Title
An Ordinance approving the Petition for Establishment of the Bayberry Crossing Community Improvement District.
(Note: First read by Council on March 26, 2024. Passed by unanimous vote.)
Body
Issue/Request:
An Ordinance Approving the Petition for Establishment of the Bayberry Crossing Community Improvement District.
Key Issues:
This ordinance will approve the Bayberry Crossing Community Improvement District which includes all commercial areas of the Bayberry Crossing Shopping Center and would impose a new 1% sales tax with a maximum duration of 27 years in order to fund rehabilitation and reconstruction work within the boundaries of the District located at 507 SE Melody Lane.
Background:
Bayberry Crossing Baceline, LLC (“Developer”), through its subsidiary entities which owns the property within the proposed CID area, have filed a Petition for the formation of a CID in the Bayberry Crossing Shopping Center. The CID would impose a new 1% sale tax on the commercial retail businesses in the CID area.
The CID is proposed to fund the following rehabilitation and reconstruction improvements and associated soft costs in the combined total of about $1.5 million in principal costs over the life of the CID:
· Main Center Façades and Building Envelope Integrity
· Landscaping (including Irrigation)
· LED Lighting
· Signage
· Amenities (benches, planters, etc.)
Developer is proposing to undertake remodeling, updates and improvements to the Bayberry Crossing shopping center. The shopping center parcel is about 5.05 acres and the building size of the completed project is about 54,000 square feet.
The Developer proposes to use a community improvement district (CID) which would impose a 1% sales tax for up to 27 years, which is the maximum duration allowed by the CID Act. Developer projects that the sales tax revenues in the first year of the CID will be about $75,000/year, which represents $7.5 million in annual taxable sales, and would accelerate to about $1...
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