06-1672 Request to Seminole County to Extend CRA Term to 2025

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signage and other projects which help stimulate the redevelopment of Casselberry's Community Redevelopment District; and WHEREAS, the projects identified by the CRA will cost over $2 million over and above tax increment revenues that have already been earmarked for construction of the Casselberry Civic Center; and WHEREAS, in order to successfully fund the construction and development of the civic center and other projects, it will be necessary to commit Tax Increment Financing revenues to the project to at least the year 2025; and WHEREAS, the current authorized term of the Casselberry CRA is only until the year 2015; and WHEREAS, pursuant to Chapter 163.362(10), Florida Statutes, a CRA may be approved for and initial term of up to 30 years, or in the case of the Casselberry CRA, up to the year 2025; and WHEREAS, the Community Redevelopment Agency adopted Resolution 06-02 (Exhibit A) to request an extension of the Community Redevelopment Agency's term until 2025; NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA: Section 1. The City Commission does hereby find that it is appropriate, proper, and timely and in the best interest of the citizens of Casselberry and Seminole County that the term of the Casselberry CRA be extended an additional ten years to 2025. Section 2. The City Commission hereby formally requests the Board of County Commissioners of Seminole County, Florida to extend the term of the Casselberry CRA to 2025 for the purpose of providing funding for the Casselberry Civic Center via the additional revenues that would be available through the receipt of additional tax increment financing revenues. Section 3. This Resolution shall take effect immediately upon its adoption. MMISSION OF THE CITY OF CASSELBERRY, FLORIDA, THIS ,JIt/-"" , 2006. ATTEST: ~~~- m~A&c-- Thelma McPherson, City Clerk Resolution 06-1672 Page 2 of 2