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Renewal deal's approval delayed
St. Petersburg wants to use property tax money for downtown renovation projects.
By MICHAEL SANDLER
Published April 6, 2005
CLEARWATER - Pinellas County commissioners held off deciding on a long-term financing deal Tuesday that would allow St. Petersburg to spend $95.4-million in property tax money to renovate the Mahaffey Theater and the Pier and to pay for other downtown projects.
Instead, commissioners plan to take the item up on Thursday, allowing city and county lawyers two more days to smooth out differences.
The city needs County Commission approval to continue keeping some of the property taxes generated in downtown St. Petersburg in an arrangement called tax increment financing that has been in place since 1982.
Currently this setup generates about $6-million annually.
The Pier and the Mahaffey are the largest projects in the proposal. Money also would be spent for a parking garage, a transportation hub and on landscaping improvements.
Tuesday's delay followed a night of negotiating at a Feather Sound restaurant that included St. Petersburg Mayor Rick Baker, County Administrator Steve Spratt and County Commission Chairman John Morroni.
At issue was whether the county would have some authority in the future to determine if long-term financing was necessary.
Morroni reached Baker by phone at the Devil Rays opening day game on Monday. The two agreed to meet that night with members of their staff.
"I didn't want a meltdown on Tuesday," said Morroni.
After more than two hours at Antonio's Pasta Grill, county leaders agreed that the city would borrow money in 2012. City leaders agreed the county would have some say over the terms of that financing.
"We just needed certainty," Baker said Tuesday. "You want to make sure you have the long-term financing. I think, the way we resolved it, we have that certainty."
Because the money would come from future property taxes, the amount in any given year is uncertain. The city would like the option of financing until 2032 but has agreed to pay off the debt as soon as the tax money comes in.
[Last modified April 6, 2005, 01:06:15]
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