Notes: CMPA meeting 6.13.08

June 13 Community Maritime Park Associates Board meeting notes:

Much of Friday’s Community Maritime Park Associates Board of Trustees was standing room only as the two master developer candidates gave their presentations and took questions from the board.

All board members were present at the over three-hour-long meeting.

Representatives from both of the developers—Land Capital Group and Trinity Capital Advisors—spoke of transparency in the process and of the park as a “work-live-play” type setting.

Land Capital’s general development team would include BRASS Real Estate Funds, NAI Halford, and BPM.

Land Capital CEO Scott Davison, who gave the first 45-minute presentation, said before they can offer more details on the private part of the development, they need to study data on market preferences, the existing economic climate, and additional public financing source(s).

“I think you all know this thing is going to cost more than $40 million—more than $54 million if we want to get all the public part in,” Davison said.

Regarding the Covenant with the Community, Davison said: “If there are 30 percent African-Americans (in the area), then they should be getting 30 percent of the work. That’s what we’re going to strive to do.”

Davison added if there aren’t enough workers qualified in specific fields in the immediate area, they will expand the geographic boundaries.

Land Capital’s also proposes a 25 percent contribution to profit sharing for the Contractor Academy.

Land Capital estimates the park can be completed on or by December of 2010.

“We would be open to speeding up the process if the city would pay the costs until the developer contract is signed,” the CEO said.

Mayor John Fogg asked about the likelihood of Land Capital being able to secure the additional funds needed from federal and other sources.

“We can’t guarantee it, but we’ll do the best we can,” Davison said. “The $54 million covers 80 percent of it.

The CEO was also asked what critical issues, aside from funding and the environment, he sees with the park.

Coordination of all the agencies involved, such as the Army Corps of Engineers, “is really going to be key,” Davison said.

Board member Bentina Terry asked for specifics on the Contractor Academy.

Davison said they would write their own materials on what the inclusion policies and outreach programs would look like. “One of the very first things we would do is to take an availability survey.”

Ken Kearns gave part of the next presentation for Trinity Capital Advisors, part of the working with the Trinity/Weston/Smith Cypress team.

Kearns serves as vice president and overall project team coordinator for Trinity, which plans to work on the park with firms including Bill Greenhut/Greenhut Construction and Coldwell Banker.

Trinity’s presentation also included its focus on continuity (to downtown) and identity.
Mike Woollen, who is part of the Trinity team, spoke of integration and synergy for the public developments. “The stadium feeds off of the restaurants and retail stores nearby. So there’s that synergy.”

Once there is critical mass, that creates opportunities for future development, the representatives said.

Trinity’s proposal at the multi-use stadium includes concourses that would remain open 24/7.

Trinity also proposes a “Green” environmentally sustainable project that would include solar-power generators in the construction process.

The green initiative would also offer additional opportunities for alternative funding sources, according to Trinity.

Kearns was asked about total costs for the park.

The vice president said the $89 to $90 million direct cost for Phase I may decrease, but the $70 million for infrastructure costs is stable.

Trinity has cited March of 2013 as the completion date for the entire project.

Fogg asked if that date can be accelerated. There’s a three-year time difference in the two proposals, the mayor noted.

“There’s the right way, and there’s the fast way,” Kearns said.

But Trinity VP mentioned a compressed schedule that could potentially cut down the time frame by two years.

CMPA board member Eddie Todd asked Kearns what critical issues he sees with the project.

Kearns said the biggest challenges are “the math part” and “getting engaged.”

Kearns was also asked what can be achieved with the $40 million bond.

“A $70 million or so deal should work,” the vice president said. “It’s our job to put that together.”

Board member Collier Merrill asked each camp who pays the project manager’s salary.

Consultant Owen Beitsch will give the board his thoughts on the developers at the next CMPA meeting at 1 p.m. July 11. Board members may vote on a developer at that time or at the following meeting.

In other CMPA business, chairman Judge Lacey Collier talked about correspondence from the National Marine Fisheries Service that expresses concern about Gulf sturgeon and five species of sea turtles near the park site.

But Collier said he met with U.S. Sen. Bill Nelson about the issue and permitting, and the senator does not foresee a problem. Their best estimate is that permits may be issued in November, Collier reported.