No. The City Council will be considering approval of the First Reading of two Ordinances that will encourage an additional type of use, called a vertically integrated mixed-use, to be allowed under certain conditions. Any developer wishing to include a vertically mixed- use element could receive an incentive to provide additional residential with a Development Agreement. If applied, this incentive will foster increased residential opportunities rather than higher density commercial currently allowed.
Development Agreements are entered into by the City and a developer to expressly define a development project’s rules, regulations, commitments, and policies for a specific period of time. The purpose is to strengthen the public planning process by encouraging private participation in the achievement of comprehensive planning goals and reducing the economic costs of development. A development agreement reduces the risks associated with development.
The City of Oldsmar is committed to the public process. Before a Development Agreement is considered by the City Council, a public meeting will be held to hear from Oldsmar's residents. in addition, the City's Land Development Code defines a specific process for the execution of a Development Agreement, which includes 6 agenda items at public meetings.