In 2005, the CRA purchased the former Baptist Church property for $3.1 million for purposes of redevelopment. Standing structures were demolished, except for what is referred as the Old Post Office.  

Primarily the result of the great recession, the structure stood mostly vacant and nearly blighted until a collective effort, which included Pasco County Economic Development, community volunteers and the CRA, opened the building as a business incubator. Additional investments were made by tenants, repainting walls, upgrading offices, installing carpeting, security system and extensive Ethernet and wireless system. Efforts to make the building functional was truly a collaborative.

In May 2018, the incubator tenant departed, unable to execute on its business model. With the many building upgrades, economic development initiated a search for a tenant with the intention of creating jobs to support downtown businesses. Additionally, the desire was to create urban core employment with wages that make leasing newly-constructed, nearby apartments attractive.

Last month, after a referral from the West Pasco Chamber of Commerce, StacyTech was introduced to the building. StacyTech is a rapidly growing IT Communication Solutions Provider specializing in AT&T products and services. The company's expertise include; Telecommunications Services, Cloud Computing and Networking, as well as backgrounds in Project Management, Ordering, and Implementation.

Because of the firm's strategic relationship with AT&T, StacyTech is in need of high-quality office space to serve as its headquarters. The company is growing rapidly and must quickly hirer staff. The company was considering Class-A office space in downtown St. Petersburg. But with the new residential units under construction, and city's revitalized urban appeal, StacyTech believes the downtown location is ideal for attracting and retaining the type of skilled professionals they need, offering  industry salaries that will likely exceed Pasco County's median wage.

StacyTech expects to utilize the entire 9,000 SF within seven months, believing the location is optimum and wishes to consider adding additional floors to their corporate headquarters. Therefore, as a condition of the lease, StacyTech wishes to reserve the option to purchase the long-held CRA asset.

The firm plans to occupy the building in January and immediately replace three windows that are currently bricked over. No rent will be charged for the first 30 days while the windows are being installed.

Lease/Purchase terms are as follows:

• Initial 6 month startup phase lease of 5,000 SF @ 8.50 per SF ($3,500 monthly).
• 2 1/2 year lease of the entire building @ 8.50 per SF ($6,300 monthly) which includes a consumer price index escalation.
• Provide capacity to sublet with city approval with consent not be unreasonably withheld, conditioned or delayed.
• Option to purchase at the appraised value of $550,000 escalated at 3% after the first year.
• Business Incentive of 10% of the collected lease payment credited to the purchase price.
• The CRA to make façade improvement, which include awnings, repair of the large bank of windows on the east façade, repair and restripe parking area, sidewalk improvements.
• $10,000 deposit to serves as lease security.

The Florida Community Redevelopment Law requires the CRA to actively work to dispose of its acquired assets for the purposes of economic development. The danger of holding onto a CRA investment for a prolong period, is that economic conditions change, as the case in 2005, leaving taxpayers with not only the lack of the economic benefit but the burden of servicing the debt with no realized economic benefit. 

Should StacyTech be successful, the economic benefit will be high-paying tech jobs located within it's urban core and the likelihood employees will rent, spend their money, and invest in New Port Richey.