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Community Redevelopment Agency <br />June 11, 2010 <br />Page 2 <br />Mr. Newlon in his staff memo dated June 11, 2010. Mr. McGregor seconded the motion. The motion passed unanimously by <br />voice vote. <br />Fourth Item of business: CRA FY 2010/2011 Budget <br />Mr. Martin provided a brief review of the 2010/2011 proposed budget. A brief discussion ensued regarding the <br />process required for reallocating funds in the CRA budget. Mr. McGregor made a motion to approve the 2010/2011 Proposed <br />CRA Budget. Mr. Ritchie seconded the motion. The motion passed unanimously by voice vote. The Board requested further <br />discussion of the 2010/2011 proposed budget at the next CRA meeting. <br />Fifth Item of Business: Concept Proposal for Lake Concord Property (For Informational Purposes ®nly) <br />Mr. Martin introduced Chef Keith Keogh to the Community Redevelopment Agency. Chef Keogh provided a <br />PowerPoint presentation to the Board to introduce his concept for a restaurant located on the Lake Concord property (a copy <br />of the PowerPoint presentation is attached and made a part of the minutes). A general discussion ensued regarding Chef <br />Keogh's proposed restaurant. <br />Sixth Item of Business: Concept Proposal for City Center Property (For Informational Purposes ®nly) <br />Mr. Martin reviewed staff memo dated June 11, 2010 regarding redevelopment of the City Center site (a copy is on <br />file in the Community Development Department), He said that Robbins Development Partners is seeking a Letter of Intent <br />from the City in order to raise the private equity for the project. He said the proposed redevelopment includes a 225 unit <br />apartment complex, 476 space parking structure, 34,000 square feet of retail space and a 6,000 square foot restaurant pad. <br />Mr. Martin stated that a Pro Forma from Robbins Development Partners was included in the CRA meeting packet. <br />A general discussion ensued regarding the Letter of Intent, using an outside source to assist the City in structuring <br />the contract for the development of the property and the value of the City Center land. <br />Mr. Casselberry expressed a concern that a Letter of Intent could tie up the property legally for several years. A <br />general discussion ensued regarding an option to wave some of the impact fees <br />Seventh Item of Business: Request to approve piggy back contract with PMG ,4ssociates for financial & real estate <br />analysis <br />Mr. Martin reviewed the staff memo dated June 11, 2010 (a copy is on file in the Community Development <br />Department). Mr. Martin stated that the City has proposals for the development of the Lake Concord property and the City <br />