Developer Files Plan For Hotel & Retail Along I 4 Next To City Furniture's Millenia Site

PALMETTO – Plans for a Sheraton hotel next to the Bradenton Area Convention Center are back on the table.

Improvement Network Development Partners of Fort Worth, Texas, is working on a plans for an eight-story, roughly $65 million hotel on vacant land northwest of the Manatee County-owned convention center and fronting U.S. 41-301.

Last year, the same development team pitched a proposal to build a $59.3 million hotel on the convention center’s parking lot off Haben Boulevard. It intended to acquire 12.5 adjoining acres from Pinzon LLC to create a new parking area for the hotel and the convention hall.

Yet the acquisition of the Pinzon property fell through. INDP claimed the site had a fair-market value of $3.4 million rather the $4.95 million that had been previously agreed upon.

In September, the Manatee County Commission cancelled the ground lease and development agreement.

On Friday, the advisory board for the city of Palmetto’s Community Redevelopment Agency learned that INDP and Pinzon are negotiating again. This time, the developers are not considering using county property and want to instead build on the Pinzon site.

Bob Gause of the Palmetto engineering and design firm Gause and Associates is assisting the developers in creating a conceptual plan that will only require approval from the Palmetto City Commission. However, Gause noted that the County Commission’s consent will be needed if the city and county want to revive the idea of extending Seventh Street East through both properties for a new connection between U.S. 41-301 and Haben Boulevard.

Jeff Burton, director of Palmetto’s CRA, told the advisory board that the developers want a financial incentive from the city.

The city established the CRA to encourage new investment and prevent blight in designated areas. As property values within the CRA rise, the additional property taxes collected there are invested in CRA-endorsed projects.

Burton received the advisory board’s support for an “increment revenue incentive plan” that could be used to lure specific types of developments with an appraised value of at least $10 million into the CRA area, which includes properties near the convention center.

Those preferred developments include a hotel and other uses the city wants to see within the CRA, such as an emergency care facility, a corporate headquarters and multi-family housing.

When one of those projects starts generating taxes for the CRA, the city would return that money to the developer for a specified number of years to defray the costs it incurred. In the case of the proposed Sheraton hotel, Burton said, the developers would like to get $6 million in taxes that it generated back from the CRA. If the hotel is built by 2021, he said, the annual payments would take until 2036 to reach $6 million.

Burton said he and city attorneys are still fine tuning the incentive plan, which the City Commission could approve, deny or alter. He emphasized that developers using the incentive plan will not receive any CRA money “until after they create the taxable value” that the city expects for their project.

 

Source : http://www.heraldtribune.com/news/20180713/developers-pitch-new-plan-for-hotel-next-to-convention-center

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