The public will get a glimpse at the development agreement drafted by the city for the former U.S. Post Office property on Reynolds Street Monday during a public hearing held at the next city commission meeting.
Plant City Development Group, LLC has presented its intention to transform the property into a multi-purpose building with limited retail on the bottom, several floors of apartments and potentially a rooftop feature. Following the group’s presentation to commissioners on Aug. 9, City Manager Bill McDaniel negotiated with the company and will present the development agreement Monday to the commission.
The agreement says Plant City Development Group will propose a development plan to commissioners and if approved by the commission the city and the developer will enter into a real estate purchase agreement for the property.
The property will be sold for $400,000 and “if the Developer is not in default of the Development Agreement, the City shall return the purchase price of $400,000.00 without interest to Developer upon substantial completion of the development of the Property in accordance with the Development Plan,” according to the City of Plant City.
The public hearing will be Sept. 13 at 7:30 p.m.
The same evening the city will also hold a public hearing on amending Chapter 102 of the city code regarding residential driveway standards.
The text in question will “amend the requirements for residential driveway spacing to allow for more variety in lot layout and design within residential subdivisions.”
The changes include:
– Altering the minimum driveway spacing from the edge of the property line from eight feet to five feet
– Removing the requirement for residential driveways to be a minimum of 60 feet center line to center line.
– Removing the requirement for residential driveways to be a minimum of 50 feet from the edge of the nearest right of way.
None of the reviewing departments or agencies had objections to the amendments. The Planning Board found the proposed changes to be consistent with the Imagine 2040: Plant City Comprehensive Plan in a 4-0 vote on July 28.
City Furniture, Inc. will also have a public hearing Monday as it seeks to obtain an Economic Development Ad Valorem Tax Exemption from the city.
This tax exemption can be granted to qualifying new businesses and expansions of qualifying existing businesses. On Nov. 3, 2020 Plant City voters approved the referendum and on Dec. 14, 2020 the city commission enacted an ordinance for the granting of such exemption.
City Furniture has told the city it will employ at least 50 or more full-time equivalent employees in office jobs and “will make a Capital Investment greater than $5,000,000 in such new business prior to the commencement of any exemption granted under the program.”
The proposed ordinance allows for Tier One benefits of 27 percent of the assessed value of all new qualifying improvements and 13 percent of all qualifying Tangible Personal Property for five years as long as the business meets all of the requirements. The public hearing will be Monday and the agreement will be on the agenda for consideration of approval immediately once the ordinance is adopted.
The report said it is anticipated the added improvements will take place on or after the 2023 tax year. The exemption would remain in effect for five years from the year that the added improvements are to be made.