from me. And he asked me this question. He said
Veronica out of all the things that you're doing for the city of St. cloud. What is the most exciting thing for you? And I must say that the most exciting part is having a hand in seeing this community grow. The vibrancy that very
very significant significant and community focused development actually brings and for the enjoyment of all. You see, I want to be able to hold my head up high if I run into you in the grocery store because we've delivered what we
promised and that we've exceeded your expectations. As I look at this picture, the roof deck, I imagine myself and my family hanging out there because it is a public roof deck, enjoying the art, enjoying the landscape and the streetscape and looking at downtown St.
Cloud and really being able to connect with each other. But perhaps I'll be taking a walk with my grandchildren down the street, supporting all the local businesses, and maybe you will be having a drink in one of our favorite restaurants, enjoying the company of your friends and family. And really,
really having that sense of community that only you and I and the rest of St. Cloud actually knows what it means. So I will say that one day very soon I hope I can wave at you from a distance
at the St. Cloud Exchange and really know and embrace this feeling of a place that we can truly call our own. Thank you. All right. Thank you all very much for your presentation. Uh do we have any
comments from council? Uh council member Gilbert. Uh thank you very much. And I was thinking about once my grandchildren and their grandchildren move out of my house, I'd like one of these apartments. That that that may not happen for a while, but I'm okay with that. Uh we we just one thing you you'd
ask for a tax abatement for 10 years, an estimated 121 12.5 million dollars, but you expected the uh finished product or one of the finished products to be done in five years. Uh would would those tax abatements help or hurt you through five more years of when you're operating and
making money? uh during that time between phase one and phase two. Just the question why 10 years versus 5 years because I understand as a general contractor myself you're not making money when you're building but when you're starting to derive revenues I don't know why the baitments need to be
plus the cash in hand needs to be asked and that's the one question I have I yield back to you after the answer mayor. Yes. Uh so the uh uh the baitment the phase two of the project where the apartment's at. So that's why for really what what it does is when you think
about the the advalorum taxes is that there's some very important component that whenever you do multif family it is really the first part is density right if if we walked in here and said hey we're going to do 50 unit apartment you know we that one had to have the
economies of scale to make it work. And then what's happened in in the market the commodity prices have risen so high that it becomes unaffordable for everybody. And then so part of that incent incent incentivization I guess I'm creating a new word now to to make
this work is uh lowering that cost so we can pay our debt service and all that and that's sharing into uh the Avalorum. Now we say sharing it typically is always a negotiating point. I've always thought out we do a PA share. So the the percent that the city invests versus the
percent we invest. And part of the negotiation the city may have various desires with the people occupying the space may decide to increase higher the first five years lower the second five years. So that's why we lay out the the 10 years but also to spend it out that we know we can handle in volatility uh
uh period because five years now tend to be not what it used to be. So we need to stretch things out in a way that makes sense giving the cost matrix. All right. Thank you. Council member Paul. Hi. Um, you you stated 12.5 would be your ax and cost
from the city. Um, phase one was 4 million. Can you confirm phase 2 amount? Right. So, so total the cash contribution is 12.5. That's include the four. Yes. Right. What is the phase the cost for phase two? Uh, phase two. Not looking at it here will be the
difference between that 8. Okay. Right. Right. Exactly. Yeah. Thank you. And keep in mind I'd like to point that out. So even though we're asking for 12.5, there is a requirement of $7.5 million garage in storm water in there. So it's really uh in terms of what
request is trying to build that requirement and still fit within a model with the market. City attorney. Yeah. I just wanted to put it out there initially because the proposal with regard to the contribution included a waiver of about over $2
million in mobility and impact fees cred to preserve the credibility the mobility fees and impact studies that the city has in place that generate the impact fees. You cannot wave mobility feeing and impact fees. So there would have to be some alternative source that actually pay those whether it comes from the city
or whether it comes from somewhere else. So uh that would have to be addressed at some point. What was that amount of the the impact fees? About two million calculated two two to three million on each stage for about five million. So I know there was some recent changes on
the numbers. So we were projecting out. So correct me if I'm wrong. It was 2.65 in phase one and it was 3.96 in phase two. So we might as well add that to the cash contributions. Uh yeah, you they
typically the city has never and cannot wave mobility fees or impact fees for any project in the past. Well, I take that back. There are certain permissible projects that that impact fees can be waved. They're typically affordable housing project and those things. However, typically when we've done in
the past that those impact fees come from some source. So they're not a waiver. They can be credits, but they can be but there's some cash source that leads to those. Yes. So it' have to be added back in. council if I may add something please. So uh and we've accounted that before. So when we send
adding it is it is a cash in cash out. So yes often time it is credited in. So in terms of this a net obviously we're bringing the project a net zero that we're trying to create for the city as opposed to an additional $2 million or $3 million that you looking for. So I kind of want to make that distinction.
So it's not a true in the technical in a real financing side in terms of additional to $3 million. Okay. Council member. Yes. Thank you for your presentation and thank you everybody for being here today. I know you all work very hard on these presentations, so we really appreciate that. Um
I our city attorney I think answered uh one of my questions about the impact credits. I don't know if there's any I know we had certain targeted industries that we were working with economic development on if this might not be one of those, but I don't know if there's any way to work with that in the future
on impact credits. Is that possible? Well, we certainly can look at that that there is a provision for targeted industries uh within the law, but we'd have to look at that. Okay. And then um are on the parking garage um do you
guys plan to for the public spaces are they going to be charged spaces charged for parking downtown? Yeah. Well, so the the parking garage is a requirement of the city. So you'll drive a lot how the operation end up being for it because it's a just we have the cost to build it
consistent with the requirements. So okay so any kind of fee will be based on negotiation what you want to do. Okay. Thank you. That's all. And deputy mayor Fletcher didn't even hit my button yet. Oh it says deputy city clerk. I I'm
sorry. Member Wagner. Thank you. Uh on this on the second phase with the apartments, is any of that low um low-inccome housing at all that we could no use or have? So, we've
considered that. Um however, uh depending on what it is that the city decides, we can we can be flexible. Um and of course, that that really matters um in terms of financing of how we bring certain dollars um to the project. Um at
the end of the day really everything is uh negotiable and um what if what the desire of the city is to is to bring a little bit more affordable housing in there. I mean the numbers would would probably um have to be rellooked
um if that's a word and u you know and certainly is uh is something that we're very open to discussing. Thank you. If I maybe add something to that is so part of that pressure we've been talking about when we talk about affordability. So for example here a
one-bedroom apartment we look at comparables is around $1,500 square foot. If you look at the AMI requirement by HUD 80% AMI person is pushing towards that 1,500. So there's becoming a place here because we can't build something that push us beyond the market. that is
we can't be an apartment complex and say we're going to rent a onebedroom at $3,000 when nobody can afford it. So yet so the affordability caps how far you can go but yet the pressures of the market is increasing uh with increasing cost to the point when you look at the affordable market it's reaching into
really the the the uh uh uh the regular market if you will. So um so in that sense so we are uh when you look at our onebedroom and the 5 on600 we pretty much especially if you go to 120% AMI we will be reaching a lot of the offic police officers teachers that fits into
that market in terms of that workforce even though this is not affordable housing development type scenario but the market has brought us to the point where yeah some of those 80 to 120% AMI would be served. All right thank you council member Gilbert.
Um, are you on there? Yeah. Thank you. Um, hit your light. I was um Thank you. I want to thank everybody um for joining us here today. This is going to be one of the most significant projects in the the city's history. So, I appreciate um all the money spent up front and all of the work
that you guys have done um to get here today. Um I did want to follow up um to um what the the city attorney had said um also um member Urban um when we did look at the mo mobility fee ordinance when we were going through that process
to update them and raise them um I do um believe that we did um put in their economic incentives um for for for targeted industries like they said. Um, I would ask the city manager if that information could be sent to the entire C CRA board so that we're able um to
look at that and see if we could um figure out how we can can incorporate some of that into this project. So, it allows us um flexibility for your guys' financing um and modeling. So, thank you. Appreciate that.
Yeah, Council Member Gilway. Yeah, and that a two-prong question. Uh again, we can't wave fees. Uh uh Mr. Menzer, but we we can uh use those fees as we have for other developments and credits towards this. So, it's not cash out of
hand. It's not a wave of fees, but a credit towards those fees. Is that what you explained? Well, let's let's stick with the probably the easiest one to look at is your transportation mobility fee, right? So, the the ordinance in the law allows
for there to be credits done, however, it places restrictions on the credits. So the improvement has to be contribute to the transportation network for the city from a transportation perspective or from a multiple multiple mobility
mobility uh improvement. So, we'd have to we'd have to look at it and say, is any of the improvements that we're talking about as part of this P3 project, would they be credit eligible based on the existing do they provide
additional capacity for the transportation network or the mobility network for the city to be able to do that? Uh, the ordinance is pretty is pretty uh pretty tight when it comes to that. Um, frankly, I'm I don't the probably the only one you could
reasonably even take a look at is the parking garage, right? And I don't necessarily think the parking garage would meet that criteria that's currently under the ordinance. As you know from some of the inter the agreements that we've entered into where credits usually involve capital improvements for roadways, framework
roads, uh those things that are moving additional um additional traffic through the city. So, it would be I think that would be a stretch. Yeah, that would be my heavy ask and and it would be a stretch, but we have this downtown area. One thing we
are doing for transportation is we're making it a walkable city versus a a vehicle city. Therefore, it would be an improvement to our u infrastructure for for transportation. But that again, uh Dan, that's just a stretch and that's
what I'm what I'm thinking is this brings less cars and traffic and more walkable stuff. So, uh, that was just a question. Just few questions. I'm sorry we don't get to talk much. So, I always ask the lawyer because at the end he wins. Uh, and he he's got going on. So,
thank you very much. I I yield back to you, Mayor. Okay. Thank you. Uh, Council Member Paul. Hi. Thank you for being here today. Um, want to add to that. Um, I have one question. with the cost of things going up in um during your
construction period and to also stay on schedule, will you be looking at local vendors to assist in the project? Well, and this is the reason why I think that our team actually brings this type of expertise and experience um into this
project because as you know, uh there are many situations out there where a project is is promised but because you know we're they're not constantly in the market um they don't have the same pool of people that will be able to come to the construction site. I mean that's
that's a that's a real challenge nowadays. And so um so I go back to our team and and I'll tell you that um this team I is like no other um and you've seen a lot of the mixeduse development projects that are are current and also
um in the past and they've been able to bring you know um if if it has to be local or um you know within the area whatever we have to do to be able to really deliver on our promise is what we're going to do. Thank you.
Deputy Mayor. Um I just wanted to speak my the last time on the mobility fees. It's something that we can discuss offline. Um is the the economic incentives um Mr. Benzeras um obviously state law and then um the economic
incentives we adopted by ordinance, right? So the city council could relook at that ordinance and make changes to align it with a project of of of this caliber. You certainly can look at it. My only caution to you is that the viability of
any mobility fee or impact fee is based on the study that is utilized by the experts. So you'd have to go back to the individuals that create that did the mobility fee study for example upon which your ordinance is based and make sure they un they are comfortable with those economic incentives. So that
remember the the purpose of mobility fees and the studies are based on the future capital improvements and future development to pay for those capital improvements. So, you don't want to, for lack of a better expression, upset the apple cart by giving away too many of those future dollars. For sure. Thank
you, Dan. Everybody good? All right. I've got one question. Uh, the parking garage. So, is that phase one? Yes, phase one. We're front loading. Yep. We're front loading the uh the requirement of the city in phase one. Okay. Is that that's commercial the ground floor and then
Yes, commercial and the ground floor. and and really the reason for that is we have to be able to generate some kind of revenue to be able to sustain um the cost and the debt service coverage ratio. So it's so important that you know that that as we frontload the
parking garage which is I'll tell you I am all in in the fact that we need a garage in downtown St. Cloud. So uh and to make that work we would have um the retail and commercial uh together with that in phase one.
Okay. So the land behind the St. Cloud Hotel that's just parking with retail at the ground floor. Yes. Okay. Thank you. All right. Do we have any other questions? All right. Well, thank you all very much for your presentation. Thank you. Thank
you for having us. Thank you. Thank you very much. G3. Um, I think we could just take a minute so staff can come load the presentation for G3. All right, we'll go and take a five minute break. drive, Mount Dora, Florida. And I do see
our presentation. So that's awesome. So first and foremost, just want to introduce myself. My name is Jake Gunther. I'm representing G3 Development and also our development team today. So a little bit about G3 Development and who we are. G3
Development is a familybased uh familyowned and operated real estate development company based out of Mount Dora, Florida. We've been open and operational for the past 25 years where we have had the benefit and pleasure to complete complex development projects
throughout the Central Florida market. Throughout that past 25 years, we've developed an expertise across the full development process, including feasibility, due diligence, acquisitions, financing, entitlements, development, and construction
management. Throughout the past 10 years, we've really shifted our focus um to partner with with municipalities and helping them achieve their development goals. Um throughout the past 10 years, we've probably
responded to 20 plus RFPs, RFIs, RFQS, and then have also submit sub submitted some unsolicited proposals ourselves. Throughout the past 10 years, we've been um fortunate enough to partner with and win those RFPs and RFQS in cities like
Mount Dora, Eustace, Wildwood, Sanford, Akoi, and Tavaris, some of which we are still in contract with and working with today. Throughout the past 25 years, we've been able to do over $250 million in completed commercial development
projects, which we still currently own and manage over a hundred million in commercial real estate. And throughout the past 25 years, we've really been able to drive down our process, which is a collaborative, team-driven process. You're going to hear a lot about our team today. Um, and you know, we truly
believe through that collaborative team driven approach, we deliver high quality tailored solutions for our clients. So, a little bit about our team. Uh, first and foremost, I do think this is the best possible team we could put in front of you. Um, and we have a
ton of municipal experience. First and foremost is GI Consultants and their community solutions group, which I know you all are uh very familiar with. They're the leading Central Florida land planning firm. Um, and they've done work with tens of cities all over the state
of Florida. We've got Finnfrock. They're the largest parking structure builder in the southeast. Also extremely experienced with mun municipal work and projects. Um, but they don't don't only build parking garages, they also have a ton of experience doing apartments, traditional retail, hotels, and other
types of buildings. Um, and last and definitely not least is are the atrium companies. They bring a ton of multi- family development and management experience to our team as well as a seasoned brokerage team um, with experience leasing hundreds of thousands of square feet throughout Central
Florida. So again, we feel this team is the best possible team to complete this project and we've got a strong commitment to quality, to on-time delivery, and exceeding projects expectations. Um, if you talk to any of the other cities we've worked with in the past, I feel like they would uh tell
you we've done all of those things. So, I'm going to introduce GI briefly. Like I said, their work in the city of St. Cloud kind of speaks for itself. Um they are a national firm not just in the state of Florida but they are one of the premier land planning
firms in the state of Florida. Uh here in St. Cloud they've worked on the lakefront and waterfront master plan, the Florida Avenue trail plan, the Chisom Park master plan, the ranch master plan, in the aquatic center expansion master plan. We've also been fortunate enough to work with them in
the city of Wildwood, the city of Tavaris, the city of Akoi and the city of Sanford. And these are some some renderings of some projects that we have done with them in the past. I'm assuming you guys get to keep these presentations so you can look at
them at a future date. Perfect. Go rather quickly then. So next I'd like to introduce Atrium Companies and Jill. Excuse. Okay. And name and address for the record, please. No problem. Uh Jill Roberts, uh Atrium Commercial Real
Estate, 2011 South Bumby Avenue, Orlando 3283. Uh my name is Jill Roberts and I'm joined here today by my partners John Paul Bolu and Alexander Spock and together we are the Atrium Companies. Um Atrium is comprised of four different
divisions. We have the Atrium Management Multifamily Division which currently uh manages over 6,400 residential units here throughout the state of Florida. Uh we have Atrium Capital Group. Uh that's our development arm that's focused on mixeduse residential projects of which
you'll see some and I'm sure you guys will be familiar with some of them in places like Winter Garden and uh and the Milk District in Orlando. And then we have Atrium Commercial Real Estate, which is our full-ervice brokerage and commercial property management arm. Uh
we are headquartered in the Main Street District of the Milk District in Orlando. Uh where we've developed several infill projects. Uh but our uh our scope goes across uh Central Florida and the state of Florida. Um we bring
together decades of experience across residential, commercial, and public sector work. Um, we've worked closely with local governments here. Uh, we were previously the exclusive real estate broker for the Ocola County School Board for 7 years. Uh, one of the appointed
real estate brokers for the city of Orlando. Uh, as well as the exclusive broker for the Orlando utility commission in the adaptive reuse project of the historic Ivanho building, which was the original uh, city of Orlando power plant that was built in 1924.
Um for this particular project, our team is going to be focused on the residential and commercial leasing and management. Um I think what sets I know what sets our team apart is our cross- sector experience. So we really understand commercial vitality uh
coupled with residential livability which is very important when you're building mixeduse projects. Um, I've seen one too many mixeduse projects go sour because uh the developers do not know how to uh cohesively mix those uses. Um, in your packet you're going to
find examples of mixeduse projects that we've delivered typically in the smaller range because infill development is typically on smaller sites and smaller projects fit the fabric of those communities better. Um, but you will see
uh uh projects like the Tmaine Boyd redevelopment in Winter Garden uh off of Plant Street, the Milk Stacks project again in uh the Milk District off of Bumby. Uh there we go. Here's some some
photos. That's Tmaine Boyd there. Uh so the Tmaine Boyd project had 22 luxury apartments and then uh 8,000 plus or minus square feet of retail on the bottom located across from the uh city sponsored parking garage which the city
used impact fees to to build. And then the milk stacks which we have the grand opening on Saturday. We anticipate about 600 people uh to show up. That was a uh that was a collaborative project between the city of Orlando uh the Milk Street Main
Street District and the residents of this community because again these projects have to fit in the fabric of the community that they're being built in. Uh or else you will have a nightmare on your hands with residents. Um our team specializes in placemaking. So, we
craft curated environments uh not only to support your downtown vision and what you're already creating, but to act as a catalyst for future redevelopment so that the value of your properties spread out throughout downtown increases as
well. And then you can sell those. Um uh in terms of leasing and mixeduse leasing, we've worked on multiple projects. I know uh uh Veronica uh mentioned Craig Usler uh which which Craig is a a prolific mixeduse developer
in town. So we do lease portions of Creative Village on the retail uh firstf flooror retail side. We were also involved in the Thornon Park Central redevelopment in Thornton Park developed by Tom Husler. Uh in the Tmaine Boyd project, we have a Winter Garden
redevelopment with 5,000 square feet of retail on the bottom. College Park, uh, Edgewater Drive redevelopment projects, and then Park Avenue and Winter Park. Um, we're excited to dive deeper into our approach and how we do things. We
will let Jake present our vision first. Uh, and then during the Q&A, we'd be happy to answer any additional questions on those projects specifically. Uh, now I'd like to introduce our partner, Kyle Meyers, who is VP of project development for Finnfrock.
Hi, Kyle Myers. Uh, 2400 Apakka Boulevard, Apakka, Florida. Appreciate everyone's time today. Just want to spend a little bit of time uh to introduce Finnfrock, our role on the team and the value that we bring both to um G3 as the lead as well
as the city overall. Uh at FinFrock, we are a vertically integrated design build company with a specialty in parking garages. actually one of the nation's largest um deliverers of parking garage projects. Uh and our unique capabilities with that is really the approach that we
take as that single source responsibility. So uh we perform in-house the architecture structural engineering we manufacture the products just up the road at our Popkco facility and we serve as the design build general contractor as well. And that unique
approach really allows us um to deliver projects at a very high quality in looking at the the long-term kind of best use aspects of the parking garage project. So as that single source responsibility, we have various portions
of our company that are dedicated to the design and construction of parking garages including maintenance. actually have a maintenance wing of our company as well. So that we have a way to backtrack and ensure that the the details that we have associated with our delivery system are holding up to to the
test of time and truly delivering the best overall life cycle project when it comes to structured parking projects. And that single source of responsibility also allows us uh to be in a unique position for a guaranteed price and schedule. So as we get through the due
diligence phase of the project and you know the stakeholders will all have a chance to weigh in and we understand exactly what the the final product will be uh we will be in a position to to guarantee the price and schedule to help ensure you know just the the financial wherewithal of the project for all of
the stakeholders involved with that. So, we've got extensive experience at over 300 350 parking garages, but there's a few in our relative recent history that I think are are very good parallels that I'd like to just highlight for for a
brief moment. The first one is I can there we go. Uh is the city of Wildwood and that was in in partnership with with G3. I'm sure you're somewhat familiar with this project. um very similar overall in terms of the the goals and the visions of the project uh
with a with a parking structure downtown to serve the the overall area. This was a a relatively tight site to be quite honest right there um to to fit in nicely between the road and the railroad tracks, but overall this is one that I think fits the visions. a very similar
parallel to what you all are trying to do maybe on a slightly different scale but nonetheless a a quality project to see only 125 total spaces within that but really allowed the other facets of everything to kind of come together unique aspect of this project which
isn't entirely unique but I feels relevant is the storm water aspect of it that's incorporated with the ground floor of this garage also so just wanted to to highlight that project uh some other municipal projects that we've done in central Florida. Uh the city of
Winter Gardens downtown garage. This was let out by a slightly different process. The city built that directly and so we responded to a design build RFP for the city. But uh for anybody that's been to that downtown area, you understand and like you're trying to do here how critical it is to have that quality
parking structure that that can allow the vibrancy of the of the area to to continue to thrive. So that one had a total of 527 spaces. And then lastly, another one that that is on a similar scale, if I
can There we go. The uh city of Ocala's um downtown garage as well. Another story that the city built that one directly or we built it for the city. So, we responded to the design build RFP directly and were able to come in and
build 402 spaces on a city lot in a manner that uh served a an an initial need that they had an existing need as well as opened up uh opportunity for them to um offer other lots for development within the city's uh
purview. So, appreciate your time. I'll turn it back over to to Jake here to go over the details of this proposal. So now you've just heard about our team. I'm going to dive a little bit more into our project specifics now. So our proposed development for the downtown
site in St. Clouds represents a transformative development opportunity to integrate modern design with the city's already current historic charm. Uh by blending innovational architectural elements, highquality materials, and thoughtful urban
planning, we will create a destination that enhances the vibrancy of downtown while it's respecting its heritage. Our project, it has three main components. The parking garage, our high-end res residential units, and the commercial destination, and we use that
word destination intentionally. Um the parking garage, we plan to build a 375 stall structured parking garage, 250 which meets the RFP requirements for the public spaces with 125 additional spaces for our mixeduse development. As
Finnfrock mentioned, they've built 350 parking garages. They're very experienced. Um, one thing we've learned in the last 10 years is municipalities want the parking garages to blend into their downtown and become a part of the fabric of it versus stand out as some
monolithic structure. So, we've got some plans with different architectural screenings, materials, and whatnot um to blend that in into the downtown. With the high-end residential units, we're targeting 30 to 40 upscale residential units supporting downtown growth,
helping with that master plan goal. Um, again, our goal here is to target professionals, empty nesters, and young families. In our experience, these are the people that like living downtown and taking advantage of the amenities they have to offer. Um, and last but not least, the
high-end residential units pro promote urban living in a walkable environment. I know with GI, you guys have been working on creating kind of a comprehensive walkable downtown through the lake and all the way through. And so we believe this will be a great first
step in kind of creating that walkable downtown that everybody's looking for. And then last but not least, our commercial destination. We're modeling this off the railard project. We are currently under construction with in Wildwood. Um Wildwood was in a little
bit different situation than you all were. They had uh one restaurant in their downtown and that was really it. And so they really really wanted to create a sense of place. um and uh create a destination that people will go to versus driving to the villages
because that's their neighbor. Um and so we worked hard with some local and regional tenants to create a true commercial destination, a unique experience that's unlike anywhere else in Central Florida. Um that will draw people, we think, all over from Central
Florida. And because that's what we we truly believe is needed right now is another real commercial destination in downtown St. cloud that'll catalyze and kick off further developments through value add and new construction down the
road. Here's a couple slides that kind of detail um unfortunately it looks like it got caught up a little bit but the top gray L-shaped building is where we envision our residential units. um adjacent to city hall. You can see the
parking structure with the cars on top and then across 10th is where we envision the commercial project to be adjacent to the hotel. This is what we envision the garage looking like in the future. And again, we're open. If we get
into the point where, you know, we're lucky enough to be working with you guys in the development agreement and you want red brick instead of that, we can definitely do that. Get some more views of the parking garage. Our residential inspiration, we
don't have vertically integrated mixuse included in this project. It's all horizontally integrated. As Jill discussed, it it's a it's a tricky thing to do and it you got to be in the right environment. Um we believe that eventually we will be able to do some
vertically integrated mixed use in St. Cloud, but with this project we're just proposing some horizontally integrated mixuse. So the apartments will go first floor to third floor. And then our commercial inspiration um again we want to create a a place for
families and and really everybody to come come visit and experience. Um in Wildwood we brought in two tenants. one, The Yardery. They've got a location in Sanford, Florida, and also in downtown Mount Dora. And then Brick City Hospitality Group, they're pretty
predominantly uh centered out of downtown Ocala. Uh The Yardery opened a Yardery concept here, which is a familyfriendly um fast, casual, outdoor centered style restaurant. Um, and then Brick City Hospitality is opening uh a concept
called Lynx, which is a golf simulator concept where you can go grab a bite to eat, have a drink, and go play Pebble Beach in Wildwood, Florida, if you want to. So, we've talked to them, some other um dining and and retail tenants, and
they're all interested in this project. So, our proposed timeline um it's broken down into three phases, but our construction phase is just one phase because we want to create as minimal of a disruption to your downtown as we can.
Um we figured that out in the last 10 years that the quicker we can get done obviously the least amount of disruption for everybody living, working, and playing down here. So phase one is our pre-development and agreement execution phase where we'll do the initial
negotiations with the city CRA refining project scope discussing financial terms. Month 2 to four we move to our due diligence. We'll be doing a little bit of that. In month one and two we'll be doing some feasibility studies as the other group mentioned. We'll need to be look at we'll need to look at the
retention and there's also some utility work that we'll need to look at on site. Um and then um we'll conduct our prelim preliminary site analysis in month two to four. Month five to six, we'll move on to the finalization and execution of the development agreement with the city and CRA. So that's when we've got our
signed agreement and our marching orders then to move forward. We know exactly what's going to get built, exactly where it's going to go, how long it's going to take, what it's going to cost, all those fun things. And then we're charged with our marching orders uh to get the project designed and approved. uh we anticipate that process taking 6 to9
months. Um we usually do a pretty iterative process but again we are open. I know you guys have included the uh public on a lot of your master planning and other efforts throughout the years but um we do like to usually include the
public somewhat in this process just to make sure they feel like they have some kind of community buy in. But anyways, we'll we'll kick off the architectural and engineering design, create our preliminary site plans, and give that to city staff and you all to review. Month 9 through 10, we'll move on to city
planning and zoning approvals, making sure we are compatible with any historic district compliance and all those fun things. And then month 11 and 12, we move on to the finalization of the construction documents and start the permitting process.
Phase three is our construction and lease up phase, which takes 12 to 18 months and happens concurrently. Month 13 through 15, site preparation, demo, none really needed. Um, and utility work. There is going to be some utility work that's going to be done for this
project. So, we anticipate that to take two months. Then months 16 through 30 is when the fun stuff happens, the vertical construction. Again, this is a singlephase construction approach. So, we intend to build the parking garage, the commercial, and the residential all
at the same time. Starting month 19 through month 30, we'll begin our lease up efforts with the goal then to be at month 30 fully leased up. So, when we get to month 31 through 36, that's just us working with our tenants, whether they
might have some specific buildouts or whatnot so that they can then get open and operational by month 36. So in summation, it's a total estimated timeline 4 to 6 months for agreement execution, 6 to9 months for design approvals, and 12 to 18 months for
construction and lease up. We anticipate this project to be somewhere between 30 and $40 million. Uh the variable there is how many residential units and whether we do 6 to 8,000 square feet of commercial. Um, and we believe through a
10-year period that that will generate somewhere between $8 and $9 million and adorum tax revenue. So, now we will open it up for any questions. Um, member loading. Um, just uh quick question. How how many how many
stories we looking at on those? For the garage, it's ground plus two, ground plus three. Ground plus three. Yes. So, three levels, three stories. And then the um the the residential is three stories.
Okay. And then and then the commercial the commercial most likely will be one story with a rooftop element. So, Okay. uh the rooftop element that's similar to the Wildwood project. Yes, sir. Similar to Wildwood or if you uh have been in
downtown Mount Dora recently, we just opened the artery in downtown Mount Dora. Um they've got a rooftop element, that's more likely what it'll be like. Um a way for the patrons that don't want to deal with the kids running around in the yard to get up and out of it and on
on the rooftop. All right. Yeah. The rendering kind of shows it'll look like the facade will look like a twotory though around it. Yes, sir. Behind that is that going to be just a facade, the front wall. Yes, sir. I mean, technically it is a two-story building, but all the all the
space on the upstairs other than the bathrooms are exterior. Okay. Member Gilbert. Yeah. Just I think you clarified it, Mayor. Third the third uh story will be open air, right? Yes, sir. Second story, but yes, sir. Second story. Yes, sir. Okay. one story with an
open air terrace on the roof. And you propose that building to be behind the St. Cloud Hotel? Yes, sir. Yep. The goal is there's once the hotel gets done I know. Create a I didn't shake my head. Um create a fun uh commercial project
across the street from Breeze, create some synergies there. City manager. Thank you. I I just wanted to point out that recently I think the city or not recently a prior city council adopted a zoning code for our downtown that requires a minimum of three stories.
Minimum of three stories. Okay. So I mean we could look at that. Um is that something you guys would be open to not allowing? So you have to build a three-story building in downtown St. Cloud. The zoning requires a minimum of
three stories. Interesting. That is something um we are definitely open to. Um we might have to include some office space. Um throughout Central Florida, we're pretty successful with doing what we call executive
suites. Creates a a smaller office footprint, but still pretty accessible for for most tenants. Um so we'd look at probably doing something like that if we had to do an additional story on the second floor. Member Gilbert. Yeah. One thing we're
looking at in St. Cloud, excuse me, um is commercial and office space. Those are two things that are in desperate needs here. Uh we've got enough houses. We're we're cool with that. Yes, sir. But, uh we really need some commercial and some office space uh for our ever
growing city. So, um we did adapt the three just because of uh um we're kind of landlocked here in in what I'd like to say historic St. Cloud. Yes, sir. So, and that that's why that uh that was passed. I think it was probably 18 months ago. If I if I'm corrected, city
manager, please let me know. But I think it was somewhere in that area. But um we're open for anything. We're so excited that everybody's here today. Uh I think the citizens are excited and I'd like to thank you for your presentation. I'm going to yield back to you, mayor, council, if they have the pleasure of
any more questions. Member Urban. Thank you. Yeah, thank you. Thank you for your presentation. I really appreciate you being here. Um, so the as far as the um financial incentives that you're requesting it up to $4 million uh
applied towards infrastructure improvement. Is that um that's what you're requesting for this project? That is correct. Yeah. Okay. Um and that's all for now. Thank you, Vice Chair Fletcher. Um the only thing I had to say
was uh uh thank you um for for for working again diligently on this project and coming um here to speak with us today. One of the things that I'm liking um that I'm seeing um across the board here is is family organizations um coming forth. Um so so I really
appreciate that factor. Um and uh if I have any other questions, we'll we'll be in touch. But thank you. My dad wanted me to let everybody know he wishes you could be here today, but I brought my brother and my sister for That's better. Families like fish, though. If they stay
after 3 days, they start to smell. So, all right. And you said uh between 30 to 40 units residential in the back behind city hall. Yes, sir. Yep. Okay. Again, the goal there was you already have residents, not come in with some giant
multif family proposal that scares all of them. Um, so helping tie into that as development goes outwards, if that makes sense. We truly believe this is like the first step in a 20-year process, you know, that downtown St. Cloud will
continue to transform. And so, kudos for you guys to for taking it, city manager Thank you. I I know I shocked you a minute ago with the threetory minimum um but you know to be able to compare the different proposals. Do you have an estimate on the commercial square
footage that you would be including? Yeah. Um right I mean dep maximum 8,000 square feet. It could be six in Wildwood it was 6,000. We want to get 8,000 square feet done here. It's just going to be ultimately we don't have the tenants exactly ironed out yet. So, um,
dependent on their needs, but minimum 6,000. Thank you. To get clarification, you're saying if with the twotory you're at 6,000, but if you add the threetory, it would be eight. Eight. Okay. Yeah.
Right. Member Paul, nine about 9,000. Yeah. Math's not my math. That's why you got siblings, right? All right. Um, thank you for being here today. Um, member Wagner asked on the first pre presenter. Um, I'm going to
ask you, you indicated luxury, but how affordable will these residential units be? They're going to be market rate apartments. Um, rents are crazy nowadays. Uh, and they're only going up. I mean, we are
going to try to deliver these as economically as possible. That's our goal. But um realistically rents will probably be somewhere between two and three bucks monthly a square foot. Remember loading that then that was
uh my question was what what are we looking at square footage on those? What was your thinking here? Anywhere between 1,00 and,400 square feet just depending on one bedroom or two bedroom right now. No three bedrooms planned.
Yep. Makes sense. All right. Do we have any other comments? All right. Well, I think want to thank you, your entire team. Thank you for coming today. Thank you all for your time. Appreciate Appreciate your proposal. All right. We'll go ahead and move on to
the next proposal. We have Atlantic Housing Partners. Good afternoon. I'll jump right in. I think we all know why we're here, why we're here. And um I'll see if I can use your little remote here effectively. Yeah, there we go. Um for introductions,
I'm Scott Culp. I'm a principal of Atlantic Housing Partners. We're the proposer uh for this particular development. And we thank you for the opportunity to uh provide you this presentation. And I want to applaud uh the vision of the CRA and the city
council with regard to revitalization and transformation in downtown St. Cloud. Um we recognize the importance of that and how uh communities can become stale and without that vision and that foresight uh you have no growth and revitalization and we appreciate the
opportunity to provide your proposal in that regard. I'll try and stick with the format um that you guys had asked for from us and first we'll talk about our development team. We're what we like to refer to as vertically integrated. Uh we
are the developer, general contractor, property management company. Um I hold the license as a general contractor. I uh as I hate to admit it these days have been doing this for 40 years. Uh this month is the 40th year. April, I think
1985 was my first multif family development in Central Florida. Our principles, there's three of us. We're all here in Central Florida. We're based in Winter Park. Um, and of course, we've been developing uh communities around the country uh for approximately 40 years. Atlantic Housing, of course, is
our development entity and controls all aspects of the community. Uh, Camp Construction, of course, is our general contractor. It's our own general contractor. It's not third party out to uh somebody else. It's our own employees, our own project managers, our own superintendent, and with subs that
we use every day. Um, we build three to five communities a year. We've slowed down a bit uh from the days when we were building, you know, 18 to 20 a year. Um, but we're now focusing only on Central Florida. I'd like to say if I can't drive to it and see it at lunchtime, I probably don't want to do it. Um,
Concord Management is our property management company. They manage only our communities. They don't uh third party manage for anybody else. Um, real quickly, we spoken about Atlantic Housing Partners, the principles, uh, the three of us have done with each
other, not in separate organizations, about 40,000 apartment homes. And that same experience goes for Canton Construction because it's the same three principles, um, developing communities over that 40-year period. And Concord Management has developed, uh, has
managed all those communities, and they currently today manage about 15,000. We still own about 15,000 apartment homes. All of those in Central Florida, about 90 communities still uh within Central Florida. The other uh person, and we had a slide in here on development
experience, which I know you can't read, but that's just some recent experience in in Central Florida to give you a little bit of a idea of our ability to perform in Central Florida. The other member of our team is Southern Affordable Services. Southern is of course not an affiliate um of our
company, not the same principles, but they provide the resident services that a lot of our communities need, whether it's education and financial management or in home ownership or other resident programs. They provide those resident services. It's their mission and goal to work with the affordable housing units
that we have because most of our communities are mixed income communities. So, we have a combination of affordable housing units and market rate units. their experience. Of course, they currently are a general partner owner in a little over 6,000 units and
continue to uh grow on a regular basis for Southern Affordable. Our development professionals are all local. Our architect Slo Plats has been doing our business for just about everything that we've developed. Uh definitely everything we've developed in Florida.
We've got a lot of uh communities in other states that they haven't developed in, but they are very prolific throughout Central Florida and understand the business here in Central Florida. Our civil engineer, Madden, Morehead and Stokes, that's all they've ever done is develop Central Florida uh
for the civil engineering portion. And of course, our environmental engineer, um res used to be uh e sciences for those of y'all that are familiar with some of the environmental teams. And of course, important to everything that we do is our transportation engineer. Uh
VHB is a well-accomplished transportation engineer that focuses on Central Florida. Their expertise is really important to traffic movements, infrastructure, roadway improvements, uh parking structures, turning movements, and we see them as an integral part of
our team. don't have listed here our land planner and landscape architect Foster Conet who is on our team but they're also uh one of our team members that helps us with regard to development in every one of our communities. Examples of some of our successful projects that have a similar scope to
your RFP. I think probably the most notable we just completed and have fully occupied the land commons. The Land Commons is 169 apartment homes um all fully occupied today with a storefront
on the main street in downtown Dand. If you were to drive downtown the land today, you'll see the storefront um on the main street in downtown Dand as part of that community. That community is fourstory. Um we developed the groundf floor commercial space and leased that
commercial space out. You had asked for some indications of some of the total costs for these comparable projects. This one uh cost us about approximately $40 million, just a little under$40 million. I think the land commons uh represents well what you're uh looking
for your vision uh for the revitalization and transformation of downtown St. Cloud. From my perspective, having done this so long, transformation is so important. Transformation really starts at the family. It starts at that home and them having that ability to be
positive consumers uh in your community because once they are they start to be consumers in the commercial, the dining, whatever you have on the ground floor and then they transform the community, then they transform the neighborhood and out into your overall municipality. So, I think that transformation is
critically important. But you'll see that uh Dand Commons, we tried to tie in the historic architecture. We worked with the architectural review board downtown to make sure all of the architectural elements fit in with their vision of what they wanted to see in
downtown the land. You'll also uh in our comparable projects we listed uptown Matland. In downtown Matland we have a senior living community. If you were to drive by and look at it, you might not know that there's a parking garage within that community. You'll see on the next slide the entrance to the parking
garage is off the side. the apartments themselves are on top of the parking structure and the commercial on 1792 is in the front so that even those uh commercial tenants are able to use the parking garage. So it really blends into the community well without either having
a sea of parking which I know the city of St. cloud uh doesn't want and wants to uh alleviate. Um but also having where the commercial tenants who really want to be seen by the drive by traffic and that's what the uh uptown Matland
senior living really represents. Uh they mentioned Creative Village. We are the affordable mixed income mixeduse uh developer in Creative Village. We developed Lexington Court, Concord Court, Amelia Court and have just broken ground on the Beacon in Creative
Village. uh Ameilia Court was 268 units with ground floor what we refer to as live work units. We have uh individuals that may have a studio, they may have uh an accounting office, they may have some type of other art studio or retail front
and with their actual residential unit in the back of that. So that was a creative approach and of course as they mentioned Craig Hustler he did a great job of developing the overall plan and bringing other pe other developers like ourselves in to implement uh that plan
overall. Uh Millia Court just that one component at Creative Village was just a little under 64 million. U also wanted to um point out Harbor's Edge and Urban Landings. We have two different names, two different communities actually built
as one project in downtown St. compete. Uh part of that was actually a senior's community and part of it was a family community built at the same time uh with a ownership separation and somewhat of a separation in the resident services. But again, all the ground floor uh is
commercial uh that community at the time. So it's it's been a few years, probably a little over seven years, that was about 22 million back in the time when we could have built that for that price range. Obviously, we couldn't do that uh in this day and time, but fortunately, you know, we're able to at that point. and that's uh successful
still to this day. And we do point out that we're not a build, fill, sell developer. We own everything for a minimum of 15 years. That's our business model. There's nothing that we've ever developed that we haven't owned for uh 15 years um at a minimum. And we continue that today. Like I said,
Concord Management, all their employees work for us. The that is our company. We don't have other people that we're not in direct daily contact with that help us with the management of our communities. general information about our proposal for uh St. Cloud and downtown St. Cloud.
These representative renderings, you'll recognize those probably from the photos of uh downtown uh Dand. We think you're really representative here. The downtown Dand had a lot of brick facads. They had a lot of historic architecture. You've got a mixture of that. I know you want
to redevelop that with a strong um focus on what is historic about this, but while still bringing in what is new and what will attract uh the commercial u vendors to the community, particularly dining and the things that would make it
walkable where 168 apartment homes and those residents have the ability to live and work within the community and be serviced by the community. Our proposal, as I mentioned, is for a four-story live work environment. We are designating
this as affordable. And a lot of people don't really understand the definition of the term affordable. And in the Florida statutes, uh, affordable is defined under 420.43. And as you can tell, um, I do a lot of this, so some of this, uh,
nomenclature with regard to affordability is kind of second hat to me, but it's not necessarily to most people. I show this slide and it's very hard to read. To give you an idea, we do mixed income and affordability is very mixed. It goes from a low of
approximately 30% AMI. You'll see 20 25% 30% all the way up to 140%. 140% actually only applies to areas of critical concern in the state like the Keys. But most of what you see in affordable developments is 50% to 80%.
Most of what you saw being focused on in live local legislation I know all of y'all are fairly familiar with was the missing middle that 80% to 120% because when we had the most severe affordability crisis it was we had a lot of programs that would service that 50
to 80% group and we could uh provide them the opportunity to have an affordable home but there was nothing available for those people making 80% to 120% and they were being priced out of the market. it would whether it be a $3,000 a month apartment versus a $1,500
a month apartment. They were in the middle between the two and there was nothing there. And that's where the live local legislation created some opportunities although it's had to be improved upon for local governments and uh we are have been active in trying to you know help model that. But I just
wanted to point out that mixed income is what we're proposing here. You'll have some unrestricted market rate. You'll have some very low affordable. the majority of it will be at that what we call uh moderate level the 80% AMI uh rents and incomes. So they will be rent
restricted and income restricted. Ground floor commercial of course you know you all have pointed out is uh very important to the city. We recognize it for a downtown redevelopment or transformation is is critical. the 250 additional parking spaces. Our parking
garage built within the community includes 250 additional spaces strictly for the use of the city. The city gets to determine what they want to do with them. They get to determine how they generate revenue with them and how they want to even expend the capital, you know, to create those and we'll get into
that in just a second as well. We're not uh dependent upon any thirdparty financing or any thirdparty financial approvals. not dependent on any other financial stack, any other equity stack, we do it all. Um, even if we use tax exempt bonds issued through the housing
finance authority of Viola County, we're the purchaser of the bonds. So, we don't have any issue with who's going to buy the bonds, how do we sell the bonds, we purchase the bonds, we purchase the e the equity if we're using low-income housing tax credits. We have no dependence on any third party. We
understand the market. We understand the construction cost. We're doing it all day, every day. um timeline. We would think that it would take about a year uh a little under a year to get through a design and permitting approval process. We
recognize the importance with a city of uh a city like St. Cloud of working with your staff so that we can implement something that is uh conducive to what you see for what you want to happen in downtown St. Cloud. And then typically for us, it's about an 18-month
construction schedule as after we get permitted. I don't think we've developed anything that took over about 18 months. It's pretty much uh on par for most everything we develop. So that gets you into May of 2027. This is uh two conceptual site plans. They're both the same plan just
rendered a little bit differently where you can see city hall there and our residential component. And all of the residential component has ground flooror commercial. We're trying to make this really livable and have an opportunity even around city hall to make it walkable where we have outdoor plazas,
outdoor pedestrian type activity going on even around the backside of city hall. We'll work with your staff on what they want to see with regard to some um reserve parking that may be uh on the ground other than the 250 uh parking
spaces. You'll note that in our proposal, we've left out and I think if I can see it correctly is 2C, parcel 2C. Uh we can develop the 168 uh apartments and I'll go back to the square footage and the 17,000 square feet approximately
just under 18,000 ft of commercial without parcel 2C. We think parcel 2C is a good opportunity for the city to have commercial office space partic um eventually some ground floor retail on that as well. But we're proposing not to
uh take title or any type of lease for that not to develop that and let that be an opportunity for the city in the future. We know that oftent times cities we've looked at this in other areas where they you know get into a situation like this and they realize well our city's growing. what are we going to do with some of our other service
buildings? And they wish that they hadn't given up the space to develop a quality office building even for the city's growth. So, we think there's a great opportunity there for either public use um or private use and the city would have the opportunity to to guide that. Um, add one other slide here
just helps you kind of see in perspective how city hall sits and how that parcel 2C to the south which you currently lo use as some employee parking could be eventually developed into something that would be very advantageous for for the city. Um, you
asked us to describe how our proposal is consistent with your RFP. I think we've done some of that in the presentation so far, but we are looking at a mixeduse development with groundf flooror commercial. Designing it conducive to what your staff and your architectural review committee determines would be
best to fit within the city of St. Cloud. Divine designing it pedestrian friendly. So, we do have a walkable live work downtown. And as your RFP really stressed, the ability to have sufficient parking, not only for our apartments and our commercial, but the 250 additional
spaces for the city to capitalize on with regard to the retail that may need it that's not their own or their own office spaces. Um, again, you talked about mixed use and having an intensive mixeduse. We did design a four-story uh apartment community, which you think is
most appropriate for downtown St. Cloud. and you were uh very concerned with parking analysis and parking movements and we do have a uh traffic engineer on our team and of course that parking garage will be integral to the on-site parking. We'll also be I believe there's
about 22 additional uh parking spaces outside of the parking garage that's going to be created on on additional on street parking that'll be public parking. the financial benefit analysis. You had asked for a final benefit financial benefit analysis in our proposals. We
submitted one through uh Meridian appraisal group. Our community, as I mentioned, is going to cost about $50 million in total cost. But just to give you the summary from Meridian in their uh financial impact analysis, the output is about $83 million in economic impact
um to the downtown area. Our organization as I mentioned we provided a letter from our accountant uh we have no need for relying upon thirdparty uh financial partners for either equity or
debt. the in our request we as we ran the numbers because we're very comfortable with the numbers because we're still developing every day today uh mixeduse communities like this $6,250,000 for the city's 250 spaces
that they get to use and charge and get revenue from exemption from city impact fees that of course is subject to Florida law and the statutes. There's a lot of opportunity in affordable housing for those waiverss or reimbursements. Uh
a little bit different than some of the other types of housings. And we're requesting as we did in city of Daytona, city of Orlando, city of Dand, uh a property tax rebate for the first 15 years. What that allows for is as we're
de as we're going through the um first transformation, the revitalization of downtown, we're able to make that economically sustainable by the rebate of those uh taxes that come into the city of St. Cloud. We recognize there
are taxes for um the county that the CRA doesn't necessarily take in, but those taxes that come into the city of St. Cloud, we are requesting for the first 15 years. We recognize that revitalization and transformation should be transformative. It should be at some
point where you say okay this has done its job. You know we have a thriving living you know workable live work community here and now it can support itself and therefore that's the reason for the request for only 15 years. You don't need to go on in perpetuity. It
should be able to support itself at some point. Um as I mentioned we're excluding parcel 2C. We had mentioned in our proposal a zero payment land lease. We can do that or an ownership transfer, whatever works with the city. I know
that when you're working with your CFO, your bonding capabilities with regard to infrastructure improvements, a lot of other items that you have different um criteria and different abilities. So that is, you know, whatever works best for the city. I do want to point out as
well that we understand the storm water requirements for a community like this. We've done a number of them with the xfiltration and the uh storm water underneath the buildings underneath the parking structure. Uh we will provide the streetscape improvements uh
contiguous to our property. We're not proposing any, you know, down the road down the street signalization improvements or intersection improvements uh offsite uh not contiguous to the property we're developing. And then I go back to um the few pictures of the community that
currently we have completed in the land and leave it open to you for other questions. City manager. Thank you. I just wanted to make sure that the board was aware we did not include uh 2D in the proposal for the
scopes. We were not anticipating losing that parking lot. Um, so I I don't know if how that would um affect you, but we were not anticipating losing all of those parking spaces. Yeah. And we were in looking at your RFP
that was submitted, you had a number of different uh site maps because there were site maps from your original sub uh RFP and then the rebid RFP. And so we weren't quite sure whether that particular parcel, but that particular parcel is integral to a successful
revitalization and transformation downtown. With it just being a parking lot, I think you've you've kind of taken a step back in what you're trying to accomplish. Uh member Gilbert. Yep. Can you pull that up so we can look at CND? Because that uh one thing I would like to see
because they're giving back one but taking one is what I'm understanding. Correct. I just like to visualize that. Uh in the meantime, when they're pulling that up, uh I again I asked the question to the first folks, you're looking at 15-year tax waiver reimbursement. You're looking at three years completion,
correct? Two and a half uh is what we had for completion if I remember because we were looking at May of 27 for completion. Okay. Which gets us to just a little over two years. oftentimes we know when we start working with staff and review committees it can deal a little longer.
You know, there's a term that's called Godspeed. That that sounds like it. I mean, that's awesome. And we'd like that, but that that like I said, I've been doing this for 40 years. We probably are the fastest builders. Fourtory product. I saw I saw that that you know, and today's appetite is
everything. We having our own general contractor and our own crews. Uh we're pretty attentive. And this may be a question for for our city attorney. You know, I I've seen where uh Ray Croc made most of his money on 99-year lease deals with McDonald's
versus the actual uh McDonald's restaurant themselves. What is the benefit and what is the uh the the uh what's the problem with a lease versus a a gift or a sale for something like this? Because I guess what they're presenting is we give them the land or
we put it on a 99-year zero lot lease. Correct. I think they've excuse me. I think they've offered either option, right? And whatever what what you and your um M culp I think said whatever in their view whatever is most beneficial to the city I think is the way looking
at that. So we'd have to explore that with the finance department and of course with the you know the the city's bond folks to see if there's any difference in doing it either way. You know my experience with long-term leases a 99-year lease essentially removes the marketability of the property anyway for
an extended period of time. So, it's almost like transferring it fee simple to a to the recipient. Okay. I I didn't know the difference and and thank you for clarifying that. I may be still receiving social security benefits, but I don't think I'll be around by then. I was going to say I'm not going to be around by then, but there have been some
provisions in 99ear leases that may be beneficial to the city, but I don't claim to be an expert. And I don't either. I, you know, I just know that sometimes it's beneficial for bonds and things such as that. I I don't know. I just asked that question. Uh, and I had just had one more, uh, question. Give me
one second to to do that. Um, as we know, uh, I love the facades. I love that we This is downtown St. Cloud and one day it'll be historical downtown St. Cloud as as we continue to grow. And you talked about facades and things such as that looking like
historical uh, downtown. We have buildings uh, 1911's when we're incorporated. I know the oldest building here is like 1920 or something like that through 1950 in housing. That's going to be a tough thing to do and and I don't mind not doing that because we are
revitalizing the city, but I like your idea of at least conceptually handing some some of the stuff back. I yield back to you, mayor, for any other questions for the uh pleasure council. Yes, sir. Vice chair. Um I just want to say as you have said to everybody, thank you for your presentation. Um I think it
was an excellent presentation. Um, and just my thoughts um to the board, I actually do like including um lot 2D based on the concept that you've presented. Um, I believe you've put retail in that location with storefronts right there. Retail on the ground floor
again, residential on the four three floors above. Okay. Um, and then also, um, you're talking about a 15-year tax abatement. Do you have the estimated I mean, I know that's a tough one, but do we know what the cost of that would be, um, to the city? I did not run the
numbers on this one. I I probably should have, but I did not. Okay. Um, other than that, um, I think it was I think it was a great presentation. Um, there is some design things that I would kind of alter a little bit. Um, but, uh, thank you. Thank you, uh, member Urban. Yeah,
thank you for being here. I really appreciate your presentation. I was just going to say the same thing. I I I like the idea of trading 2D and 2C. Um, I think it keeps it, especially having that retail right there on on New York Avenue. I think that'd be really neat for our city. So, that's my only
comment. Well, I'm going to go ahead and piggyback that comment about including 2D. Uh, I don't know if the utilities lie underneath that or not. I think we can check that with our staff, but uh, you know, I I just envision a a bridge going through Deputy Mayor Fletcher's office. So he doesn't have a window. So
as long as I get a window, we can all walk through. And and in Creative Village, we built the master lift station that supports that and relocated a lot of the utilities that were under what used to be the um the arena for the Magics before they moved into their new arena.
That is now I guess the the KIA center and a lot of the utilities that were under the parking and structures that were there. So all of the multif family we developed at creative village had these same issues of the retention, xfiltration, storm water, utilities, all of that we had to deal with there as
well. Member Paul, hi. Um, thank you for being here today as well. Um, is there a cost that you want from the city as well? Um yeah, I can go back to that but in a cash donation uh at the completion
because we're not looking for uh construction funding but at the completion and we perform and provide you what we we've asked for uh 6.25 million uh is the asking and then we of course have those uh exemptions, reimbursements, however it needs to be
structured. We did include a template uh development and funding agreement uh similar to what we've done in the city of Orlando and the city of Dand that identifies how we can complete that and take reimbursement of things like uh impact fees that you're able to wave or
exempt or discount through the through the Florida statutes. Thank you. All right. Any other comments? Thank you. Yes, sir. We'd like to thank you as well, Scott. Thank you for your proposal. All right. And members, do we have any
other comments for any of the the presenters today? I I don't for the presenters, but I'd like to ask Antonette some questions if if I'm so honored to. Yes, sir. Uh Antonet, while she comes up here, if I may, we
did a little research. Um on the mobility fee question, the ordinance allows um us to do an economic exemption uh for qualified targeted industries up to 5% of the total revenues generated
for any one year. So if we were to consider this year, um that would be $400,000 would be the 5%. Um, with the estimated increase in mobility fees, we could estimate that would probably be be approximately a million dollars next
year. All right, floors. Oh, you're right. Sorry. Good afternoon. How are you? Good. Uh I I read a lot of stuff and uh as you see we think we all got it little packs of stuff but uh it was it was
recognized that that staff uh recommended a a certain company u and through my presentations I just couldn't figure out why they did and I would like to uh for an explanation of how uh you summized that uh a certain company that
was recommended because um for me it it wasn't the same in And again, we don't get to chat, so I'd like to do that in an open form if we could please. And then secondly, uh did you analyze the uh economical impact to the city for each of these projects besides what we're
having to offer uh with land use and and waving of fees and things like that? Where would be the uh highest project cost to the city? What would be the lowest? Uh these are three different bids. So it's so hard to put them into into one jar and say they're all three
pickles because they're not. They're they're different sizes and scopes and structures and they're they're great that way. But when you guys do this and you do a wonderful job, Antonette, how do you determine what your recommendation is and then why is that
such a recommendation? And again, I'm not saying it's right or wrong or different. I just don't have that knowledge after reading all this stuff. if I went a total different direction than than recommendation from staff. So I I'll ask you those questions and then um after that if there's any additional I'll follow up with that but that's my
question for now if I may. Absolutely. So Antonet Forbes economic development director so I can answer your question in terms of what my comments were um and then you know we can talk about the committee as a collective. So on my
comments, um first I want to echo what the the board members have said that we were really impressed with the um proposals that we received and so and but they were quite voluminous. So yes, we did have to go through them in great detail. So I can start just kind of one
by one. So, particularly G G3, what we noticed is that yes, they did offer more than the required amount of um spaces um which we thought was great. However, um we also noted that they offered high-end apartments with the rooftop lounge and
the fitness center and we thought that that was a good alternative in terms of housing to be able to support our downtown businesses that we had had not seen before. I did make a note during the uh evaluation that I was concerned of
whether or not um that particular inventory would be supported based on our consumer spending tapestry. However, I had to go by the proposal that was submitted and assuming they did their due diligence that yes, we could support that type of luxury quote and quote um
style housing. Um I did have some comments here that they did not provide uh specifics in terms of the incentive breakdown. Um so I was concerned about that. However, they did note that there was um they did would accept penalties for non-performance which I would
consider to be a requirement. They did also note that they would be um interested in potential revenue sharing for the parking which I thought was substantial. Um what else here? Um, I also noted that they were working
on the AOE downtown master plan, which I thought may offer some similarities. I did have a question in reference to the land purchase or possible long-term lease option and how that would affect us, the economic impact if that they did not purchase it and so therefore it
would not be on our our tax role. So, I did have questions about that. Um, bear with me here. One second, internet. We have a city manager wants to make comment. Um I I just I wanted to point out the public procurement process that we went through. It there was a a panel
of employees and each of the employees that were on the selection committee had to score each of the proposals based on the criteria that was in the scope the RFP that went out which the board saw at the CRA meetings. Um, so, so while
internet is pointing out the the items that she saw, um, I I just wanted to to point out, so the the different categories, which unfortunately some of this was in the packet that we sent to the to the board, but I think this answers your your question that you were looking for on how staff came up with
this. And um, I'm going to look at my procurement director, so if I say something wrong, she can jump up here. Um, but there was a 20 points for general information, 20 points for qualifications, and I don't know what the second word is because it's cut off.
Experience. Thank you. Uh, 20 points possible for financial benefit. 20 points possible for consistency of the project and the RFP goals and 20 points for organizational and
financial resources. So, um, Atlantic Housing, when they pulled the the scoring of the different employees that were on that committee, they got a score of 79. Capstack had a score of 81.4. G3 Development had a score of
91.4. So, staff has based on the public procurement process, we have no choice but to follow the point system. Um that's where you as a board have a little different um opportunity that you get to hear the proposals from your different perspective and you get to
pick based on you know the board's opinions your your background business sense and all of that but I I did want to to jump in and and help answer that a little bit. Well well well thank you for the information and knowledge and we appreciate that. uh the question I'm asking is the director of the director
of CRA which is this is a CRA project so her expertise uh is what I'm asking for now I don't get a chance to do that on a general dayto-day from the Florida statutes and laws so that's why I'm asking her now because I've been at meetings with her I've been at CRAS I've been at FRAS and today I'd like to ask
those questions from her expertise but thanks for that information those are very close scoring and then there's a big scoring difference you're looking at less than a point difference and you're looking at 10 points I just didn't see it. So that's why I wanted to ask the expertise of our CRA director. But thank you very much for
that information and and can you continue please? Absolutely. Um so to wrap up in reference to G3, I thought that the projects that they provided as examples were very close to a template of what we'd like to see here. Um and also in reference to the amount
incentives, cash incentives that they requested, it was in line which with what was in the RFP. Um, in reference to Capstack, um, again, they do have more parking spaces than what was required. Um, they are looking at doing it in two phases. I
also noted, um, that they were looking for a donation of the land to the developer. Um, and I was curious about the the the phased approach they had to the construction, how they were going to start in one phase and then kind of have
um parking shift over to another phase while they do the completion. I did like the fact that they had green building practices. Um, I also like the fact that they um, which all of the proposers did, they combined some form of residential, which
I thought was crucial for our downtown. Um, I did note that the capital expenditures were approximately 77 million, which I thought was substantial. Um, I could not delineate from their proposal whether or not the the commercial piece of it or was it simply
multif family. I I I couldn't tell that from the proposal. [Music] Um, I was concerned that the amount that they requesting incentives exceeded the amount that was in our RFP. And so then we'd have to now figure out um how we're
going to provide that additional amount. Um I also noticed that some of their team members had previous experience on the Steven Plantation project. Um I also like that the experience that they listed was very similar to what we may be looking for
such as FDOT CMI garage, the um Largo City Hall mixed juice garage and the Neo City office building. I also like that they had an assortment of MBEs. If you could explain MBEs just to the local I I understand acronyms but to to
local panel if we could please. Absolutely. They had an assortment of minority business enterprises. Thank you. I I knew that but I just want to make sure for the acronym purposes. Thank you. Go ahead. I'm sorry to interrupt. And then lastly for uh Atlantic Housing Partners, I like that
the uh project principal had extensive affordable housing um background and that they also had a GC license. Um there was something here. Oh, I also like that they had a background in historic preservation. I don't know if the others had that, but they did note
that in the proposal. So, I thought that was critical. Um, I did notice though that the architect firm listed, at least according to the proposal, did not list any commercial development experience since 2018. [Music]
Um, I was curious about the fee wavers that were that was being requested, which has already been answered previously. Um, there was a note about the affordable housing for 15 years. Um, and then my question was, well then hap, what happens after the 15 years? How
does that work? Good question. Um, there was something here about the city having to maintain those 250 spaces. So now I was curious about what the maintenance would go and how would the city be able to be able to afford maintaining these spaces? What what does
that look like? Um, and we have already talked about the the lot that was not originally included. I I believe council thought that was a a good flip-flop from C to D, but I I just from hearing I don't know specifically,
but yes, I did not give a preference. I was simply noting that they included something that was not part of that. And thank you for for that information. Okay. And that's the summation. Those are my my notes from Okay. You gave me G3 and Capstack and then Yes. And the that last
piece was the Atlantic Housing. Oh, the Atlantic Housing. Okay. That's why I put it there. Uh I I appreciate your expertise in this. Uh one, it's nice to have creative people come in. We had three very creative bids and three different projects, but and then what the city's
looking for. Um I I get it. Uh but more parking is better than less right now because we don't we saw a growth of 38,000 to 56,000. Who knows when the next growth sport's going to be and as we talked about during CRAAS and we talked about
metrop plan widening a street is much more costly than building a street widened at the get-go. So so the more now it would be cheaper than having to add another parking garage in the future as costs go up. But but I I appreciate some of those um those those far
outlooks of parking spaces uh exceeding what our request for today because we're looking at uh needs, not wants uh as we do a lot of times. But the want is yeah, we'll have more because it'll be better official for us in 10 or 15 or 20 years
down the line. But I thank you for the recap because I know this is what you do and I've been in meetings with you. So this gives me information. So, I yield back to you, mayor, and thank you very much for the presentation. Absolutely. Happy to assist. Thank you, member Urban. Thank you. I I do appreciate the
input and the reasoning behind why staff ranked it um that way. What is And by the way, all three of these are um fantastic projects. I think our city would be would would be um really blessed to have any one of
these with really fantastic presentations from everybody involved. Uh, but what uh was appealing to me and why I think I would agree with staff's recommendation is um the asks from the CRA or the city um
were were not as intense as some of the other ones. And um I think you know when when we're talking about giving a tax waiver for 10 or 15 years isn't part of the CRA's goal is to increase the tax the tax base of its district and of its
area. And I I think if we're not doing that or giving waiverss for a certain amount of years that we're kind of shooting ourselves in the foot a little bit. Um, I do understand the the reason for asking that and and I understand um why that could benefit both parties, but
that that was for me just um the the asks weren't as intense. Also, I I like the the three stories all around on those. I think um that's a good way to um get your feet wet a little bit on
putting these properties into our downtown instead of building a high-rise or or something that is even taller than city hall. I think the three stories would fit the neighborhood right. So that's just my opinion, but uh I will uh
yield back to you, mayor. All right. Do we have any other comments regarding the proposals today? Mayor, may I ask one question? Yes, sir. Uh figures don't lie in large don't figure. We've got a lot of figures given to us today and a lot of cost to the city and a lot of cost to the developer
and a lot of cost. How do we get to the bottom line? And we can't do it per square footage because there's three separate designs, but we can really minus of what it costs to the citizens and the taxpayers and us to these three projects. I don't know how we can put that down in a recap, but I would like
to see something like that of what our cost is. Uh, as member Urban has stated before, yeah, this is a good idea and there's less cost and and you're right, CRA is about making taxable, not taking taxes away, and I have a 10 and a 15year tax abatement here, and then I have a
zero tax abatement, but then they have a higher cost above. Um, it's just getting the figures right, and and again, this is a great project. These are three. I don't think we would go wrong by any one of these three. I just really don't. They're great companies with great uh uh
benefits and they all have great relationships and they have a history of doing great jobs in different cities. So, I just didn't know how we could get closer to numbers so we can crunch them as a council to see, yeah, we want 500 or we want 600 parking or we can have
400. Uh cost per parking space. What were we saying? 22 to $25,000. It goes down as parking spaces go up. We understand that. But I don't know, mayor. I I And it might be an answer to that question. How do we get where apples are apples? Because right now we got apple and orange and banana. But I'd
eat them all, you know. So I got to figure out how to do it. We do have some other council comments, but city attorney's got his light. I want to go ahead and let him. Yeah. Thank you. Appreciate Mr. Gilbert's comments always.
Uh so I've just quickly overview of the process we're in Mr. Gilbert and and I'm sure the others are thinking about it too. Uh I think one maybe two of the presentations talked about what the next steps are. So from a staff perspective what we're looking for today if you can reach there is to tell us which one of
these groups you want us to work with when we go through that process the the process that's provided in for these P3s is we're going to bring back an agreement. We may bring back an initial agreement that deals with sort of a due diligence period where you go through all that. We look at what really can be done where you start crunching the
numbers and you get a little closer and then ultimately you get to a final agreement. Now remember this this is not only going to be a project between the CRA and whoever the group is, but the city city is going to also have to enter be part of this agreement also. So, we're going to have to work through all
those, but the process is to get started if we can and then work with one of the particular groups, bring back more of the particulars, document it better so you understand it, do the things that you're you're you've been mentioning, Mr. Gilbert, so that you could ultimately enter into a final agreement.
Um, Vice Chair Fletcher, um, I just want to echo the same comments. I believe we could pick any any of the folks here. Um, as always, thank you to staff. Um, I know this was a lot of work. This is a big undertaking um for the city, this area, and the city city council. Um, and if it was up to me, I' I'd hope we could
put a shovel in the ground tomorrow. Um, um, I believe this is a lot of information right now. There's a lot of stuff coming at us. Um, we have some unknowns, um, that I think we we kind of need to get answers to. Um, I know,
um, Dan was talking about we need to kind of focus on one and then kind of work through all that. I don't think we're necessarily there yet. Um, I like to move things along fairly quickly. don't like to hold them up, but on something like this being such a huge
investment in our downtown, I think we may need one more meeting so that we can sit down, kind of request some information, get that information, and then maybe come back and then kind of go um in the right direction and then start
to work with um the one that we choose to kind of nail down some of some of the particulars. That's my recommendmentation only because you know like like the tax like I don't know what that number is. I don't know some of this stuff. I'd kind of like to see it a
little more more detailed on on what the city's going to be offering and then what we're going to get back. But this was a good highlight of each of those. Those are my comments. Member Paul, I'm going to let city manager have a comment on this first. Oh, thank you. Um, I just wanted to remind the city council that
originally you had asked for us to include RMA, the CRA consultant. Um, I know we have one person from RMA here as well as another one I think on the phone. Um, additionally, I I I had forwarded the council an email this morning. part of what their
recommendation I think actually answers some of the things that I I I heard both Councilman Gilbert and Fletcher, Councilman Fletcher um state, you know, and I'm just going to read it real quick. It was please ensure you have provided a development budget proforma and cash flow analysis that includes the
following all development costs and assumptions, land and hard soft cost assumptions, financing assumptions to validate cash flow projections, total project costs incorporating land and tiff assumption. there's that that tax um income expense projections
assumptions NOI debt assumptions um so that is something that you know if if the board wanted to table a final decision we could work with these people and get some of that additional information um and also in case you have other questions for our consultant who
has worked on these projects previously just letting you know that they were here thank you all right member Paul yes um today was a lot of great information but Um, in regards to what council member Gilbert said, I do would like to see a um, comparison of all three of
basically what they're going to, you know, provide versus what we give. That way I can look at it all together. Um, but it was a lot of information. So those are my recommendations. Okay. So, do we give a consensus on what how to move forward if we want to move
forward to another meeting and get more information? Is that how we do it or is it by vote? Should we ask Dan a question? Uh, one thing, it looks like people would need a little more time to digest the the the fish we just ate. But, but uh you're
hungry, aren't you? Have you seen me? I I have missed a meal and snacks in between. But I I I wouldn't like to I I would not like to slow it down to the fact that these folks have done such a good job under the timetables that they have and all three presenters need some
information and answers on a quick uh basis, not saying, "Okay, we'll hold it back for six weeks or eight weeks." I think this we we need to get the information we're asking for. We need to digest it as quick as we can thoroughly and then give these folks answers
because time is money and these folks if you look at these presentations spend a lot of time and a lot of money in making these presentations and I we have to respect that with them and we have to give them an answer so they can either get ready to go to work or get ready to work on other project with other cities
and and municipalities and also private sectors which all of them have that experience. So, that's the only thing I ask. If we do this, I was going to say do do, but if we do do this, uh, let's do it in a timely fashion if we could to get the information to make a decision. That's the only thing I'd say. Um, Mayor
and and Dan, well, may I suggest this is a obviously it's a big decision. You've got a lot of information. You were given a lot of information recently, so you probably really haven't had the opportunity to digest it. It might appear to be a little different to you, too, than it was on paper. now hearing
presentations too. So that's all part of it. As a suggestion, you could set a meeting another meeting of this of this board to happen fairly quickly, week, two weeks, whatever it is. We could also uh ask if you could pro as each
individual members could provide to Antranet some questions you have maybe by the end of the day tomorrow or something and then in a generic enough form so that we could get them to each one of the presenters and they maybe be able to address some of the questions
that you might now have because you've had a better chance to understand their proposals and their projects. That would be a suggestion. And the only other thing I'd add to that is that we'd ask each one of you individually and for the presenters not to have any individual contact with any of these board members
during this process. You're saying don't speak with any of the presenters? Yeah. And that's right, mayor. That's good. Yes, sir. I just wanted to piggyback what uh Council Member Gilbert said. Um and I don't know if I can look to the to to the folks. um
all the questions that we're asking up here. Um would a week, two weeks, could you guys turn that information around that quickly? Because I think the council kind of would set a meeting based in a week or two weeks based on the fact that you could get that back to us.
I'm seeing some heads not three of the presenters said that. Okay. I just don't want to drag them out. I would use any one of these three. Great presentations, great companies. Uh just this is a big decision for our city. I believe I think it's one of the largest decisions we're
going to make and with our CRA and we're instructed through our commissioners meeting with county projects like this is what we're looking for in CRA. So, I'm excited about it, but sometimes things get too fast, I kind of slow down. And I that was a lot of
information to digest last night and other day. So, a week or two. I do whatever is we can get the information. They nodded that they could do it. Uh Sean, within a week, we can get back and get it done next week. I'm okay with next week.
Uh next week we've got a city council meeting and but I do have something prior to that in the bridge but we would need more than a week to advertise right for another meeting. No, we would just if you give us a date today, we'll notice it
tomorrow. Uh but I do it's it's a council meeting weeks are always a busy week for staff and the city manager especially. So, if we could if you could do it, I my suggestion the week of the 12th would probably be a better week. I believe we have a council member out of
town. Do you have some Tuesday? It's up to you. I'm going Tuesday the 13th. That's two weeks from today. I I believe Councilman Gilbert might be out of town. I can fly in for it if that this is a big decision. So if I have to fly in and fly back, I can do it. I have
no problem with that. Um I am that week is what? The 13th. I'm I'm I'm out of town uh the 9th through the 16th for for a project. But this is a decision either I can get online and do it uh via Zoom or I can do
I can fly back and forth. I don't care. Can he do virtual? Sure. As long as we have a quorum without him, he can do Thank you. Thank you. I didn't mean to do that. Oh, no. No. I I It's got to be right. this this this here. And these folks don't need to wait too much longer. They worked hard and and I'm
willing if I can zoom, I'll zoom. If not, I'll fly. But if you want to put on the 13th, I'll I'll calendar it. So, it'll be early afternoon before we get
Sometimes it's easier to look at my phone versus my computer. I'm sorry. Well, we're in a meeting till 12 at least that day. We could do it on the Monday beforehand. the the 13th um the afternoon. I I
I don't I don't see any issues. I don't on my calendar right here. I don't show any council members being out, but I don't have the the paperwork that I had when we were at the when we had the workshop last week. I don't have that with me. Would we like to try one o'clock? You
think maybe or two o'clock? What would be you want do two o'clock? Make sure we're back in time. I I I I always like to to say uh 1:30 because anybody goes to a restaurant and we sometimes getting back by 1 is is difficult. 1:30 would probably be best. So many people needing
to eat before they come. Okay. I'm assuming 1:30 on the 13th. Is that good for everybody? Tuesday. Okay. So, h how long does the board want to have to review the the information they're going to give you so that we can
give them a clear deadline so that um I don't give it to you the night before? The 13th is a Tuesday, right? Yes. Would would uh Friday or Monday be appropriate uh that we can I think it's only going to take us a day to review this small
piece of information. So, if our deadlines were 8:00 a.m. Monday morning, that give us all day Monday and then uh till 1 1:30 on on and Tuesday. Is that okay, Mayor? I I don't know how much time to digest. Mayor, mayor, you're going to be with me at Sunbridge that
morning. Just just saying we'll be back by 1:30. We'll be back by 1:30. Um I guess the question is we I guess we need to give the the questions to staff in a timely manner. So, that's on us as well. that yeah that has to happen within the next 24 hours. We we can give it
individually to staff and then they can provide it all the answers to every one of us. Okay. Okay. So So the council is going to give me your questions by the end of the day tomorrow. I'm on town tomorrow, but I'll have my I work on my
I work on it tonight. Okay. And then we're going to ask for that information back from the the proposals by Monday the 12th, like 8 am, so that you have the full Monday to to review it.
Let let them get in their office, I think. Or I mean, everybody's remote now, but can we have Friday end into business? Yeah. Could can you turn information around in a week or do you guys need two weeks? Yeah. We're not because if it was by by Friday the 9th, we got three head shaking. So So why
don't we have them provide the information to us by by Friday the 9th at noon? That gives us the opportunity to give it to the board before the end of the day. Um okay. So the 9th info proposals 13 and we thank you presenters. This is a big decision for
council and we really want to make the right decision. I think all three of you are qualified and have the expertise. It's not on you. It's on us to to get together. Antonet, is there certain guidelines we can talk about cost out, cost in? It's going to be so hard
because there's so they're three separate projects, you know, we're not get three widgets where it's different. So, as part of our um transmitt to the board, not only will will we provide their responses, but we'll try to make
it as closest to an applesto apples comparison. So, as you review it, you can have what I think will be the most um to provide some continuity in the responses. So, if we are doing that from
the proposal's information, we cannot do that in four hours. That's not going to h that's not well if if we're getting the information back by the 9th to get it to the council before we leave the end of the day. So you have the weekend and the Monday to review. Um
we get it tomorrow. She has a week to get it to to them. And then so you're going to have her just pull the questions together. I thought you were having her pull answers. And I think she's understanding what I'm saying. Apples to apples as close as you can get. parking spots, how much per parking spot costs, uh retail, what per square
footage is, impact of what it's going to cost the city uh in in tax dollars, abatements, tax deferral, and also land use versus lease versus sale or or or giveaway. Just it could be five or six things. Is that are we thinking the same
way or we will do our best based on the responses that we receive back. You might want to review the meeting and go through each one of these. Right. Correct. So there's certain things like if we're talking about economic impact that can be a lot, you know, but if they're if they provide us, for example,
their capital expenditures, we can definitely give you that. They provide the number of parking spaces, we can definitely give you that. The number of proposed jobs, yes, we can include that. However, if you're now asking what will be those jobs and the area median wage and what that will equal, no, we won't
have that. I I don't think we need to get that dirty. I would just get a brief overview, but you know, it would be effective if we have 500 parking spots and we charge after five o'clock at 10 bucks a spot. That's going to bring in potential revenue of $2,000 a day on the
weekend. I'm I'm just throwing out fictitious numbers. Or if we have 200 spots, what will it bring after five o'clock on on Saturdays? What's allotted to us? Some of them allowed us 250 spaces and them for 250 spaces. So, just brief. Don't don't get too deep in it.
Don't dig too deep. But I think we got a very intelligent panel uh here with seven of us and I think we can divulge just a little bit of what makes sense. Vice chair um the last comment that I had was is the consultant is here. I just want to hear her comments. Yes, that'd be
awesome. Thank you internet. Thank you. Thank you. Good evening everyone. Adrien Estabbon, senior project manager with RMA. Um we did send our questions as uh the city manager had mentioned some of them had
to do a lot with the um additional financial analysis needed. Um some of the information was not included uh or the financial information was not included that we were looking for to give you those apples to apples you're looking for. I did want to also note that we received the proposal responses
a little over a week ago. So, um this is our preliminary review, but we do recognize the need for more financial information. Um I would say is the the bottom line for this and um we do think that you will need to address the land swap um probably with your city attorney
just to make sure you know everything again is apples to apples. And then lastly, I know you all are looking for a quick turnaround. I'm sure everyone can respond, you know, within, you know, their time period of a week or um if they indicated that, but we would need
at least more than a day to review um those financial um metrics that we're looking at. So, it would request maybe a little bit more time than than just a day. Maybe a week for us as well would be nice. Yeah. and city manager, city attorney. I
think that we could ask that question of each to answer whether or not this parcel and the front parking where we at over here parking lot there. Yeah. As opposed to the the hotel site, maybe let them answer whether or not that's viable for one. And that's obviously something
that this board has said they were interested in. So, I think they heard that. Okay. All right. Thank you. Thank you. Leslie, did you have anything to add to today's discussion? No. Thank
you. All right. Any other comments from council, commission, board? Uh, public comment. Anyone in the audience like to speak on this item? All right. And with that said, we have our next CRA meeting Thursday, June
5th, 2025. And this meeting is adjourned. I realized too late. I was going to tell them how many parking