CITY COUNCIL AGENDA ITEM
Memo Date: July 22, 2022
Agenda Date: August 9, 2022
Prepared By: Charlene Neuterman, Community Services Director
Through: Stockton Whitten, City Manager
Requested Action:
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Approve a 2nd Modification to the Clearlake Road Development Agreement and authorize the Mayor to sign the agreement.
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BACKGROUND:
In 2011, the US 1 Community Redevelopment Agency approved a Development Agreement for the development of the Clearlake Isles Senior Apartments and a future development of a commercial parcel directly adjacent to the Clearlake Isles Senior Apartments. In 2016, the Development Agreement was amended to memorialize minor modifications related to the timeline and completion dates. The Agreement approved the construction of up to 120 senior housing units and a retail portion directly west of the senior housing apartments.
The Clearlake Isles Apartments received their Certificate of Occupancy in 2017 and opened in early 2018. The developer was tasked with completing the parcel to the west of Clearlake Isles as a retail/commercial type project. It is noted that the US 1 Community Redevelopment Agency sunset on September 30, 2020, and all active agreements reverted back to the City of Cocoa.
The Developer desires to further subdivide the Commercial Parcel to allow for two commercial developments adjacent to the Clearlake Isles Senior Apartments. The development of commercial properties along Clearlake road would enhance the blighted conditions on this corridor. The property will remain subject to the Land Use Restriction Agreement (LURA) that is in effect for ninety-nine years from 2016.
The Development Agreement notes three amendments:
1. The Commercial Parcel will consist of two parcels up to 11,000 square feet of floor area, meeting the conditions set forth by the City of Cocoa Zoning requirements.
2. The 24-month timeline for development is removed to allow for delays consistent with the market.
3. The Devel...
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