HomeMy WebLinkAbout02282003 1225 Main Street [] Sebastian, Florida 32958
Telephone (772) 589-5330 El Fax (772) 589-5570
City Council Information Letter
February 28, 2003
TRIAD Multiple Family Housing Development Proposal
Several days ago, my office and various interdepartmental staff members
hosted a telephone conference with representatives from TRIAD Housing
Partners relative to potential benefits of initiating an affordable multiple
family housing development in the Louisiana Avenue Area of Sebastian. An
initial concern regarding this proposal was the issue of direct egress and
ingress into the property and the necessity to appropriately facilitate traffic
flow dynamics that would result (i.e. Louisiana Avenue is not anticipated to
be improved to accommodate such an increase in traffic). This issue is
potentially resolvable via incorporating the construction and extension of
Powerline Road into the site plan for what will be known as Pelican Isles
Apartments. Representatives from TRIAD agreed to making this
adjustment to their proposal, as they will offer a second presentation to you
during your March 12th meeting respectively. In addition, the attached
correspondence was delivered by TRIAD, per my request, in an effort to
address some of your inquiries raised during your February 12th session (i.e.
anticipated revenue stream to the City, etc.). As the application to the
Florida Housing Finance Corporation is not due in Tallahassee until April,
the City Council has a few weeks to offer direction regarding this proposal.
Request for Proposal Solicitation Process
Commercial/Industrial Development Marketinq
As efforts to implement projects and programs governed in the Sebastian
Municipal Airport Master Plan are well underway, please be advised that
administration is currently working to initiate a Request for Proposal process
to solicit interests from various economic development-marketing firms to
recruit commercial and industrial tenants to SMA. As referenced in the plan,
approximately 140+ ares will become available for development after
City Council Information Letter
February 28, 2003
Page 2
Runway 9-27 reopens. Positive impacts from such an arrangement will also
help sustain economic self-sufficiency of SMA operations and futures
improvements, as well as greater long-term financial stability of the
respective enterprise fund. In addition, as the City of Sebastian will continue
to enjoy substantive residential growth as a result of its current build out
status, applicable marketing efforts may also assist opportunities in other
commercial and industrially zoned areas of the community, most notably
Sebastian Boulevard (including areas in the anticipated expanded
Community Redevelopment Agency) and United States Highway One. As
such, respective recommendations will soon be offered publicly.
Pelican Island Centennial Celebration Program of Events
As staff from the City of Sebastian, the Sebastian River Area Chamber of
Commerce and the United States Fish and Wildlife Services are all working
diligently to ensure a successful Pelican Island Centennial Celebration
during the weekend of March 14th, I wish to provide each of you with an
advanced copy of the official event program as delivered to my office earlier
this week. As referenced on one of the attached maps at the end of the
document, stages and exhibit booths will all be positioned in both Riverview
Park and in recently acquired property currently being developed for
additional recreational use. In addition, as a tremendous number of people
are expected to visit our community during this weekend, arrangements
have been made to offer public parking at Sebastian Municipal Airport, with
transport shuttle services being provided via partnership with the School
District of Indian River County. Other details regarding preparation and
security may change within a few days prior to the celebration, as federal
officials are expected to provide updates relative to the possibility of key
dignitaries joining the celebration. I will therefore be able to update you
relative to any necessary adjustments during week of March 10th.
National League of Cities Conference
As most of you will be attending this year's National League of Cities
Conference, I will not deliver an information letter next week. In addition to
the immense educational and networking opportunities you will enjoy as a
result of attending this session, each of you should be able to also have fun
via other opportunities available during the conference. Have a great time
and please have a safe trip!
Enclosure(s):
Correspondence from TRIAD; Pelican Island Celebration Program of Events My Documents/InfoLetter167
'TiE I A D
~E)IN~ PARTNERS
February 14, 2003
Mr. terrence Moore, City Manager
City of Sebasti an
1225 Main Street
Sebastian, FL 32958
Re: Pelican IsiesApartment& Louisiana Avenue, Sebastian, FL
Dear Mr. Moore:
I appreciate your taking the time to schedule me in front of the City Commission the
other night. I was very pleased to hear detailed and intuitive questions form the
Mayor and Commissioners. I would like to take an opportunity to provide you with
an analysis that we have performed with regard to the revenue stream generated by
our development. I have assumed, for this analysis that the option to defer the
entire Recreational Impact Fee for a period of 11 years is chosen by the City.
During that 11 year period., the deferred fee will bear an intere~ rate of 0%. At that
time, the entire deferred I~npact fee amount ($148,200) would be paid to the City.
As mentioned in my prior letter, to guarantee the City's receipt of the deferred
Impact Fee, we would agree to place the entire Impact Fee in escrow prior to the
issuance of building permits. That way, there can be no issue as to whether the fee
will be paid at the expiration of the deferral period.
The enclosed analysis does not include the payment 0f building permit fees or any
other permit fee that we will pay at the time of building permit. As you can see, the
total projected real estate taxes, based upon the current millage rate of the County
and the City's portion of that millage rate (as provided to me by the Indian River
County Tax Assessors Office) over the entire deferral period are $271,580.
As l previously described, the unit mix within our development is planned as shown
below. As a result of the feedback that we received from the City Comission, we
are redesigning our plan to incorporate tennis and shuffleboard courts and some
additional ground-floor 'senior' accessible units types. We are working on that final
plan and will make certain that it caters to all populationswhile providing a certain
benefits to the Sebastian senior population.
U nit Type Size Quantity
1 BR/1 BA 762 32
2 BR/2 BA 1,065 80
3BR/2BA 1,277 40
One Oakwood Boulevard, Suite 195, Hollywood, Florida 33020 (954) 929-7157, (954) 922-5414
Recreation
Year Value ~ 10 Cap R.E. Taxes *lTotal R.E. Taxes Fee Due
Year 1 $4,053,397 0.00459 $18,607 $-
Year 2 $4,117,849 0.00468 $19,281 $-
Year 3 $4,181,947 0.00478 $19,972 $-
Year 4 $4,245,592 0.00487 $20,682 $-
Year 5 $4,308,673 0.00497 $21,409 $-
Year 6 $4,371,075 0.00507 $22,153 $-
Year 7 $4,432,674 0.00517 $22,915 $-
Year 8 $4,493,341 0.00527 $23,693 $-
Year 9 $4,552,935 0.00538 $24,487 $-
Year 10 $4,611,308 0.00549 $25,297 $-
Year 11 $4,668,304 0.00560 $26,122 $-
Year 12 $4,723,756 0.00571 $26,961 $ 148,200
$271,580 $148,200
Sum of payments
$419,780
*~ Assumes the current 2002 milliage rate of 21.68495 and the City's portion of that millage I
equating to 4.59040 mills which is increased at a rate of 2% over the twelve year projection.
nterest Rate 0.00%
Deferral Period 11 Years
Discount 6.79%
Deferred Amount $ 148,200
Net present Value of Payments at 6.79% $ 69,974
Value of Contribution $ 78,226
Year Month
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