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<br />Community Redevelopment Agency <br />July 17, 2009 <br />Page 3 of 6 <br /> <br />Ms. Bowman explained that the CRA's budget has a $200,000 property acquisition line item which <br /> <br />possibly be used for the stormwater permitting <br /> <br />Mr. Paradise said that there was a drop in the <br /> <br />requirements of approximately $500,000 in the capital from what was funded last year. He said there is adequate <br /> <br />funding and the permitting of the stormwater will help in the redevelopment the property. <br /> <br />Mr. Paradise reviewed his staff memo dated July 15, 2009 (a copy is on file in Community <br /> <br />Department). Mr. Paradise stated that $75,000 has been budgeted for the updating of the CRA Redevelopment Plan <br /> <br />to reflect the higher intensities and densities that were included in the new land use and zoning that <br /> <br /> <br />authorized through the Department of Community Affairs (DCA). He said <br /> <br /> <br />and DCA have approved these <br /> <br />changes. He said that the CRA is authorized to expend funds for items that are consistent with the <br /> <br />Plan; therefore the Plan will need to be updated to be in compliance. <br /> <br />Mr. Newlon, Finance Director, stated that the County has <br /> <br />a rollback millage rate to <br /> <br />millage substantially to compensate for the loss in valuation overall. He said this means that we can a <br /> <br />Tax Increment Funding (TIF) from the County. Mr. Newlon stated that <br /> <br /> <br />has indicated support to approve a <br /> <br />tentative millage rate a little higher than staff used for the proposed budget. He said bottom line is that the <br /> <br /> <br />reserve will be much less. <br /> <br />A general discussion ensued regarding property acquisition and public art <br /> <br />items. In response to <br /> <br />Board's question, Mr. Newlon stated that there is $200,000 in land acquisition in the current budget is not <br /> <br />committed. Mr. Newlon stated that a budget amendment could be processed to roll these funds <br /> <br /> <br />budget. McGregor made a motion to approve the budget review and adoption as amended. Etze <br /> <br />motion. In response to the Board's question, Mr. Paradise explained that the City is in the process of finalizing <br /> <br />budget. Mr. Paradise said if there are any amendments to the budget, staff will bring <br /> <br />items <br /> <br />to <br /> <br /> <br />approval. He stated that the City and the CRA budget needs to be finalized so that it can be reviewed and <br /> <br />by the City Commission in August. Mr. Newlon explained that the revenue figures are estimates and <br /> <br /> <br />are not reliable until adopted the last week in September. <br /> <br />The motion passed unanimously by voice vote. <br /> <br />Sixth Item of Business: Update on Architectural design work for the Fa~ade <br />