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Staff to pursue valuation study for St. Pete Beach density pool; comparable case studies limited
Summary
Planning staff told the board the phase‑one valuation report on the city's density pool is not yet complete; consultants are meeting with staff and concluded it is hard to find comparable jurisdictions because St. Pete Beach's pool size, city scale and unit limits are unusual.
At the Oct. 20 meeting staff reported the phase‑one valuation deliverable for the city's density pool has not yet been completed and staff will meet with the consultant later in the week to review progress.
Brandon said the work so far has focused on identifying valuation approaches other municipalities use for density bonuses and pools (fee-in-lieu, percentage of bonus value, or specific benefit packages). He told the board it has been “very, very challenging to find another community that both has a pool, is our size, and has the limit on the number of units.” Staff is exploring comparable tools used elsewhere (for example, bonus programs tied to affordable housing or streetscape improvements) but noted many communities use different mechanisms and larger pool scales.
Board members asked whether the pool was established to preserve a critical limit on units. Brandon summarized the historic basis: “The large resort district originally allowed 18 residential units per acre, and we reduced that to 15. So that balance of $1.95 is where that pool came from.” (The transcript contains that wording; staff confirmed the pool is the residual created by the earlier reduction in allowable density.)
Staff said the next step is a meeting with the consultant to obtain the real-estate valuation analysis and to prepare recommendations for how a portable valuation method might be applied in St. Pete Beach (for residential or lodging projects that propose to use pool units or otherwise seek density bonuses). Staff will report back to the board in a future meeting and has asked the consultant to develop valuation scenarios that account for a range of development types, including workforce housing and market-rate projects.
Ending: No policy decision or vote occurred on Oct. 20; staff will return when the consultant has completed the phase‑one valuation analysis.
