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Intown Redevelopment Area

Legal Name of District and Date Established

The Tax Increment Financing District and Redevelopment Trust Fund for the “Intown Community Redevelopment Area” (Intown CRA Dependent Special District) was approved by St. Petersburg City Council on April 15, 1982, and the Pinellas County Board of County Commissioners on August 3, 1982.

Public Purpose

The Intown CRA Dependent Special District was established to remedy blighting conditions within the Intown Community Redevelopment Area, pursuant to the authority provided by the Florida Community Redevelopment Act of 1969.

Boundaries

The Intown CRA Dependent Special District ranges throughout Downtown St. Petersburg from the Renaissance Vinoy Hotel in the northeast, Tropicana Field in the southwest, and borders Albert Whitted Airport on the southeast.  It also includes the University Park neighborhood, the City’s waterfront park system and the commercial core of downtown along Central Avenue.  The City declared Intown a community redevelopment area in 1981 and prepared the Intown Redevelopment Plan (IRP) in 1982.  The IRP also incorporated the Gas Plant Redevelopment Area and Plan – a plan initially approved in 1978 on the current Tropicana Field site – in 1983. The City established a tax increment financing district and redevelopment trust fund for Intown in 1982.

Services Provided

The Intown CRA Dependent Special District provides a sustainable and durable source of financing for public improvement projects designed to catalyze private development in Downtown St. Petersburg. Some of the projects funded in the Special District TIF revenues since its inception include the construction of the new Municipal Pier and enhancements to the Pier Approach and Pier District, the development of two public parking garages, renovations to the Mahaffey Theater, partial funding to construct Tropicana Field in the late 1980s and later renovations to accommodate Major League Baseball, and acquisition of property throughout downtown to consolidate development sites. 

Authorizing Statute

Florida’s Community Redevelopment Act of 1969 (Chapter 163, Part III), Section 163.330 et seq.

Authorizing Documents

The Intown CRA Dependent Special District was established under the requirements of Florida’s Community Redevelopment Act of 1969, which authorizes the creation of a tax increment financing district and redevelopment trust fund to remedy slum and blight (as defined by Sec. 163.340(8)).  The instruments below were approved by St. Petersburg City Council and the Pinellas County Board of County Commissioners in order for the special dependent district to be established.

  • June 30, 1981 -  Pinellas County Board of County Commissioners delegate authority to City Council to act as community redevelopment agency and prepare a community redevelopment plan (Resolution 81-465).
  • December 17, 1981 St. Petersburg City Council Approves a findings of necessity establishing Intown as a community redevelopment area under Florida’s Community Redevelopment Act of 1969 (Resolution 81-1401).
  • March 18, 1982 - St. Petersburg City Council Adopts Intown Redevelopment Plan (Ordinance 557-F).
  • April 15, 1982 - St. Petersburg City Council approves establishment of a Tax Increment Financing District and Redevelopment Trust Fund for the Intown Community Redevelopment Area (Ordinance 570-F).
  • August 3, 1982 - Pinellas County Board of County Commissioners Approves Community Redevelopment Plan, Tax Increment Financing District and Redevelopment Trust Fund for the Intown Redevelopment Area (Ordinance 82-24).

Contact Information

Registered Agent
Alan DeLisle, City Development Administrator
City of St. Petersburg
City Development Administration
175 5th Street North St. Petersburg, Florida, 33701
727-892-5364
alan.delisle@stpete.org
www.stpete.org

Governing Body
St. Petersburg Community Redevelopment Agency*
St. Petersburg City Hall
175 5th Street North
St. Petersburg, Florida, 33701
727-893-7117
council@stpete.org

Staggered Four-year Term Lengths
* St. Petersburg City Council is solely delegated the authority to serve as the Agency by the Pinellas County Board of County Commissioners, pursuant to Sec. 163.357 and Sec. 163.410, FS.

Revenue Information

**FY2018 Revenue:

 City of St. Petersburg TIF Contribution   $8,638,634
 Pinellas County TIF Contribution   $6,108,320
 Interest Earnings $287,000
 Total    $15,033,954

** Estimates based on Pinellas County Property Appraisers Office "2017 Taxable Value by Tax Increment Financing District Increment” as of October 6, 2017, (Pre-VAB) Tax Roll."

FY2018 Millage Rates:

 City of St. Petersburg    6.755
 Pinellas County        5.3377
 Total    12.093


Statutory Authority for Levy:

Section 163.387 of Florida Statutes, Community Redevelopment Act of 1969.

Intown Redevelopment Projects

Overview of Intown

The Intown Redevelopment Area was established during a time when Downtown St. Petersburg was losing population and businesses to the suburbs. In the late 1970s and early 1980s, Downtown St. Petersburg was identified by the Tampa Bay Regional Planning Council as an “economically distressed” based on factors such as age of housing, per capital income, tax base, and unemployment. In 1981, 46 percent of the buildings in the redevelopment area were either in deteriorating or dilapidated condition compared with only 5.9 percent Citywide. Finally, when the Intown Redevelopment Plan was adopted the commercial vacancy rate exceeded 30 percent.

Intown Redevelopment Projects Funded with TIF (Pre-2005)

To remedy the blighting conditions facing Intown, the City of St. Petersburg has aggressively invested in public improvement projects designed to attract private investment. A combination of tax increment financing (TIF) and other sources were used to fund the projects depicted in Table 1 and Table 2. TIF is a method of facilitating redevelopment by utilizing future city and county real property tax revenues to pay for public improvements. A TIF fund receives the increase in city and county taxes from all future growth in real property taxable values from the year the TIF district is designated to pay for the cost of improvements. The Intown TIF fund was established in 1982.

Projects undertaken by the City between 1982 and 2004 include stadium development, renovations to the Municipal Pier, construction of public parking garage, land assembly, renovation to the Mahaffey Theater and Bayfront Center, streetscaping and museum development. Total public improvement costs for TIF funded projects were nearly $320 million in nominal dollars with tax increment financing funding nearly $54 million of it. Table 1 below describes the projects and cost allocation. A link to a map of these projects as well as those identified in Table 2 below is provided at the end of this section.

Table 1. Intown CRA Public Improvement Projects (1982 to 2004)

Map # Project Development Cost TIF (City/County) (2) City & Other Sources
1 Stadium Development (Tropicana Field) $209,549,851 (2) $22,500,000 (3) $187,049,851
2 Bayfront Center/Mahaffey Theater $27,157,920 $8,209,000 $18,948,920 (4)
3 Sundial and MidCore Garage $22,135,606 (1) $5,496,000 16,639,606
4 South Core Garage 20,377,765 (1) 13,887,000 6,490,765
5 The Municipal Pier 14,862,273 1,600,000 13,262,273
6 Downtown Museum Development (5) 1,294,438 800,000 494,438
  Development Sites Acquisition Costs 16,032,171 632,000 15,400,171
  Intown Streetscape Program 5,696,215 620,000 5,072,215
  Total $317,106,239 $53,744,000 $263,362,239
Notes:

(1) Includes land acquisition costs.

(2) To pay for the projects below, the City issued bonds totaling $72.5 million to pay for these improvements through four separate bond issues in 1984, 1985 and two in 1989.

(3) Includes funding for new construction in the late 1980s.

(4) $2.6 M of development cost was donated by the Mahaffey Theater Foundation as part of the 1987-88 renovations.

(5) Paid for development costs related to Florida International Museum.

Intown Redevelopment Projects Funded with TIF (2005 to Present)

Beginning in 2005, the Intown Redevelopment Plan underwent a series of five amendments that eventually increased the redevelopment budget to its 2018 amount of $117.4 million. Below describes these amendments in detail.

In 2005, the City amended the IRP to extend until 2032 its use of TIF to fund public improvement projects throughout Intown (see Ordinance 715-G). In addition to renovations to the Mahaffey Theater, the extension was designed to pay for projects such as the Pier project and its approach, a mixed-use transportation facility, pedestrian and streetscape improvements as well as improvements to the waterfront park system. The TIF-related costs of these projects were approved by Pinellas County via interlocal agreement in the amount of $95.4 million.

In 2006, the City Council and Pinellas County increased this amount to provide an additional $2 million in tax increment financing proceeds to complete the Mahaffey Theater renovation project (see Ordinance 762-G).

In 2010, City Council approved the transfer of $2.5 million from the IRP budget category for “Pedestrian System/Streetscape Improvements” and $2.5 million from the “Park Improvements” IRP budget category split equally between improvements at the Duke Energy Center for the Arts and funding needed to complete the new Salvador Dali Museum. Pinellas County matched the City’s funding with monies available through the Tourist Development Tax. In 2015, the City amended the IRP to add $20 million in budgetary authority to fund public improvements identified in the Downtown Waterfront Master Plan approved in June 2015 for the Pier District.

Plan amendments approved in 2017 eliminated the “Mixed Use Transportation Facility”, a $14-million project that was first approved in 2005 in order to pay for up to $10 million in enhancements to the Municipal Pier Project and Downtown Waterfront Master Plan improvements in the Pier District. The remaining $4 million was allocated for Downtown Transportation and Parking Improvements throughout the Intown Redevelopment Area. The total Intown redevelopment project budget of $117.354 million remained unchanged.

Table 2. Intown CRA Public Improvement Projects (2005 through 2035)

Map Completion (1) Project Budget Expenditures Available (2)
7 FY20 Municipal Pier Project $50,000,000 $11,246,973 $38,753,027
    Municipal Pier Visioning     $11,246,973
8 FY20 Downtown Waterfront Master Plan Improvements (Pier District) $20,000,000 $907,559 $19,092,441
    Pier Approach Improvements   $907,559  
  FY15 Duke Energy Center for the Arts $28,354,000 $28,151,447 $202,553
9   Mahaffey Theater Renovation (FY06)   $18,900,000  
10   DECA Plaza/ A. Whitted Park (FY08)   $6,180,853  
11   Salvador Dali Museum (FY11)   $2,326,458  
12   Mahaffey Theater HVAC – FY15   $744,136  
7/8 FY20 Pier District Enhancements:
Municipal Pier Project/ Downtown Waterfront Master Plan Improvements
$10,000,000 - $10,000,000
TBD FY20 Downtown Transportation and Parking Improvements $4,000,000 - $4,000,000
  ~FY22 Pedestrian System/Streetscape Improvements $2,500,000 $483,154 $2,016,846
13   Plaza Parkway (FY12 – SunDial signs)   $235,603  
14   Plaza Parkway (FY13 & FY14 – SunDial streetscaping)   $247,551  
  ~FY22 Park Improvements $2,500,000 $260,517 $2,239,483
15   Al Lang Turf Replacement (FY15)   $260,517  
      $117,354,000 $41,049,650 $76,351,316
Notes:

(1) Indicates the fiscal year when the project is expected to be completed.

(2) Figures have been rounded to the nearest dollar.

Map of Projects funded with TIF in the Intown CRA (1982 to Present)

Property Values and Tax Increment Financing Revenues (1981 to present)

The above projects were funded through tax increment financing (TIF), which uses increases in city and county ad valorem tax revenue after establishing a base year to fund redevelopment projects. The Intown Community Redevelopment Area is St. Petersburg’s oldest TIF district having been established in tax year (TY) 1981 with a $107.8 million taxable basis. The TIF district for Intown has been the most successful of the four TIF areas. However, it should be noted that for sixteen years, the taxable value of the entire district hovered between $200 million and $300 million. Only since 2000 has the TIF district seen dramatic growth in taxable value, adding nearly $903 million to the base by 2008 when property values exceeded $1.0 billion.

The onset of the economic recession in 2007 and the financial crisis in 2008 and subsequent years seriously impacted the taxable value and the increment, as reflected in a 19 percent decline in property values from their crest in TY2008 to their floor in TY2011. Since the 2011 floor, property values have risen by $450 million pushing property values to $1.45 billion in TY2017 (see Figure 1 below).

Figure 1. Intown Property Values (1981 to 2017)
Intown Property Values Graph

The taxable property values of the Intown TIF district in TY2017 amount to $1.45 billion in City-based taxable values. This represents a more than 7.08 percent compound annual growth rate since the establishment of the district. Tax increment revenue from the City of St. Petersburg and Pinellas County grew to an estimated $14.75 million in TY2017.

Figure 2. Growth in City and County TIF Revenue (1982-2017)
Growth in City and County TIF Revenue Graph

For detailed information on annual property and increment values, millage rates and City and County payments into the Intown Redevelopment Trust Fund, click here.

General Financial Information

Fiscal Year Period: 
October 1st thru September 30th

Tentative Budget:
Not applicable

Final Adopted Budget:  
FY18 Recommended Operating and Capital Improvement Budget
FY18 Recommended Budget Supplement

Note: Intown District is referred to as the “Downtown Redevelopment District”.

Budget Amendments:  
In 2015, City Council approved an amendment expanding the Intown Redevelopment Plan program budget from $97.4 million to $117.4 million to pay for improvements to the Pier Approach. The amendment was approved by the Pinellas County Board of County Commissioners in October 2015.

Access to State Website: 
https://apps.fldfs.com/LocalGov/Reports/

Final Audit Report: 
2016 Comprehensive Annual Financial Report

Note: Intown District is referred to as the “Downtown Redevelopment District”.

Ethics

Fl Commission on Ethics:
http://www.ethics.state.fl.us/

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