MINUTES FROM THE SPECIAL MEETING OF THE PENSACOLA DOWNTOWN IMPROVEMENT BOARD HELD ON APRIL 16, 2012 BOARD

MEMBERS PRESENT: Carson, Davis, Levin, Merrill, Spencer and Van Slyke STAFF PRESENT: Colley and Kimbrough OTHERS PRESENT: Bednar, Bell, Dubuisson, Flower, Lozier, Roesch and Toyo
The meeting was called to order at 2:02p.m. 1.) Consent Agenda A. Consideration of the Proposed Meeting Agenda for April 16, 2012 After review of the proposed agenda, a motion was duly made, seconded and unanimously approved to accept the special meeting agenda for the April 16, 2012 as distributed.

2.) Consideration Of A Proposed Term Sheet To Access the DIB's Economic Development Incentive Program To Encourage A Large Employer To Relocate To The Downtown Area Vice Chairman Carson asked Mr. Kimbrough to provide further insight into the proposed amendment to the Economic Development Incentive Program to encourage relocation of large employers into downtown Pensacola. Mr. Kimbrough explained the background of the Economic Development Incentive Program and its potential to offer reduced parking fees for firms willing to relocate specific numbers of employees with specified compensation thresholds for the relocated employees. Mr. Kimbrough then gave a short presentation on the current use patterns of the parking garages including number of spaces being used by various use groups and the anticipated level of use once the employer locates to downtown Pensacola. Much discussion ensued. After much discussion as to the overall positive impact to downtown Pensacola as a whole, a motion was duly made, seconded and unanimously approved to accept the proposal to amend the Economic Incentive Program to encourage a large employer to relocate in downtown Pensacola. Mr. Kimbrough then reviewed a proposed term sheet between the DIB and PenAir Federal Credit Union for utilizing the Economic Development Incentive Program. Much discussion ensued. Upon a motion duly made, seconded, and unanimously approved, the proposed term sheet was accepted as presented with the condition that the City of Pensacola forgive the outstanding balance on a loan for capital improvements to the Jefferson Street Parking Garage prior to the execution of the agreement with PenAir Federal Credit Union to assist with the projected loss of special event revenue. As part of the motion, Mr. Kimbrough and the DIB General Council were authorized to produce and execute a more detailed agreement that mirrored the terms in the document and the motion just approved. 3.) Public Comment Ms. Dubuisson commented that the proposed term sheet follows the DIBs recently established policy and is very positive for downtown and Pensacola. She noted that pulling more employees downtown, especially at the agreed upon salary rates was a very positive occurrence. She further noted that although it may exacerbate parking issue in the future, it should happen and the DIB should figure out how to make more parking available when it was needed.

4.) Adjournment

With no further business to come before the board, a motion was duly made, seconded, and unanimously approved to adjourn the meeting at 3:14p.m.

Respectively submitted,

Franklin D. Kimbrough Secretary