Pineloch Management Corp., which owns Osceola County's Center Lake Ranch, will eventually resubmit an annexation request with the City of St. Cloud for the 2,016-acre project -- this time with a detailed financial report illustrating the potential tax revenues it could generate.
"Ultimately, we think St. Cloud is the right home for Center Lake," Pineloch Vice President Jimmy Caruso told GrowthSpotter on Thursday. "We are continuing to work with the city staff and council to better understand their concerns."
Caruso said planning consultant VHB has begun a financial impact analysis of the project.
The move follows the City Council's 3-2 vote to deny Pineloch's annexation request on April 12. The city's staff and its Planning Commission supported the mixed-use project, but council members who voted to deny the annexation never gave a reason.
None of the council members returned phone calls on Thursday.
City Planning Director Andre Anderson said the reason for the vote remains a mystery.
"All of the changes that were requested of them they made," he said. "There was nothing essentially wrong with the project, and we didn't get any feedback from council."
Absent any direction from the council, Anderson advised Pineloch to resubmit with the report showing the positive fiscal impact the project would have on the city.
Center Lake Ranch has been an approved DRI in Osceola County since 2008 with entitlements for 2,201 single-family homes, 1,172 multifamily units, 170,000 square feet of retail use, 70,000 square feet of office space plus civic and community uses.
Located between Narcoossee Road and the future Sunbridge development, Center Lake falls in the city and county's joint planning area. That means the developers can only get water and sewer service from the city of St. Cloud, and they must apply for annexation to the city to get the utilities.
The original DRI application included a revenue generation summary which, at the time, projected more than $50 million in annual ad valorem tax receipts at full buildout.
Those calculations, though, were based on a totally different development plan with a 2:1 ratio of multifamily to single-family housing and less commercial development. It was also based on the county's millage rate -- the city's is slightly higher -- and it didn't factor in changes to the state homestead exemption.
"It was based on the best available information at the time, and it was accepted," said John Adams, entitlements specialist with Rj Whidden and Associates. He led the ranch through the DRI process back in 2008 but is no longer involved with the project.