Lincoln Church Street, LLC. (Lincoln) is seeking to develop 1.67 acres of real estate in the Downtown Orlando Community Redevelopment Area located on the Northeast corner of the intersection of South Garland Ave. and West South Street. Lincoln desires to develop and revitalize the property as a mixed-use office and hospitality development consisting of a 25-story building with +/- 180 hotel rooms, +/- 206,600 square feet of office space, +/- 8,200 square feet of ground floor retail and lobby space, and a Sunrail Station to serve the western line of the Central Florida Commuter Rail Transit System.
The 2015 update to the Downtown Orlando Community Redevelopment Area Plan (“Plan”) identifies a lack of readily available corporate quality office space and encourages the CRA to promote and encourage mixed use development and general office space and continue to support developments in Downtown to build commercial ground floor “retail ready” space throughout the Downtown core. Additionally, the Plan addresses supporting development of urban amenities to attract and retain Downtown businesses and residents, including high quality transportation options. The Plan also specifically includes a strategy of supporting expansion of Sunrail service, including passenger amenities such as a new station.
The new Sunrail Station will be integrated into the Lincoln Tower project and facilitate the relocation of the current Sunrail Station from an area south of South Street to a more pedestrian friendly, convenient and efficient area north of South Street.
The CRA has previously used tax increment revenues to encourage economic development in the Downtown Redevelopment Area. Because of the nature of the project and its potential impact on Downtown Orlando, the CRA is proposing to provide a tax increment rebate to Lincoln equal to 35% of the tax increment revenue directly attributable to the Lincoln Project for five years after the project receives a certificate of occupancy. The tax increment rebate will be provided to Lincoln on an annual basis over the five year period and the maximum amount of the rebate shall be $2,725,000.
In order to receive the tax increment rebate, Lincoln will have to, among other things, commence construction of the Project and Station within eighteen (18) months from the Effective Date, complete construction of the Project and Station within five (5) years from the date construction commences, fund or provide in kind donations of $3,000 annually during the Recapture Period for community special events approved by the City’s Downtown Development Board, and include within the Project a public art component approved by the Appearance Review Board of the Downtown Development Board.
The CRA Advisory Board recommended approval of Agreement on June 28, 2017. Staff requests the CRA approve the Economic Development Incentive Agreement Lincoln Tower Sunrail Project between the CRA and Lincoln, and authorize the Chairman of the CRA and the Executive Director of the CRA to execute the Agreement, subject to the review and approval of the City Attorney's Office, and approve expenditures from the Downtown Orlando Community Redevelopment Area Trust Fund in the amount of up to $2,725,000 in tax increment rebates for Lincoln.
Approval of the Economic Development Incentive Agreement Lincoln Tower Sunrail Project between the CRA and Lincoln, and authorize the Chairman of the CRA and the Executive Director of the CRA to execute the Agreement, subject to the review and approval of the City Attorney's Office, and approve expenditures from the Downtown Orlando Community Redevelopment Area Trust Fund in the amount of up to $2,725,000 in tax increment rebates for Lincoln.