CRA accepts FY 2324 annual report outlining multimillion-dollar projects, $2M interlocal for Town and Country subdivision

The New Port Richey Community Redevelopment Agency on Oct. 1 accepted its FY 2324 annual report after a presentation that outlined major redevelopment projects, grant activity and the agency's year-end financial position.

Presenter (CRA staff) said the report is filed under Florida statute and includes financial statements and a record of key accomplishments for the fiscal year. "The CRA board is asked to review and approve the annual report by way of Florida statute 163.3563 and 163.371," the Presenter stated.

Key projects described in the presentation included: - Aqua Harbor: a 3.67-acre waterfront proposal at US Highway 19 and Marine Parkway that includes an 82-room hotel and 96 luxury condominium units; the developer is negotiating hotel branding and may build both condominium buildings concurrently. - Villa Del Sol: redevelopment of the nearly 28-acre former community hospital site proposing roughly 127 townhomes and 300 apartments with an estimated project value of about $150 million. - Magnusson Hotel site and Gulf Harbors: the Magnolia/Magnusson site and a 388-unit senior housing project at Marine Parkway and Sea Forest Drive; Gulf Harbors is under construction as a five-story senior housing building with an approximate 14-month construction schedule. - Town and Country: the Town and Country subdivision (formerly Leisure Lane/Van Doren area) with about 185 residential units will be added into the CRA through an interlocal agreement; Pasco County will provide $2,000,000 for infrastructure improvements under that arrangement.

On incentives and commercial grants, the Presenter said four businesses received CRA business incentive grants totaling $290,127 during the fiscal year; the CRA offers facade, redevelopment, interior build-out and upper-floor residential grants.

The presentation listed capital spending this fiscal year, including $646,655 on the US Highway 19/Main Street Gateway, $36,567 on Railroad Square planning, $506,467 on property assemblage and $17,080 on streetscape improvements.

On finances, the Presenter reported tax increment financing (TIF) received of $3,553,849, grant revenue of $36,567, investment income of $122,572 and miscellaneous revenue of $195,200. Those line items were presented on the record; the Presenter reported fund balances, assets of $6,054,711 and total liabilities recorded in the report.

The Presenter also reported the CRA paid off the SunTrust Bank building debt during the year and expects to close on the Riverside Inn building on April 17 (year unspecified in the spoken record). He invited board questions and noted several items would return to the board for further consideration, including development agreements.

Board members discussed strategy for packaging parcels for solicitation, historical balance-sheet issues and the status of previously directed development agreements. Committee member (speaker 4) urged that properties such as the SunTrust parcel, Acorn Street and the boat ramp parcel be marketed together to increase marketability and that the report language should identify some items as "potential" CRA projects until formally added to theCRA plan or plan boundaries are amended.

Committee members also asked about business outreach and the availability of grant information on the city website; the Presenter said grant pages have been updated and invited business owners to contact him directly.

Outcome: after discussion and minor requested language clarifications to identify certain items as potential CRA projects pending plan action, the board voted to approve the FY 2324 annual report.

Next steps: staff will provide the requested language changes to the report, return items that require formal development agreements for board consideration, and proceed with public meetings and RFPs where noted in the presentation.