needing to order that's good to see everybody tonight looks like we beat the rain getting in here anyway we'll see how it goes when we get out so I'll call the meeting of Tuesday September 20th meeting of the Temple Terrace community redevelopment agency to order uh first
item is approval of the minutes from September 6th second you remember any motion a second any adjustments to the minutes if not all those in favor signify with aye aye opposed to your knees the minutes are approved next item is approval of the
Temple Terrace CRA meeting dates for fiscal year 2223 and our business relation manager Greg Pauley will explain good evening everyone Greg Pauley business relations manager um I'm going to keep this very brief because there's other people more important to present to you tonight I
simply have to solicit your approval for the upcoming year required meetings the dates that I've chosen for your consideration are consistent with our previous actions and that is we usually try to set our
regular quarterly meetings at the second just before the second council meeting of the second month of each calendar quarter so if I could please get the slideshow brought up I have those I have those here for you to consider
Tuesday November the 15th uh Tuesday February 21st Tuesday Feb or May 16th and Tuesday August 15th and again I'm sorry I think I said the 15th there it's May 16th these are consistent
with that same uh scheduling routine that we've used in the past the only difference is here for our traditional meetings we have moved it to 5 30 but obviously for meetings that require more time we would ask that you allow us to publish those
starting at five o'clock if we do need more time thank you Mr pulley are those dates a problem for anybody any discussion on the dates is there a motion to approve the proposed dates is proposal second of course from the second all
those in favor signify with I I you pose no names no dates will work thank you thank you next item is the resolution approving fiscal year 2223 Temple Terrace Temple Terrace Redevelopment agency annual budget interim Finance director Jim
Ingram is here to explain welcome Jim good evening mayor Ross City Council board Mike could you close that door for us please thank you it is recommended that the board of
director directors solicit public comment and subsequently adopt the resolution approval approving the annual budget of the Temple Terrace Redevelopment Agency for the
2022-2023 fiscal year when the Temple Terrace city council adopted its findings for the creation of Redevelopment District the city council designated itself as the board of directors
for the newly created Temple Terrace Redevelopment agency ttra as such the ttra exists as a dependent special district operating under the restrictions of chapter 163
part 2 of the Florida Statutes the board of directors of the Temple Terrace Redevelopment agency should take action this month to adopt its budget for the 2022-2023 fiscal year
in keeping with past practices and the requirements of Florida law the ttra budget was posted as part of the city's proposed fiscal year 2022 2023 budget document
the content of the budget reflects the policy Direction provided by the city council in its tentative budget for fiscal year 2022 2023. as has been done in years past this year
there was no need to amend the 2021-2022 fiscal year budget because all of the revenue from ad valorem contributions and the transfer from general fund was used to pay a portion
of the debt service for the Redevelopment Debt Service there were no other expenditures out of this fund as of the date of this minimum the ttra will receive its tax increment
funding from Hillsborough County to Tampa Port Authority and the City of Temple Terrace tax increment proceeds are estimated in the amount of nine hundred and five thousand eight hundred and ten dollars
and I stand for any questions thank you Mr Ingram are there members of the public who wish to comment on this see none council members questions for Mr Ingram seeing none is there a motion to approve the budget I moved to approve the budget second motion is second and any
discussion on the motion if not all those in favor signify with aye aye aye any opposed no Nays budget is adopted thank you Mr Ingram next item is a summary of proposals for the community redevelopment Area
Properties yeah Mr misters Odom and worthman are here good evening sirs good evening good to see you now it's good to see you guys it's been a while but we've been hard at work trying to get uh work out some of our of our action plan
for you guys that wanted to start a little bit Colonel worthman is going to be going through the the proposals to proposals that we have tonight um but I'd like to start with this because it this is sort of sets the table for I believe what's what's coming
um if you on this first page what you'll see is uh interest rates on the 10-year treasury U.S treasury and the and the 10-year two-year and ten year anybody's ever owned any uh CDs before bought CDs before from a bank know that normally
when you go to a bank they're you know you buy a one year it's one percent you buy a two-year CD it's two percent and usually the route you go the higher the rate gets well you'll notice there's something kind of wacky about this and obviously the the environment has
changed quite a bit since when we started um this uh is what's referred to referred to as an inverse curve it it tends yield curve it tends to be a fairly decent predictor of a Slowdown uh what we don't know is that Florida you know how bad it's gonna was gonna end up
being for affordable but we've already started to notice anecdotally as well as other data's coming out that things are starting slow um we're we're still For Us sales are still robust but we're starting to cough up some deals now because the interest rate doesn't make sense anymore so I
want to try to give you know paint a little picture of what of what's going on uh because I still think the timing is good but obviously the future is going to be somewhat cloudy uh our forecast is for a continued decrease in vacancies which is a good thing if
you're in if you're owner of retail properties through the second quarter of 2023 and then we're expecting to see uh that flip around pretty dramatically into the third quarter of 2023. the second page here gives you a little bit idea of the
spread of what's been going on over the past year and right now there's the 41 basis point difference between the two-year and the 10-year and what you're seeing now are are if if you're an investor you're wanting to move to the
shorter term so the banks do too the banks that can earn a higher return on the shorter rather than going longer so you're starting to see uh some retraction in some of the of the banks uh pulling their horns a little bit a little bit of developers it's not is not bad right now I'm just letting
you know the future is starting to become a little bit murkier when we look out a year in advance so um I think it's important information when we're discussing tonight because it might be dramatically different six months from now or a year from now if we're still having uh discussions
about these these properties so Colonel you ready to have any questions before for me before I sit down council members any questions no no okay we're good thank you colonel welcome colonel pleasure to see you mayor council members great to be back
in front of you um I'm going to talk uh just briefly about the vetting process that we used so the first thing we looked at is concept we wanted to make sure ensure the project was in line with the city Vision the Land Development code and
your Redevelopment plan so that's we did as far as the concept goes on the buyer we wanted to make sure the buyer was legitimate had the Monies to fund the project we also look at the purchase offer that was within the target window of the listing price that the due diligence met
the city guidelines of 90 to 120 days and the project could be completed within 24 months the next thing we looked at is a developer the developer had the experience of completing the same type of project that he had success in the past doing that and the last thing we
did was we looked at the primary end user if we needed end user was it identified going in under account before going in on the contract and if required additional end users that they could be identified prior to the end of the due diligence period now the two uh the two we're going to
talk about tonight are um eight we're going to talk first about eight four four seven which is the one that is the L shape with the old Indian restaurant on it the second one we're going to talk about is 8901 which is just down to the south
of the fountain shops now as far as um 8447 goes um we've had it uh it was listed in on on the 6th of July for about 75 days on the market there's about 41 000 views of it we got uh nine
legitimate leads out of those nine leads we had five uh hard offers and after the vetting process we we were down to one and that's what we're going to have here tonight as far as eight nine zero one goes it was listed on the 14th of June
so about 97 days in the Market at about 45 000 views we had 19 leads that we ran down and out of those 19 we had five heart offers and then we from the vetting process we we narrowed down to one and that's what we're going to talk
about tonight can I ask a question on this before I lose my when we go from five to the one is that vetting process done in conjunction with staff what's that is that how that works okay
I don't mean to throw you off I just before we leave this yes sir um the what you would consider a true viable buyer uh the kernel brings them to in this case the city manager and myself and in many cases we
conduct either face-to-face meetings with the potential buyers or Zoom meetings with the potential buyers and it's from those meetings and from those discussions that they are then um given additional information regarding land use requirements uh the actual
Building architecture requirements for the area and so on and so forth now from that you will see some of those buyers maybe take their project to other markets some of those buyers will stay interested in our projects here
the colonel and Mr Odom then step into the second phase of that vetting where they're looking at the true viability does this Builder have experience building what they want to build or what they say they can build and do they have the financial capacity
to make it happen and that's where I'm going to turn it back over to the kernel because that's exactly what he has been doing for the last couple of months okay that's good enough for now if there's further questions we'll come back to that but now remember Mr bear we had the 30-day public notice out there too and they had even they had to meet those
requirements other than notice and that's what they did before the deadline which was ended on the 6th of September thank you I'm sorry for the interruption um so I'm gonna go if we could have that slide uh with eight four four seven on it
first the next slide please oh do I have to do this yeah I knew it nope we got it right here there you go okay um so the first one to look at is eight four four seven that was on as I mentioned the L-shaped processor 1.74
acres and the buyer that we have is Sue Hale he is a local temple terrorist businessman some of you may know him or not and um his uh concept is basically to put a hotel on that land and also put retail
uh fronting 56th Street as I mentioned in the um vetting process we had to make sure that it met with Land Development code and Redevelopment plan and it did and so that was one of the things that they needed to have happen so his proposal
um was his purchase price was one million dollars which was the full purchase price that we um that you approved and with an initial deposit of twenty five thousand dollars and then you see the closing costs on there as well the commissions and that
um the estimated value tax value of that project after it's completed would be about it was about 12 million dollars so the ad valorem came out to about 228 000 you know that it's about 0.38 to the city so about seventy seven thousand
dollars is what you'd come out of that ad valorem taxes the sex inspection period was 120 days due diligence closing period was 30 days after the due diligence and then the proposed use should be retail or hotel
um you know they'll explain their Concept in more detail just a brief overview is that they're looking at a hotel maybe some restaurant maybe a rooftop bar is what they're looking at we know that their requirements is to keep it six levels or below so that's
basically their concept and then they would tiny complete is 24 months do you have any any questions council members questions at this point you don't see any Colonel thank you all right the next um
bid was on 8901 like I said down for the fountain shops and the buyer is streamland development Partners they're out of Birmingham Alabama they're here seated here as well um they're a real estate development company focusing on retail and restaurant I know you've seen their
slides so you have a little idea of who they are um their concept is they have the initial end user which is a Chipotle um on part of that site and then the other end users second end users to be determined and they're looking at a lot
of end users Here Local end users possibly Brewery restaurant retail type of thing and I'll I'm sure they'll be able to expand a little bit on that and you have your questions uh the purchase price it was uh if you're a member we agreed upon 2 million
their purchase price came in at 1.8 million initial deposit twenty five thousand you see the closing costs commissions the adverlorium it was based on a projected assessment at the end of the project of 4.5 million with the
entire project so they're projected avalorian was 85 000 and then yours would be about 29 000 if I remember correctly 0.38 percent the inspection period again followed as the other one did 120 days due diligence
they do have some clause and they'll be able to speak to it when they have an additional time in there and they'll pay additional Monies because finding the second end user sometimes it's challenging in this environment but I think that they said that they
could make it happen within the 120 days closing period is 30 days from after the due to this period the proposed product use obviously is retail and restaurant and the time to complete is 24 months any questions
so Colonel their initial proposal would only use part of the property that would only include one portion of the property and then in the future they would develop the rest but they but they they're going to have to come up with a second and use the other thing for the
city to know is that the city will have right of first refusal which means that they come in with an end user you don't like that end user they're not going to put that end user in there the second end user but they uh this is what they do for a living they build a suit so they'll be able to bring that end user
in build a suit lease it out uh on the second part of that land they do have the additional one as you as you know uh mayor which is Chipotle and then we're talking about the second one but again the first and that'll be the contract the first right to refusal because you don't want anybody in there
you know and you want to make sure what you this is the division of the city thank you council members other questions I do have a question what is the percentage of the Chipotle portion well the the way I look at it it's probably uh from what they told me they'll
explain in more detail I think we're you're looking at 1.75 Acres I think you're looking at 0.75 Acres or so give or take at least about 5 000 square feet there on the second portion of the partial and we're all working together to find that second end user uh now
we've been working it since day one really okay thank you council members other questions Mr Pauley what do you need from us now you need us to vote to present these in detail to the council yes sir that is
exactly correct if the CRA board finds uh these summaries acceptable to move forward I would ask that a motion be brought forward and this board vote on that motion to
advance these proposals to be heard and considered by the city council tonight okay the only thing I might point out council members is if if the council's of a mind to not present either of these that we really haven't heard the entire
proposal so I would if if that's the council's choosing I think In fairness to everybody that we should give them an opportunity to present their hope proposal not just the short synopsis that we've heard so far
okay so I only conservative and how is this advertised for a public review well that I don't know because I don't get involved in the advertisement it's a public meeting it's not that they can be brought up in the meeting or do we have to come back at another time
hips on the webpage and it was on the front face and the board in the lobby okay okay so it would be appropriate at this time for the Redevelopment agency to make a motion to move to advance the two proposals to
review by saying by the um by the full city council second Motion in a second discussion on the motion if not all those in favor signify with aye aye aye any opposed no Nays we look forward to hearing the details shortly and for those of you who are patiently
here we've done this a few different ways over the years and and we've although we're making you sit for a long period of time um we're not we really are trying to avoid you having to go through this
whole thing twice we've had this happen before where you give us the whole Spiel and we ask questions and everything and then we do it again you know an hour and a half later so relax you're welcome um appreciate your patience with that but um we really don't know a better way
to do it and I know it takes a lot of your time but but at least you're not up here doing the same presentation twice is there other business no sir that is all the business I have for you tonight thank you members are the is there other business for us to conduct
yes sir if not we'll be adjourned