UNFINISHED BUSINESS
Agreement for the Development of Property and Redevelopment Incentives for 1525 Ballard Park Drive and 907 15th Street West
Approval
No
No
This is an Agreement for the Development of Property and Redevelopment Incentives between the CRA, the City, and the Developer for the development of a 145-unit multi-family project at 1525 Ballard Park Drive and 907 15th Street West.
Following the CRA Board's directive on April 22, 2026, staff and CRA legal counsel have negotiated and codified the terms of this Agreement. The development represents and estimated capital investment of approximately $28,855,000 and is directly aligned with the CRA's mission to revitalize the Tamiami Trail and Downtown District areas through workforce housing and sustainable redevelopment. The Agreement, Section 5.4(5), provides for a waiver by the City of 30% of the impact fees for the project for Parks, Police, Fire, Water and Sewer. City Council approved the waiver of 30% of the impact fees at the June 10, 2026 City Council meeting, and the CRA Board agreed to reimbursement of 70% of the impact fees to developer by the CRA.
The proposed development is a 145-unit multi-family project located on properties spanning both the Tamiami Trail Community Redevelopment Area and the Downtown Community Redevelopment Area, both of which are currently set to sunset on September 30, 2040. The project will require demolition of the structures on the City owned site and construction of a new multi-family building, advancing the CRA's urban infill and redevelopment goals for the area. The project is designed to generate meaningful increment revenue while contributing to the workforce housing and community development objectives of both the CRA and the City.
Consistent with the CRA's Sustainable Redevelopment Plans and Sustainable Redevelopment Incentives Program (SRIP), the Agreement authorized financial support to the Developer under the following terms:
- Annual reimbursement payments will be derived strictly from the increment revenues generated by the project. The base annual reimbursement payment is 50% of the annual increment revenue generated by the project, with additional reimbursement percentages applied based on add-on incentives approved pursuant to the SRIP and described in Exhibit B to the Agreement. The final annual reimbursement percentage and total reimbursement payment cap will be determined once the project is placed on the property tax rolls and memorialized by addendum to the Agreement prior to the commencement of any reimbursement payments.
- Total reimbursement payment is capped at 12% of the difference between the appraised value of the project site prior to and following substantial completion of the project, as determined by the Manatee County Property Appraiser. An illustrative estimated calculation is provided in the cost-benefit analysis included as Exhibit B to the Agreement. Reimbursement payments will continue annually until the total reimbursement payment has been paid in full or until the CRA Districts sunset on September 30, 2040, whichever occurs first.
- The City, in recognition of the Developer's commitment to provide workforce housing units within the project, has agreed to waive 30% of the impact fees assessed for the project for parks, police, fire, roads, water, and sewer. This waiver is established as a covenant of the City within the Agreement.
- In addition to the City's impact fee waiver, the CRA will reimburse the Developer for up to 70% of the impact fees paid for the project for parks, police, fire, roads, water, and sewer. The CRA impact fee reimbursement request, which must include a copy of the certificate of occupancy for the project and proof of payment of all applicable impact fees.
This Agreement formalizes financial reimbursements related to increment revenue and impact fee reductions. See details contained in document and exhibits of proportionate reductions and reimbursement. Sale of properties to Developer will generate gross proceeds of $555,088 to the City.
CRA legal counsel drafted the Agreement and conferred with both the CRA and City Administration as to acceptable terms and conditions.
Motion to approve the Agreement for the Development of Property and Redevelopment Incentives for 1525 Ballard Park Drive and 907 15th Street West and authorize execution of the necessary documents by the Mayor.