CC Minutes 04/14/2008 - Laserfiche WebLink

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City Commission Meeting April 14, 2008 Page 5 Staff Presentation bv Barbara Lipscomb, City Manal!er: Resolution 08-1874 requests Commission approval ofa "Memorandum of Understanding" with Century Retail and the Casselberry Community Redevelopment Agency (CRA) for the acquisition and development of the 15 acre Town Center Site located on U.S. Highway 17-92 at Triplet Lake Drive, adjacent to the Casselberry City Hall. The "Memorandum of Understanding" is a basic agreement between the City, Century Retail and the CRA that sets ground rules and starts the clock ticking for discussions and completion of a "Development & Disposition" Agreement within 90 days. The "Memorandum of Understanding" provides subsequent time frames for the full design (12 months) and two construction phases (18 months apiece) and the financial bonding of the three phases. The "Memorandum of Understanding" does not bind the parties to any absolute guidelines but does set basis parameters such as possible funding or assistance areas. Century Retail and the Community Redevelopment Agency (CRA) have approved the "Memorandum of Understanding". Staff Recommendation: Approval of Resolution 08-1874 as presented. Audience Input: 1) John Casselberry, 700 S. Lost Lake Lane, Casselberry, Florida, expressed concerns regarding the legal aspects of the document. Commission Discussion: Commissioner Doerner expressed concerns regarding the 48-month completion ofthe project and asked that the timeframe be shortened considerably but indicated support of the project. Commissioner Solomon favored the project, stating that the project is a positive commercial development that will improve the City's tax base. She congratulated Commissioner Hufford for doing a great job representing the Commission on the Steering Committee. Commissioner Miller stated that this project was the number one priority for the City and agreed that the timeframe for project should be moved forward as quickly as possible. Vice Mayor/Commissioner Hufford also agreed that the timeframe should be shortened, i.e. Phase II from 30 months to 24 months and Phase III from 40 months to 30 months to put the project on a fast track and take advantage of the cash flow that would be generated by the tax base. She also stated that the beautification projects increase the value of the commercial areas and draws developers to the Community. Mayor Goff stated that arbitrarily speeding up the timeline may put the entire project at risk or kill the project. The Commission should take the time to make sure the project is done right and the developer has the economic tools to finish the project and make necessary adjustments due to the change in the economic situation. He supported the timeline as set forth by the staff. The City Manager stated that staff would endeavor to push the project forward as quickly as possible.