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<br />Community Redevelopment Agency <br />February 22, 2008 <br />Page 2 of 8 <br /> <br />portability of homesteaded property, and created a $25,000 exemption for tangible personal property tax that will <br /> <br />benefit businesses. Mr. Newlon said it is not known what the impact from the passage of Amendment 1 will have on <br /> <br />the City. <br /> <br />He said Amendment 1 also caps the growth on taxable value of commercial property to 10% a year. Mr. <br /> <br />Newlon said normally Casselberry has not experienced a growth greater than 10% per year and he didn't expect that <br /> <br />to be a factor to the City. <br /> <br />Mr. Newlon said according to the Seminole County Property Appraiser, the breakdown of tax value within <br /> <br />the Community Redevelopment District is heavily weighted as commercial. He said that Amendment 1 primarily <br /> <br />impacts homesteaded residential property and he didn't feel that Amendment 1 would greatly impact future CRA <br /> <br />revenues. <br /> <br />Ms. Barbara Lipscomb, City Manager arrived at the meeting at 9:10 a.m. <br /> <br />Mr. Newlon said that the CRA audit should be completed shortly and it would be presented to the CRA at <br /> <br />their next meeting. <br /> <br />Mr. Newlon explained that the City invested money on behalf of the CRA with SBA. He said that the CRA <br /> <br />money was withdrawn as soon as the City became aware of the potential problems with the company. He said the <br /> <br />money has been placed in an interest bearing account. He said staff is researching other investment options. <br /> <br />Fourth Item of Business: Approval CRA Incentive Grant - American Casualty Insurance <br /> <br />Mr. Paradise reviewed staff's memo dated January 25, 2008 (a copy is on file in the Community <br /> <br />Development Department). <br /> <br />Mr. Senzee said that the review was based on the January 21, 2008 letter from Mr. Scott. Mr. Senzee said <br /> <br />the landscaping, parking lot, irrigation and sidewalks improvement are required by City Code; therefore these items <br /> <br />were not used in the review of the incentive request. Mr. Senzee said the painting and upgrading the exterior were <br /> <br />used to calculate the incentive amount. <br /> <br />Mr. McGregor made a motion to approve $1,000. Ms. Campbell seconded the motion. The motion passed <br /> <br />unanimously by voice vote. <br />