SUBJECT/RECOMMENDATION:
Title
Approve an Exchange Agreement between the City of Clearwater (City) and the Pinellas Suncoast Transit Authority (PSTA) providing that certain city-owned real property located at 704 Court Street, 710 Court Street, and 701 Franklin Street in Clearwater, Florida be exchanged for a PSTA parcel located at the northwest corner of South Garden Avenue and Pierce Street, Clearwater, Florida in order to allow for the construction of a new Multimodal Transit Facility in the downtown, and authorize the appropriate officials to execute same, together with all other instruments to affect closing. (consent)
Body
SUMMARY:
On June 17, 2021, the Clearwater City Council declared the subject city-owned parcels as surplus for the purpose of exchanging the three parcels for a parcel owned by the PSTA to allow for the construction of a PSTA Multimodal facility in the downtown.
The parcels are described as follows:
Parcel 1: 704 Court St. - Tax Assessor Parcel Number: 15/29/15/54450/011/0020.
Parcel 2: 710 Court St. - Tax Assessor Parcel Number: 15-29-15-54450-011-0030
Parcel 3: 701 Franklin St. - Tax Assessor Parcel Number:15/29/15/54450/011/0010
(All as more particularly described in the deeds therefor.)
Parcel 1, located at 704 Court Street is approximately 0.43 acres of vacant land, acquired by the City on 10/27/2011 at the purchase price of $475,000.00 for the long-range purpose of acquiring a strategically located parcel well suited for transit and/or government purposes.
Parcel 2, located at 710 Court Street is approximately 0.94 acres of vacant land, acquired by the City on 8/26/2011 at the purchase price of $1,950,000.00 for the long-range purpose of acquiring a strategically located parcel well suited for transit and/or government purposes.
Parcel 3, located at 701 Franklin Street is approximately 0.26 acres in size with a 5,600 SF warehouse located thereon. The parcel was acquired by the CRA on 08/05/2019 at the purchase price of $525,000.00 for the purpose of acquiring a strategically located parcel to assemble with the adjacent City owned parcels for future transit or governmental purposes. The CRA has since conveyed the parcel to the City.
The appraised value of the combined three parcels as determined by James Millspaugh & Associates, Inc., on March 2, 2021, is $3,600,000.00 and by Tobias Realty Advisors, on March 12, 2021, is $3,300,000.00.
The above city parcels will be exchanged for the PSTA Parcel, which is an unaddressed parcel at the northwest corner of S. Garden Avenue and Pierce Street - Tax Assessor Parcel Number: 16-29-15-32292-005-0070. (As more particularly described in the deed therefor.)
The appraised value of the PSTA Parcel as determined by James Millspaugh & Associates, Inc. on February 24, 2021, is $1,800,000.00 and by Tobias Realty Advisors, Inc. on March 12, 2021, is $1,730,000.00.
The following excerpts, taken from the City of Clearwater Planning Department’s Downtown Development Plan, support an intermodal transit facility in downtown Clearwater.
• Objective 2J: Pursue a premium transit system between Downtown, Clearwater Beach, Tampa International Airport, and St. Pete/Clearwater International Airport.
• Objective 2D: Maintain and improve the Pinellas Trail as both a recreational amenity and as a unique opportunity for economic development. Enhance Trail connectivity from the Downtown to the waterfront and Beach. Promote Downtown Clearwater as a destination accessible by the Pinellas Trail.
• Policy 10: The CRA may evaluate participating with the private sector in land assembly to facilitate projects consistent with this Plan.
• Table 4.4: Coordinate with all transportation service providers on infrastructure and program improvements including the water taxi, trolley, bus system, rail, elevated transit, bike share and others.
• Table 4.5: Work with the County to create a comprehensive transit plan.
The Exchange Agreement contemplates that the PSTA parcel will be leased back to the PSTA at closing for continued use as its current bus depot at no rental cost, however, PSTA shall be responsible for all other costs associated with its occupancy and operations.
The lease will terminate the earlier of: (1) termination as provided for in the lease; (2) 30 days after PSTA receives a Certificate of Occupancy for its Multimodal Facility; or (3) at such time as the Clearwater City Council exercises its right to recapture the property for a public purpose upon at least 180 days’ prior written notice. If the recapture clause is exercised, the City will be required to lease an alternative parcel to the PSTA in downtown Clearwater. Should the lease term exceed five years, the lease will become subject to the City Council declaring the PSTA Parcel as surplus in accordance with the City of Clearwater Charter, Article II, Section 2.01(d)(5)(vi).
APPROPRIATION CODE AND AMOUNT: N/A