Project Profile: The Sankofa Project on the Deuces

[Pages:3]Project Profile:

The Sankofa Project on the Deuces

Updated January 2020 by Sankofa Vision Group, LLC

Project Summary

Focus on Community The Sankofa Project is one component of the City of St. Petersburg's Economic Impact Deuces Rising vision to help revitalize the historic 22nd Street corridor (aka "the Deuces"). Sankofa is a centerpiece in the City's community-

led equity plan and will serve as an engine of economic impact among

black-led businesses and organizations. As announced by the City in

December 2019, the vision is "broadly inclusive of community

organizations in the design, development, and operations of built

products, including a strategy for reinvesting in and through the

organizations that anchor this corridor. The One Community Plan

team has already engaged 20 partner organizations committed to

working together to co-create a transformative strategy."

Development of Built The Sankofa Project is a mixed-use, mixed income development that Products will feature 28,000 to 32,000 sf of retail, office, incubator and co-work space and 26 townhomes to be affordably sold to families from 60-

120% AMI (16 three-bedroom, 8 two-bedroom, 2 one-bedroom units).

Location with Special The Sankofa Project will be developed on a 2.8-acre parcel situated at Designations the northeast corner of the 14 acres formerly known as Commerce Park; it is owned by the City of St. Petersburg. The site front-faces the

Deuces corridor and is diagonally across the street from the Historic

Manhattan Casino. It is encompassed within the plan areas of The

Deuces & Warehouse Arts District, IGNITE Deuces, the One

Community Plan, and the South St. Pete Community Redevelopment

Area (CRA, a 7.4-sq mile tax increment financing district).

Special Site ? Local TIF District

? Brownfield Redevelopment Area

Designations ? NMTC Eligible Tract

? HUB Zone

? Food Desert

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Sankofa Project Summary (Cont'd)

Development City Council Approval of Design/Build Firm Agreement ? March 2021

Timeline Below subject to City Council Approval of City funding:

? Site/Civil Construction Begins ? February 2022

? Residential & Commercial Construction Begins ? May 2022

? Residential & Commercial Construction Ends ? February 2023

Developers & Through a unique partnership, the City will serve as lead developer

QALICB and the Sankofa Vision Group, LLC (SVG) will serve as co-developer of the Sankofa Project. SVG is a QALICB with 4 non-profit member

organizations and 1 for-profit member that have worked together

continuously to lead a 7-year poverty reduction plan and a 10-year

economic growth plan in the target area. The members are The 2020

Plan, Inc., Mt. Zion Progressive Missionary Baptist Church, Pinellas

County Urban League, Tampa Bay Black Business Investment

Corporation, and Felton-Howard Law, with the CDC of Tampa, Inc. as

a co-development partner.

Site Control City enters long-term/15-year lease with SVG, with conveyance

options and terms

Ownership Land and improvements will be owned by City for 3 years with

conveyance option triggered (transferring ownership to SVG, LLC),

after 12 months of successful full occupancy (90%+) and attainment of

process and performance benchmarks.

Social Equity ? Commercial ? City, NMTC, PRI and federal CED grant from HHS

Financing Strategy (seeking NMTC for real estate and non-real estate activities)

? Housing ? City, CRA, and HOME

Risk Mitigants* ? Recapture Right - City right to recapture assets for up to 10 years if

use changes or operations quality deteriorates (with annual reports

on occupancy, uses, lease rates, codes compliance, solvency, etc.)

? Reserves - SVG is attempting to establish a reserve to offset debt

servicing and other risks during the first 7-years of operations;

traditional property management reserves will also be established.

Census Tract ? NMTC Eligible Census Tract: 12103021800

Economic ? Median Household Income: $41,615 (ACS 2018), which is 65%

Characteristics

of Median Family Income (HUD User Income Limits in 2018)

? Poverty Rate: 24.3%, which is 1.7 times the national average of

14.1% in 2018 (ACS 2018, 5-year)

Community Impact The project is designed - from inception ? to be inclusive and equity-

focused in every facet, which will increase the community economic

impact. SVG will lead the integration into the project of 8 "Big Ideas"

contained within the One Community Plan ? a 10-year equity initiative

sponsored by the City of St. Petersburg and led by the community.

The Sankofa Project will embody and achieve impacts such as:

? Increasing the affordable housing stock and homeownership in a census tract that lost 10% of its housing density and 33% of its owned home stock (from 2010 to 2018);

? Doubling commercial occupancy along the lower Deuces corridor, and significantly increasing the availability of affordable business & work spaces, along with space for special events;

? Providing NEW Co-working & incubator space that couples a suite of on-site/in-house business development programs to help resident entrepreneurs to grow their enterprises (see "Operations Investments by SVG," below);

? Maximizing MBE targeting during development, construction, and operations of the built products; and

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Sankofa Project Summary (Cont'd) Community Impact ? Using net income from operations to seed the South St. Petersburg (Cont'd) Development Fund to serve as a financing source for future

community real estate development projects located on targeted corridors (see "Special Role of Sankofa Vision Advisory Council," below). Operations SVG will operate the site with the following capacity and programming: Investments by SVG ? On-site staff for quality residential and commercial management ? On-site staff to lead business development programming and partnerships for commercial tenants ? On-site staff of partner agency (e.g., POC, for family wrap around and resident engagement) ? Tenant cash support via a) lease reserve, b) build-out allowance, or c) working capital or inventory Special Role of the A 17-person Sankofa Vision Advisory Council (SVAC) would be Sankofa Vision membered by representatives of organizations with a strategic role in Advisory Council the success of the project. Several members are organizations that anchor redevelopment plans and major activities along the Deuces corridor. Members currently represent the following:

? African American Heritage Association (advisor) ? Binger Financial Services ? Carter G. Woodson African American Museum** ? Community Dev. & Training Center/New Deal ? Corporation to Develop Communities of Tampa ? Felton-Howard Law ? Mt Zion Human Services ? Pinellas County Urban League ? The 2020 Plan/One Community Plan ? Tampa Bay Black Business Investment Corporation ? VISION Investors

The roles of the SVAC will be:

Contacts for More Information

*Not final

? To meet at least quarterly to provide guiding insights about development and operations of built products to maximize community impact;

? To provide formalized feedback on the design and composition of uses for built products;

? To provide functional expertise to project development (e.g., legal and financing expertise as a remunerated or sweat equity partner, deployed in tandem with applicable safeguards against conflicts-ofinterest);

? To authorize renewal agreements annually with anchor institution partners to the project (renewal will be based upon a standardized assessment of the partnerships productivity and the review and assessment by SV Advisory Council members or a designated subcommittee thereof); and

? To help develop a Governance Policies & Procedures Manual for the emerging South St. Petersburg Development Fund.

? SVG, LLC (QALICB): Gypsy Gallardo, CEO, The 2020 Plan & One Community Plan, 727-459-7663 / gypsy@

? City of St. Petersburg: Rob Gerdes, Neighborhood Affairs Administrator, 727-893-7876 / robert.gerdes@

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