SUBJECT/RECOMMENDATION:
Title
Approve an Agreement for Development, Purchase, and Sale of Property between the Community Redevelopment Agency of the City of Clearwater and St. Benedict Holdings, LLC for the redevelopment of 706 N. Missouri Avenue, Clearwater, Florida 33755; adopt Resolution 26-06, approving the sale of said property; and authorize the CRA Chair or his designee to execute all documents necessary to effectuate closing.
Body
SUMMARY:
On August 18, 2025, the City of Clearwater (City) became the owner of certain real property located at 706 N. Missouri Avenue, Clearwater, FL 33775 (Property) that it had been leasing from the State of Florida. On January 26, 2026, the City transferred the Property to the City of Clearwater Community Redevelopment Agency (CRA) to facilitate redevelopment consistent with the North Greenwood Community Redevelopment Area Plan (Plan).
On February 22, 2026, pursuant to Section 163.380, Florida Statutes, the CRA published a Notice of Disposition of Property inviting proposals from private developers and interested parties to redevelop the Property. The CRA received one proposal from St. Benedict Holdings, LLC (Benedict) which was presented to the North Greenwood Community Redevelopment Area Citizens Advisory Committee (CAC) on April 15, 2026. On April 20, 2026, the CRA Board of Trustees accepted the proposal and authorized CRA staff to negotiate an Agreement for Development, Purchase, and Sale of Property (Agreement). The appraised value of the property is $3,000,000 by Entreken Associates, Inc. and $3,020,000.00 by Tobias Realty Advisors.
The Agreement is now presented for Board of Trustees consideration. The Agreement provides for the sale of the approximately 3.13-acre [MM2.1] Property to Benedict, an affiliate of Yo Mama's Foods, for $2,000,000.00. CRA staff asks the record to reflect the purchase price is at a value determined to be in the public interest for uses in accordance with the Plan as required by Section 163.380, Florida Statutes. The Agreement proposes the adaptive reuse of the existing Armory building and redevelopment of the Property to expand Yo Mama's Foods' Clearwater headquarters through warehouse, logistics, light manufacturing, packaging, distribution, inventory management, office, research and development, and related commercial operations.
The Agreement includes several provisions intended to protect the Agency's interests while advancing the goals of the Plan. These include, but are not limited to:
• A 15-year restrictive encumbrance requiring the property to be used for certain light manufacturing, office, and commercial type uses with a right to repurchase the Property if the Property is not used for such uses.
• A commitment by Benedict to use reasonable best efforts to preserve and adaptively reuse the historic Armory building, while allowing routine operational improvements and future expansion consistent with the approved Concept Plans;
• A commitment for Yo Mama’s Foods to use commercially reasonable efforts to hire up to 30 full-time positions and a goal to hire ten employees from the North Greenwood Community;
• A requirement for Yo Mama’s Foods to list all job openings with CareerSource Florida to support local workforce recruitment;
• Yo Mama’s Foods participation in at least one annual hiring event in partnership with the CRA;
• A commitment by Yo Mama’s to use commercially reasonable efforts to establish an apprenticeship, internship, technical college partnership within five years of the Agreement;
• Annual reporting to the CRA summarizing Yo Mama’s Foods recruitment efforts, hiring activities, and employment levels; and
• Additional requirements for St. Benedict Holdings, LLC are to demonstrate the financial capacity to complete the project, compliance with applicable laws and the Plan, and continued operation of the Property for its intended commercial use.
The Agreement also establishes customary purchase and sale provisions, including a $2,000,000 purchase price, a 30-day due diligence and inspection period, acquisition of the property in "As Is, Where Is" condition, subject to the Agency's obligations under the Agreement, and a closing date no later than August 21[MM3.1], 2026. At closing, the Agency shall convey fee simple title to the Property by a special warranty deed.
Approval of this item will approve the Agreement, approve Resolution No. 26-06, and authorize the CRA Chairperson or his designee to execute all documents necessary to effectuate closing.
RECOMMENDATION:
Staff recommends the CRA Board of Trustees:
• Approve the Agreement;
• Adopt Resolution No.26-06 approving the conveyance of the property; and
• Authorize the CRA Chairperson to execute all documents necessary to effectuate closing.
FISCAL IMPACT:
The CRA will receive $2,000,000 from the sale of the property upon closing minus certain closing costs. The proceeds will be used to offset costs associated with relocating Parks and Recreation operations from the Armory site. Redevelopment of and additional investment in the site will place the property on the tax roll, create new employment opportunities, and increase the tax increment revenue of the North Greenwood Community Redevelopment Area.
STRATEGIC ALIGNMENT:
North Greenwood Community Redevelopment Plan:
Goal 1 - Public Safety (p. 93): Activates an underutilized site and contributes to reducing conditions associated with blight.
Goal 3 - Poverty Reduction (p. 93): Supports job creation, workforce development, and increased access to employment opportunities.
Goal 5 - Quality of Life (p. 94): Enhances community vitality through reinvestment and improved economic activity.
Redevelopment Policies (pp. 94-95): Advance the reuse of publicly owned property to support economic development, adaptive reuse, and private investment.
STRATEGIC PRIORITY:
2.1 Strengthen public-private initiatives that attract, develop, and retain diversified business sectors.
2.2 Cultivate a business climate that welcomes entrepreneurship, inspires local investment, supports eco-friendly enterprises, and encourages high-quality job growth.
3.2 Preserve community livability through responsible development standards, proactive code compliance, and targeted revitalization.
