Wiregrass Legacy economic development incentive term sheet

1:38:46We'll have a press release the other chapters. Okay, so now I have a challenge because I have to leave. David Engel is supposed to leave too because we have an event with these guys. So um David David, how long is your wire grass presentation? Because I s we still have these guys over here. So

1:39:09Okay. I don't even know how to how to

1:39:14Commissioner Starkey, I just wanted to clear one of the items that's on regular agenda is is yours. It's R 74. It was for time certain 11, but I just want to make sure that the record's clear that you you're saying that this one is being withdrawn.

1:39:25Yes. They the the uh robotics team had a competition. Okay. Thank you. Um I'm not sure which one to pull up.

1:39:31Madam Chair. Yeah.

1:39:37The others if you had to leave, it would like to be. All right,

1:39:40we'll pull up

1:39:41sorry

1:39:41guys. We have not done resolutions yet. I just wanted to point that out. Um however the Chair would like to to manage that. Usually resolutions are done before regular. I

1:39:49know. But um I have to leave. And they may need my boat. Just wanted

1:39:53to

1:39:53pull David up. Okay. David's supposed to leave too, so as soon as he's done with that.

1:39:58Good morning, David Engel, Planning and Economic Development Director. Approximately forty to fifty years ago, Wesley Chapel was a quiet crossroad in our community. Blessed with a robust citrus and cattle industry. And in fact, one of our commissioners Had a citrus stand in Wesley Chapel and he was known back then as the mayor of Wesley Chapel. On Oakley. Today and this month in particular, consumer affairs Has designated

1:40:29Wesley Chapel as the best place to move to in the state of Florida. Fifty uh high population centers were evaluated across the state. for safety, affordability, economy, health, quality of life and education, and Wesley Chapel is number one. And in fact, and uh kudos to our Pasco Sheriff's Department. It's second in the state for the lowest crime rate in the State. So that's what Wesley Chapel is today. And today

1:40:59we're we're gonna probably undertake one of the well we will undertake a uh project that will define and create a downtown for Wesley Chapel, and it's known as Wiregrass Legacy. The project is located bookended north and south by Chansey Road to the north, State Road 56 to the south. It's contiguous to the Wiregrass Sports Complex. It also is contiguous to Orlando Health to the north. And

1:41:30um the Raymond James site is approximately um Seven o'clock to the star on that map. The property is known as M7. M7 is in the designated DRI, approved MPUD. It consists of approximately 130 acres. And it is located in the urban service area. The project um that we're that's before the board today is for phase one of legacy.

1:42:01It consists of a hundred and fifty thousand square feet of office development, primarily two seventy-five thousand square foot office buildings. A hotel and conference element of fifteen thousand square feet of conference, a hundred and fifty room hotel. We have 150,000 square feet of eatertainment, uh retail and shops as well as restaurants. And lastly, we have uh vertically integrated mid-rise urbanized construction. And

1:42:31um The project is uh designated and I uh here on the site plan. This is an illustrative site plan of phase one. And after I speak, uh Wiregrass Ranch will be here to Um showcase Tordy Gallison Partners architectural rendition of this project. Cordy Gallison Partners is one of the premier placemaking architectural and urban design um firms in the country. They've done wonderful work

1:43:01here at Celebration over in Orlando, as well as magnificent work in Alexandria, V Virginia and um And there are some they are a premier design firm.

1:43:15So the ad the advalorm um aspect of this economic incentive proposal is to allow um for fifty million square feet of ad valorem rebates. How that works is the developer will pay their taxes. And then the following year Some money of that tax payment will be made available to incentivize this project. At no time will they ever take more than fifty percent of the net cash flow going into the general fund. The purpose of this fifty

1:43:45million dollars is to Incentivize and help finance eighty-four and a half million dollars in public infrastructure. Uh the maximum rebate period is up to thirty years. And This is a a very important component of this project. Wiregrass has agreed to preserve and maintain 1,455,000 square feet of office and light industrial as as part of this incentive package, and to to

1:44:15reach the goal of obtaining fifty million dollars in tax rebates, they have to build much of this office and get it CO'd.

1:44:27The net annual general fund revenue during the rebate period at full build out, the county will anure two million six hundred and seventy-one thousand dollars. Uh the annual Gross County contribution. is five hundred and seventy-five million dollars. And this project will generate directly Four thousand and nine hundred uh employees. The induced effect would be about seven thousand new jobs here for Pasco County. Now I'd

1:44:57like to invite uh Wiregrass up. Scott Sheridan is here. I believe Scott uh Clark Hobby, the the attorney. and also the Porter family. Thank you.

1:45:14Good morning, Commissioner. Scott Sheridan with Wiregrass Ranch here and speak on behalf of Legacy Wiregrass Ranch as as David just walked you through. Waiting for my slides. to come up here. As as David just uh mentioned to you,

1:45:30Wiregrass is less than half built out. It's probably about thirty-five, forty percent built out. We're about one point four billion Excuse me. Just getting over a little bit of the ick. About one point four billion of tax base today. We generate over ten million dollars a year in county operating revenue um to the county today as we sit here. Again, less than halfway developed. David showed you where Legacy is, kind of represented by the star, right in the heart of the project, immediately adjacent to the new Orlando

1:46:00Health campus, you know, less than half a mile walking distance to the Wiregrass Sports Campus. and easily accessible to all of Wiregrass Ranch kinda in the center of the project.

1:46:17There we go. Uh so this is our our first site plan. This is maybe a little more illustrative than what David had showed you. Uh again what we're developing is sitting on about thirty acres. again David's uh touched upon all the retail, the the office, um residential and so forth. Th that quantity of development is typically developed in a suburban form of development on about eighty to a hundred acres within Pasco County. So we're doing it on about thirty acres, really pushing for vertical density, true mixed use and uh an intensity

1:46:48that we're uh I know we're all looking for uh to for the county to um To continue to use to capitalize on these public funds and infrastructure. We cannot build this project without your partnership. There's no way we could we could possibly afford to to develop this and and to force the development community to to really embrace this this uh this form of development.

1:47:10This is a 30-year timeline on the EDA. We did a financial analysis and shared this with with David and with staff some time ago. Um if we if wiregrass was really developed in a more conventional MPUD scenario As we all know, significant amount of residential, not that much um office and retail and so forth. Um and then we looked at it also as we're tend trent tending toward and are already facilitating, and that is higher density residential, uh more office, more retail, obviously

1:47:40significant health care. We we project and and our we presented this to staff, we project that over this 30-year time horizon, the county will actually see over $280 million of additional ad valorem benefit over that timeline period from creating more projects like Legacy within Wiregrass Ranch. I know this is consistent with prior discussions you've had with the folks from Urban Three, from Asheville, and and uh as we study the the land use uh benefits of of pushing density. This

1:48:11is a bird's eye view of what we envision for for legacy. Yeah, Er Ernst and Young, you recently adopted the Ernst and Young uh economic growth program strategy. And uh we are Wiregrass and Legacy particularly are squarely aligned with these goals and objectives. One of those goals was a continued diversification of the economy. and increasing growth in higher wage High um uh traded industry jobs and and sectors. And also building a workforce.

1:48:42That was responding to the future employment needs of Pasco County. Life sciences and medical. Obviously we're significant drivers in the most significant element of that report and the largest sector for economic growth. We will have over one point four million square feet. Specifically tailored for this purpose. Specifically sets that aside. As we stand here today.

1:49:08Currently. We have over five hundred and seventy million dollars. being investment of private investment. going in to life sciences and medical within Wiregrass Ranch. Five hundred and seventy million dollars. We have an additional hundred and eighty-five million dollars of projects that we are currently working on in the permitting process or in the queue within Wiregrass. Together over the next few now and over the next few years, that's over seven hundred and fifty million dollars. being an investment, be invested in wire

1:49:39graphs and life sciences and professional office services. Um and we're only getting started.

1:49:46And that's not including a lot of the prior investments we're all aware of from Advent Health and Florida Medical Clinic and so forth. So Orlando Health is is kind of the southern anchor to to Legacy Wiregrass grants. They will have an additional 150,000 square feet of medical office on their campus. Their thousands of employees will be uh within walking distance uh of Legacy. And we've worked very closely with them to co-locate them with And they were m they were act actually very much involved in our Tordy Gallus planning

1:50:17process to to come up with the original vision of legacy and their campus being integrated into into what we're what we're trying to build here. Here you'll see just a couple slides and I'll show you a video here in a second. Here you'll see a couple walking props from the Wiregrass Borns campus over to Legacy to enjoy lunch. We have a planned entertainment. venue that's within the the heart of the project for concerts, for plays, for different shows that could be uh either inside the entertainment venue and

1:50:47also spill out into the common area into the green space. And obviously a very much pedestrian focused, walkable design to to all of Legacy. A food hall. Uh Ernst and Young also set goals to strengthen the the the talent pipeline and we're we're significantly focused on that with PHSC. No doubt you're aware of their their alliance with um Orlando Health and Advent and continue to grow their their uh nursing program. And just imagine all the nursing program and students that can come eat at the Wiregrass Food

1:51:17Hall on a regular basis as well within Legacy.

1:51:22This is a view standing, you know, standing at our one of our four five story balconies looking down into the uh the common area within um All walkable. That's uh planned to to serve the residents of not just of Wiregrass Ranch, but obviously of Greater Wesley Chapel and Pasco County.

1:51:40Again, this is standing in on top of that entertainment venue looking down at at this uh our common green space, our our main gathering area. I think the most important Um, objective and goal of the Ernst Young recommendation was to elevate the county's image and create a quality of place. and the specific I'm gonna read to you, I know you know this, but I'm I'm gonna read to you. They said establish a funding mechanism to support high impact developments that contribute to live, work, play. environment

1:52:10for Pasco County. These funds could be used for green space within a mixed use development. Capital for new entertainment or sports venues? or developments that could bring increased walkability vibrancy and tax revenues to the county. That is exactly what we believe Legacy Wiregrass Ranch will do.

1:52:33Play the video please. Now we have a video instead of just still images, we actually have a video fly through to show you of Taking you down through the community but put together by our partners at Torty Gallus. So this is looking south, you can see Orlando Health in the distance there and their campus, which is actively under construction.

1:52:53Again, this is phase one. You see some of the four or five story office buildings that are contemplated there. Within the heart of the project. Again a food hall. That'll uh anchor that public space. Restaurants, clearly walkable. This whole area is actually planned to also be shut down so the whole area can be pe uh for for vehicles, so the whole area can be pedestrian friendly. You'll see there's a trail system that comes out of our trail network to the east that ties into into the uh into downtown Wesley Chapel into Legacy? That's

1:53:24our Off uh hotel with Um conference facilities there on the right hand side of your screen. We're contemplating a hundred and fifty. Um Room hotel there? to help anchor this space. Obviously a lot of eatertainment, a lot of uh food and dining within this uh uh within legacy. Uh jewel box cubes as they're called, these small isolated, high profile restaurants in the center of the project. And you'll see the only parking that you see is just a little bit of parallel parking. This entire

1:53:55project, almost the entirety of the project, is in structured parking garages Buried behind the buildings. That's the way we're creating this dense, intense urban landscape with um With the opportunity to develop vertically and get this true mixed use and we have to really push this within the marketplace.

1:54:16Mm-hmm.

1:54:22So I know you're pressed for time, so in consideration. Uh we b again we believe we're squarely ad um consistent with your adopted growth program strategy. Together we believe working together with you all we can elevate the image in place of of uh Pasco County with li with Legacy Wiregrass Ranch. And of course we would appreciate your continued support. Here to answer any questions you may have.

1:54:48Um, gosh, that's awesome. Um, board members, any questions? Commissioner Mariano.

1:54:52Thank you, Madam Chair. Yeah, I want to say why why aggress, you know, meeting with the porters many, many years ago when they came back with their dreams about what they wanted to go do. I was very impressed with it. I saw a video much like this when they were gonna do the Wildgrass Mall. Um And I'm gonna tell you what they brought out was exactly what we saw on the video. So I know they'll deliver. And I talked and it it's unfortunate we didn't get a chance to talk ahead of time. Yes sir. Um because I would like to have a longer discussion

1:55:22with this, but I'm thrilled with all the commercial aspects of the whole thing. The only concern I have is the way the structures as far as apartments go. You know, when I when I see shows and my wife watches all the time between all all this real estate in New York, California, wherever these cities are, and how people own properties are spending five hundred thousand, maybe a million, whatever, they're creating their own wealth. And you get people invested in the community rather than just an apartment where when that money is paid The

1:55:53apartment guy makes a lot of money, but the people don't have anything to fall back to. I want to see people be able to come in there and start with small grow their wealth personal wealth and go and go and go. Uh I don't know exactly and again this was when one of my questions we sit down when we were gonna sit down was to talk about, you know, what are we gonna do as far as like helping the nurses start with like a one bedroom, uh grow to a two bedroom, go to a three bedroom. without having to rent but to own. Have you got any plans in there where that can be looked at?

1:56:22We we've so we've looked at that we obviously affordability is is uh is an important part of all the workforce? To your point, you know, the n nurses, students, and so forth are are are within Wiregrass as it is. Um Legacy Wiregrass Ranch, this project in particular, will will be an expensive project. Um that now that being said, we have the opportunity to set aside some workforce units, no doubt we can look at that with our partners. And um We can all we'll also have multifamily. in and around and adjacent to Legacy as well, across the street, on fifty six, up and down Bruce B Downs.

1:56:52And so there's definitely those opportunities within Wiregrass Ranch as a whole, the entire five thousand acres, if not specifically within Legacy Wiregrass Ranch on just at thirty acres, there definitely are within Wiregrass.

1:57:04Because what I'm what I'm looking at is again and again, I think people you're gonna have some high line doctors that will pay a lot of money and can pay a lot of money to own a property and they're gonna wanna be like right there. And that's it happens around the world. I wanna see How we can make this happen here, can we make it happen here? And frankly, I don't mind if we even stretched out the term, set more different monies up, gave you more hotel space, whatever it may be, to help it make it work. But I want I want to see I don't want to just see more apartments coming in. Those people come in, come out and go. I want people invested in the community. I want them

1:57:34a chance to start small, grow their wealth so they can start with a one bedroom, move to a two-bedroom, move to a three-bedroom. And and and if they choose to go to that lifestyle staying right there, so be it. I mean the demographics are phenomenal in Wy in the in the whole Wesley Chapel area. That's why that area is grown, that's why things have come. Um but again, I would like to see something in and a component to where we can get it where people can actually own property in there, not just all apartment rentals.

1:58:00Yes, sir. We'll work on that.

1:58:03Commissioner, any other comments?

1:58:05Uh Wiregrass has been showing us great things all along, ever since you first started, so I believe this project the way it's worked out to be It's gonna be it will be a legacy because it's gonna be a a great project right in the center of Wiregrass and and there'll be a lot more coming because of this project. So Thank

1:58:30you. And um I'm gonna agree. I I wanna thank you um for working with David. And um you know, we if you were here this morning you heard some comments on protecting the taxpayers' interests and I I true b truly believe we have done that. Part of the penny for Pasco is for economic development and uh in my mind we are um We're building the downtown of Pasco County here. And that that's important. We don't just want low density sprawl everywhere. Um we need to have

1:59:00some centers like this. And um I think that you guys have methodically uh shown um Great stewardship of your property and um And I'm I'm excited for this. Um I kinda agree a little bit with Commissioner Mariano that It would be great if we could find some ways to add some kind of um facilities f that provide ownership. But I don't see people building condos anymore. I don't know what's what's happened to that world. I

1:59:30don't know if it's the the new laws up in Tallahassee, but We don't we don't see condos being built anymore. We do see townhomes, but but uh anyway I I will vote in support of this. I do need to go quickly, so Commissioner Oakley quickly approval. Okay.

1:59:44I'll cycle with discussion.

1:59:45Okay. Madam Chairman Can I just craft the vote what we're asking for, please?

1:59:50Okay. Well before so let me before you do that, just quick discussion. So just a little further discussion before you go further. So Scott, I'm willing to work with you to to contemplate more if to go to this rental component. Uh you know, condominiums on the water, anything three miles in, has got all those new state laws. That's causing prices to drop. Internally, they're still strong. Just saw a graph that condo price is still rising outside of that, all around the state. If you needed more incentives to go forward, whether it be term amounts,

2:00:21et cetera. I'm willing to work with that to try to make that component work 'cause I think that builds even a stronger fabric. Would people know I'm going to raise my kids there. I want I may want to live there, et cetera. I want to have that option to it rather than just having the rental thing. So happy to work with you if we got to craft something later, I want to get s I'll be supportive of this going forward, but I want to just Put that in your window to try to try to find a way to make that work. Understand

2:00:40that.

2:00:40And know that we'll work we'll I'm willing to work work with you.

2:00:42Yeah, absolutely. We would love to have more invested residents within the community, not just with the wire grass range, within legacy. So we're absolutely willing to work with you on it so we can.

2:00:53Okay. Thank you. Uh we're asking today that the board approve the economic development agreement term sheet that I prepared and it's in your packet. Authorize the County Attorney's Office and Office of Economic Growth to draft a formal economic development agreement. Authorize the County Administrator to approve and execute the economic development agreement on behalf of the board. And once fully executed, we will memorialize uh th that and provide that as a noted item in your agenda to maintain board transparency.

2:01:24Thank you.

2:01:25All right, so we've got a motion and a second and um roll we have roll call

2:01:29vote. District one, Commissioner Oakley. Aye. District two, Commissioner Weightman.

2:01:35Bye.

2:01:36District 4, Commissioner Yeager. Aye. District 5, Commissioner Mariano. Aye. District 3, Chairman Starkey.

2:01:42Aye. Thank you very much. Okay, um now I have to go. Um Commissioner Mariano, will you please do these two resolutions real quick? Yes. Abby, Miss Abby, congratulations.