The request is to authorize the City Manager to enter into a Development Fee Agreement with Port Richey Leased Housing Associates III, LLLP in relationship to the Anchor at Gulf Harbors project.

The Transfer of Development Rights Density Credit Agreement in respect to the project to establish a 388-unit multi-family housing project for low/mod income senior residents aged 62 and over is contingent upon amendments being made to the City’s Comprehensive Land Use Plan. To address the circumstance that the City’s Comprehensive Plan is not amended and finalized in a manner to provide the density credits as contemplated in the density credit agreement a contingent plan is being proposed.

Therefore, if the City is unable to finalize the Comprehensive Plan Amendments necessary to effectuate the density credits the plan involves employing one of two methods to address the permitting, development and impact fees in the sum of $2,011,674.78 which shall be due.  The first involves a waiver of the city fees in their entirety. The second method involves the Community Redevelopment Agency, and the owner of the property would submit a grant application to the CRA and if approved enter into a development agreement to compensate the City for the fees. If the CRA does not approve the grant agreement for the full amount the City or the owner of the property will need to agree to pay the remaining balance.

Incidentally, the construction value associated with this project is $80,679,730.00.