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Community Redevelopment Agency <br />February 7, 2013 <br />Page 3 of 8 <br />Ms. Smith estimated the proposed improvements would increase the annual ad valorem tax to the City of <br />approximately $125,700. Ms. Smith stated that staff is at the beginning stages of drafting a development agreement. <br />A brief discussion ensued regarding de- mucking the property and the stormwater retention on the site. <br />Mr. Randy Newlon, City Manager, stated that it will be 90 -100 days before the development agreement is <br />completed. He said the City is dealing with two separate developers that are working in tandem on the development <br />to settle issues of mutual interest. He said it is envisioned that the total added value once the properties are returned <br />to the tax roll would be $20 — $25 million. <br />Mr. Newlon said that based on the current plan, the apartment developers do not have a high requirement <br />for preparation of the land and they have the better quality of land in the rear. He said the commercial developers <br />require that their properties be made "pad ready ". He said their offers are contingent upon the property being at a <br />level that they can go ahead and turn around and build their properties. Mr. Newlon said the City is considering <br />these offers but it will be up to the City to make the water features, to convert the muck into a beautiful waterway, and <br />provide the drainage needed. He said that would be deducted from the offer price. He said the City, consistent with <br />the Guiding Principles, wants this development to feel as if it is an extension of the park as a walkable amenity to the <br />City. He said the City may need to invest further to bring the walk ability standard to the development because it is <br />more than what the business owners require. He said these issues will be worked out in the negotiation process. <br />Mr. Newlon said that they don't foresee a lot of money coming from the 15 acre development being returned to the <br />City. He said that was understood going in. He said they think the development will come in phases. He said the <br />CRA will eventually be involved in the development of this site. Mr. Newlon said that Commissioner Armendia has <br />been appointed by the City Commission to work with staff in the development negotiation process and he will report <br />back to the City Commission. <br />In response to the Board's question regarding the developer accepting a "pad ready" site so the City would <br />not have a contingent liability, Mr. Newlon stated that the title would be transferred as a fee simple. He said it would <br />be the developer's responsibility to maintain the site. <br />In response to the Board's question regarding sewer and water capacity for the 15 acre development, Mr. <br />Newlon said there are plans to bring sewer up to the 15 acre site, Mr. Newlon also stated that the City conducted a <br />