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🤔 Wesey Chapel To Get "Downtown", West Riverwalk & New Pasco Taxes

🤔 Wesey Chapel To Get "Downtown", West Riverwalk & New Pasco Taxes

Check out what's happening in the Pasco and Tampa economies this week.

Sean Bates
June 26, 2024

Happy Wednesday!

Wesley Chapel and Tampa have exciting news about major projects this week!

We have two new confirmed projects for the beginnings of a “downtown” for Wesley Chapel, and an incredible $27 million increase has been approved for the West Riverwalk Project!

We’re also taking a look at a new road maintenance tax and how it will work for Pasco residents.

—Sean

🤩 Wesley Chapel Finally Set to Get Downtown Developments

Driving the news: Wesley Chapel is on the verge of developing its first downtown areas, with two key projects in the pipeline: Avalon Park Wesley Chapel and a new development in the Wiregrass area.

Details: The Avalon Park Wesley Chapel project is set to transform 1,800 acres off State Road 54 into a vibrant mixed-use community. Plans include:

4,800 homes
500,000 square feet of commercial space
Urbanized streets, plazas, and squares
Vertical mixed-use buildings with retail on the ground floor and apartments above
A community park with an amphitheater and space for food trucks

The first phase, including the mixed-use building and park, is set to open this summer. Full completion is expected in 5-10 years.

Why it matters: The development of these downtown areas is a significant milestone for Wesley Chapel, which currently lacks a city center due to its unincorporated status.

These projects will provide residents with centralized hubs for shopping, dining, entertainment, and community events, enhancing the local quality of life.

The big picture: Alongside Avalon Park, Pasco County is also working on another downtown opportunity in the Wiregrass area.

This development aims to emulate the architectural and cultural vibrancy of Midtown Tampa, offering a mix of residential, retail, and entertainment options, employment opportunities, and a central hub that will define the community identity of that part of Wesley Chapel.

What’s next: As these projects progress, Wesley Chapel residents can expect to see ongoing construction and new amenities becoming available, transforming the area into a more connected and community-focused locale.

The bottom line: Wesley Chapel is set to gain not one, but two downtown areas, bringing much-needed city centers to this rapidly expanding community.

These developments promise to provide residents with new places to live, work, and play, marking an exciting new chapter for the area.

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🏗️ Tampa's $57 Million Riverwalk Project Moves Forward Amid Concerns

Driving the news: The Tampa City Council has approved a significant cost increase for the West Riverwalk project, voting 5-2 in favor of the amendment.

This increase may lead to a notable bond issuance.

Details: Tampa won a $24 million federal grant in 2020, initially requiring a $6 million contribution from the city. The city's contribution is now set to rise by an additional $27 million, bringing the total to nearly $33 million.

A potential 30-year loan at an assumed 4.5% interest rate could add over $22 million in interest costs. Tampa CFO Dennis Rogero stated that such a bond issuance wouldn't affect the city's bond rating.

The project will add 1.6 miles of riverfront sidewalk, 2.75 miles of complete streets with a separated bicycle/pedestrian path, and two bicycle/pedestrian bridges across the Hillsborough River.

Why it matters: This expansion aligns with the Tampa MOVES mobility plan, promoting multimodal transportation and enhancing safety and economic development.

However, the increased cost and potential bond issuance have raised concerns among council members and residents about the project's affordability.

The big picture: The West Riverwalk project aims to enhance connectivity and mobility in Tampa. It was not conceived in isolation but as part of a broader vision for the city's development.

What’s next: The council will hold a second hearing on July 18 to execute the updated design-build contract with The Haskell Co., the firm leading the trail's construction.

Tampa will also submit an amended grant agreement reflecting changes to the project schedule, now targeting substantial completion by January 2027.

The bottom line: While the West Riverwalk project promises to improve mobility and safety in Tampa, the significant cost increase and potential financial burden on the city has sparked debate among council members and the community.

The outcome of the second hearing will be crucial in determining the project's future.

🚧 New Road Tax Brings Financial Relief to Pasco Residents

Driving the news: Pasco County commissioners have approved a new road maintenance tax for property owners in unincorporated areas, ending the old neighborhood-specific paving assessment system.

This decision comes with plans to formally stop collections from old paving projects next month.

Details: Previously, property owners in Pasco County could petition for road repaving, agreeing to split costs with the county, resulting in a $13 million debt from these old assessments.

The new tax will spread maintenance costs across all property owners in unincorporated areas, facilitating more routine road upkeep.

Commissioners faced legal challenges last year, delaying the new tax’s implementation. This plan excludes roads within city limits but allows for negotiations with community development districts.

Why it matters: Transitioning to a county-wide road maintenance tax relieves property owners from the financial burden of neighborhood-specific paving projects.

This change promotes fairness by distributing costs more evenly, ending a system that caused friction among neighbors, and ensuring more comprehensive and consistent road maintenance.

The big picture: With the new tax system, Pasco County aims to streamline road maintenance. A detailed road survey will guide the county in prioritizing repairs and repaving, integrating these needs into a long-term maintenance plan.

This holistic approach will likely improve the overall condition of the county’s roads.

What’s next: Pasco County commissioners will set potential tax rates for the new road and park maintenance taxes next month. These rates will appear on proposed tax estimates sent to property owners.

Final tax rates and the county budget will be confirmed after public hearings in September.

The bottom line: Pasco County’s shift to a new road maintenance tax system marks a significant change in how local road upkeep is funded.

By ending the old neighborhood paving assessments, the county aims to provide financial relief to residents and ensure a more efficient and equitable road maintenance strategy.