Agenda 07/09/2019 Item #16B 2 (Transferring Voluntary Tax Credit Certification No. 348)07/09/2019
EXECUTIVE SUMMARY
Recommendation that the Board of County Commissioners, acting as the Community
Redevelopment Agency (CRA), authorize the Chair to sign the necessary documentation to transfer
the Voluntary Tax Credit Certification No. 348 to Valley National Bank and credit proceeds
towards the purchase price for the 5.27 Acre site within the Bayshore Gateway Triangle
Community Redevelopment Area as identified in the Purchase and Sale Agreement with Real
Estate Partners International, LLC; and approve all necessary budget amendments.
OBJECTIVE: To transfer the Voluntary Tax Credit Certificate No. 384 prior to expiration and allow the
incentive that was include in the Purchase and Sale Agreement to be satisfied.
CONSIDERATIONS: The Board of County Commissioners acting as the Collier County Community
Redevelopment Agency Board (CRAB), applied for a Voluntary Cleanup Tax Credit (VCTC) to Florida
Department of Environmental Protection (FDEP) for the site rehabilitation at the CRA -owned property.
The Site Rehabilitation tax credit claim was $26,979.38 as allowed under Rule 62-788.300, F.A.C.
On July 14, 2014, the CRA received notice from FDEP it was awarded the tax credit certificate in the
amount of $26,979.38 (Certificate No. 384). Tax credits can apply to Florida corporate income tax.
On April 26, 2016, the CRAB approved the Purchase and Sale Agreement with Real Estate Partners
International, LLC (REPI) for the 5.27 acres of property within the Bayshore Gateway Triangle
Redevelopment Area. The purchase price for the property is $6,372,959. One of the benefits to the
purchaser as identified in the Agreement is the transfer of two Voluntary Cleanup Tax Credit Certificates
(Certificate No. 287 and Certificate No.348).
Tax Credit Certificates expire 5 years after they are issued. They can be transferred only one time to
another entity. The new entity will have 5 years to use the credits. On June 26, 2018, the CRA approved
the sale and transfer of Certificate No. 287 to Valley National Bank for the purchase price of .875 cents
per dollar. Tax Credit Certificate No. 384 will expire on July 14, 2019. Since REPI has not closed on
the property and REPI is unable to use the credits now, they have requested the certificate be transferred
to another entity and the proceeds be allocated towards REPI purchase price to the CRA.
Due to the time constraints, Valley National Bank was contacted to see if they were interested in
purchasing Certificate No. 384 and they have offered to purchase the certificate at .50 cents per dollar, for
a total of $13,489.69. REPI has consented to the discounted sale of Voluntary Clean Up Tax Credit
Certificate No. 384 to Valley National Bank so long as the consideration is credited to REPI's benefit
upon closing.
FISCAL IMPACT: Funds received will be held in Bayshore CRA Reserves (Fund 187) until REPI
closes on the property. At the time of closing the proceeds from the sale/transfer of Tax Credit Certificate
No. 384 will be credited towards REPI purchase price. In the event REPI doesn’t close, the funds will be
available for Bayshore CRA redevelopment purposes. If the tax certificate is not transferred, the value
will be lost.
GROWTH MANAGEMENT IMPACT: None
ADVISORY COMMITTEE RECOMMENDATIONS: None
LEGAL CONSIDERATIONS: This item is approved for form and legality and requires a majority vote
for Board approval. JAB
16.B.2
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07/09/2019
RECOMMENDATION: Recommendation that the Board of County Commissioners, acting as the
Community Redevelopment Agency Board (CRAB), authorize the Chair to sign the necessary
documentation to transfer the Voluntary Tax Credit Certification No. 384 to Valley National Bank and
credit proceeds towards the purchase price for the 5.27 Acre site within the Bayshore Gateway Triangle
CRA as identified in the Purchase and Sale Agreement with Real Estate Partners International, LLC; and
approve all necessary budget amendments.
Prepared by: Debrah Forester, CRA Director
ATTACHMENT(S)
1. VCTC Certificate No. 348 (PDF)
2. VCTC Certificate Transfer Request Letter (PDF)
3. Valley Bank VCTC Offer Letter July 1 2019 (PDF)
16.B.2
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07/09/2019
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.B.2
Doc ID: 9500
Item Summary: Recommendation that the Board of County Commissioners, acting as the
Community Redevelopment Agency (CRA), authorize the Chair t o sign the necessary documentation to
transfer the Voluntary Tax Credit Certification No. 348 to Valley National Bank and credit proceeds
towards the purchase price for the 5.27 Acre site within the Bayshore Gateway Triangle Community
Redevelopment Area as identified in the Purchase and Sale Agreement with Real Estate Partners
International, LLC; and approve all necessary budget amendments.
Meeting Date: 07/09/2019
Prepared by:
Title: – County Manager's Office
Name: Debrah Forester
06/28/2019 3:58 PM
Submitted by:
Title: County Manager – County Manager's Office
Name: Leo E. Ochs
06/28/2019 3:58 PM
Approved By:
Review:
County Manager's Office Sean Callahan Additional Reviewer Completed 07/01/2019 8:57 AM
County Attorney's Office Jennifer Belpedio Level 2 Attorney of Record Review Completed 07/01/2019 9:13 AM
Office of Management and Budget Valerie Fleming Level 3 OMB Gatekeeper Review Completed 07/01/2019 9:35 AM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 07/01/2019 9:41 AM
Budget and Management Office Mark Isackson Additional Reviewer Completed 07/01/2019 9:47 AM
County Manager's Office Leo E. Ochs Level 4 County Manager Review Completed 07/01/2019 10:32 AM
Board of County Commissioners MaryJo Brock Meeting Pending 07/09/2019 9:00 AM
16.B.2
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16.B.2.aPacket Pg. 741Attachment: VCTC Certificate No. 348 (9500 : Bayshore CRA - Voluntary Tax Credit)
16.B.2.aPacket Pg. 742Attachment: VCTC Certificate No. 348 (9500 : Bayshore CRA - Voluntary Tax Credit)
16.B.2.aPacket Pg. 743Attachment: VCTC Certificate No. 348 (9500 : Bayshore CRA - Voluntary Tax Credit)
16.B.2.bPacket Pg. 744Attachment: VCTC Certificate Transfer Request Letter (9500 : Bayshore CRA - Voluntary Tax Credit)
16.B.2.bPacket Pg. 745Attachment: VCTC Certificate Transfer Request Letter (9500 : Bayshore CRA - Voluntary Tax Credit)
16.B.2.c
Packet Pg. 746 Attachment: Valley Bank VCTC Offer Letter July 1 2019 (9500 : Bayshore CRA - Voluntary Tax Credit)
16.B.2.c
Packet Pg. 747 Attachment: Valley Bank VCTC Offer Letter July 1 2019 (9500 : Bayshore CRA - Voluntary Tax Credit)